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