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D/S Unit 1 Review
Test Description: Final Review
Instructions: Answer all questions to get your test result.
1) Instead of borrowing money for large purchases, you should set money aside in a ________ overtime and pay with cash.
A
Mortgage fund
B
Emergency fund
C
Credit card fund
D
Sinking fund
2) What does it mean to have a negative savings rate?
A
Having a fully funded emergency fund
B
Spending more money than you make and acquiring debt
C
Having no savings at all
D
Saving for something that is a want instead of a need
3) The saving habits of Ben and Arthur best illustrate which principle of saving?
A
The length of time money is invested matters.
B
Rate of return matters.
C
The amount of the initial investment is the key.
D
Both interest rate and length of time matter
4) At your age, a fully funded emergency fund should be:
A
$500
B
$1000
C
$100
D
$5000
5) Which of the following is a reason that people donʹt save money?
A
All of these
B
They do not live on a budget
C
They lack focus
D
They lack discipline
6) Why is having a fully funded emergency fund so important when it comes to your financial well-being?
A
The purpose of an emergency fund is to set money aside for financial emergencies and to provide a sense of financial security
B
None of these
C
The purpose of an emergency fund is to have money set aside for large purchases, like vacations.
D
As long as you have a good-paying job, you really donʹt need an emergency fund.
7) Which of the following is a consequence of overdrawing your checking account?
A
Overdraft fee from your bank
B
All of these
C
Stress from money mismanagement
D
Bounced check fee from the store
8) Doing a budget does not:
A
Show if you are overspending in an area
B
Make overspending more likely
C
Make your money go further
D
Remove guilt and shame sometimes associated with a purchase
9) Your monthly budget should include:
A
Fixed expenses
B
Variable expenses
C
Discretionary expenses
D
All of these
10) The zero-based budget is the best method of budgeting because:
A
A zero-based budget allows less money for wants
B
This type of budget is less complicated than other types of budgets
C
The zero-based budget ensures that every dollar you make is assigned a specific purpose
D
Sticking to a zero-based budget requires less discipline
11) Which of the following account records would have the most current balance?
A
All of these records will have accurate account balances
B
Account balance statement from the ATM
C
Account balance statement from the ATM
D
Your own account register
12) Your income level greatly affects your saving habits.
A
False
B
True
13) Americans typically maintain a very high savings rate.
A
True
B
False
14) You should save money for three basic reasons: emergency fund, purchases and wealth building.
A
False
B
True
15) When youʹre older and out of school, youʹll need to grow your emergency fund into a full three to six monthsʹ worth of expenses.
A
False
B
True
16) The number-one cause of divorce in North America today is stress and disagreements over money.
A
True
B
False
17) The envelope system works great for managing spending on things that donʹt normally have a fixed monthly expense.
A
False
B
True
18) If you write a zero-based budget every month, it is not necessary to reconcile your account.
A
False
B
True
19) Budgeting is crucial to your financial success.
A
False
B
True
20) A debit card cannot be used for online purchases.
A
False
B
True
*select an answer for all questions
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