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Ramsey Chapter 1
Test Description: A review for test 1
Instructions: Answer all questions to get your test result.
1) Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.
A
true
B
false
C
depends
D
it was actually legal before 1900
2) To gain an understanding of your personal finances, you should know . . .
A
how much income you have
B
your investment portfolio and your financial advisor's contact info
C
Where you stand financially, how much income you have, what goals you want to set, and how you'll reach those goals
D
your financial goals
3) What is the first foundation?
A
open a checking account
B
build wealth and vie
C
Pay cash for college
D
save a $500 emergency fund
4) A money principle to keep in mind is to live on _______ you make
A
exactly 20% below what
B
less than
C
more than
D
the same as
5) net worth = _________ - liabilities
A
assets
B
other liabilities
C
net income
D
previous net worth
6) Jesus promised to provide all our_________
A
needs
B
assets
C
wants
D
cash
7) married people are generally better off financially than single people
A
true
B
not in the state of California
C
ask Jeff Bezos
D
false
8) Savers have a tendency to be . . .
A
strict with purchases for only themselves
B
strict with their purchases but spend money without a plan
C
strict with what they spend their money on, other than groceries
D
strict with their money and not spend any of it
9) student loans are
A
avoidable
B
usually at least 50% of the average American's debt
C
always an appreciating asset
D
a necessary evil
10) you should pay cash for a car because...
A
you can get a better deal on the car
B
it feels good in the short term
C
leasing is the best option for purchasing a car
D
the car's value will rise over time
11) In 1972, what association made borrowing money to attend college much easier than it had been?
A
The Student Loan Approval Association (SLAA)
B
The Federal Student Approval Association (FSAA)
C
The Student Federal Funding Association(SFFA)
D
The Student Loan Marketing Association (SLMA)
*select an answer for all questions
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