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D/S Unit 1 Test Review T/F
Test Description: Unit 1 T/F
Instructions: Answer all questions to get your test result.
1) The widespread financial insecurity of Americans is primarily because:
A
Most Americans save a high proportion of their income
B
Government programs are unavailable to help people when they are disabled or experience unemployment
C
The incomes of Americans are low
D
The saving rate of Americans is low and many borrow in order to spend more than they earn
2) When it comes to personal finance, the math is easy. Whatʹs challenging is managing your .
A
behavior
B
income
C
bank account
D
friends
3) The number-one cause of divorce in North America today is stress and disagreements over money.
A
True
B
False
4) The envelope system works great for managing spending on things that donʹt normally have a fixed monthly expense.
A
True
B
False
5) If you write a zero-based budget every month, it is not necessary to reconcile your account.
A
False
B
True
6) Budgeting is crucial to your financial success.
A
True
B
False
7) ʺPay yourself firstʺ means you should assign a portion of your income to saving and investing every month.
A
False
B
True
8) Setting up automatic account transfers is the easiest way to build your savings for your emergency fund or large purchases.
A
False
B
True
9) The first thing you should save for is your retirement fund.
A
True
B
False
10) Your income level greatly affects your saving habits.
A
True
B
False
11) Americans typically maintain a very high savings rate.
A
False
B
True
12) You should save money for three basic reasons: emergency fund, purchases and wealth building.
A
True
B
False
13) 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
True
B
False
14) You should keep your emergency fund in the same account as your spending money.
A
False
B
True
15) When youʹre in high school, you wonʹt have the same emergency expenses as your parents.
A
True
B
False
16) Since you are a teenager, what you do now with money will have little effect on your financial future.
A
True
B
False
17) Most Americans today are wealthy and will have financial security when they retire.
A
False
B
True
18) Having debt keeps you from building wealth.
A
False
B
True
19) When developing a personal financial plan, one of the first things you should do is assess your current financial situation. This includes your income, assets and liabilities.
A
False
B
True
20) Everyone should have the same financial plan. A budget that works for one person should be sufficient for everyone.
A
False
B
True
*select an answer for all questions
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