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Ramsey Ch1 B
Test Description: Next review
Instructions: Answer all questions to get your test result.
1) What is The Fifth Foundation?
A
Build wealth and give.
B
Get out and stay out of debt.
C
Pay cash for your car
D
Find a financial professional.
2) A ________financial goal takes up to two years to reach.
A
five level
B
medium term
C
long term
D
short term
3) Personal finance is 20% _________and 80%__________ .
A
Cause; effect
B
Reactions; behaviors
C
Head knowledge; behavior
D
Behavior; head knowledge
4) When you set financial goals, they should be . . .
A
Specific, measurable, time-sensitive, yours, and written
B
only time sensitive
C
specific and measurable
D
Timely, bank-based, specific, and yours
5) which of the following foundations has to do with giving your time?
A
pay cash for college
B
emergency fund
C
be generous
D
pay cash for car
6) You are either only a natural saver or a natural spender. You cannot have a balance of both.
A
maybe
B
true
C
misleading
D
false
7) if you have 2 credit cards with the same amount owed (balance), but they have different interest rates, pay the one with the _______ interest rate first
A
n/a
B
n/a
C
lower
D
higher
8) an expression used to describe a person or household whose monthly income is devoted to expenses and has little to no savings
A
paycheck to paycheck
B
broke joke
C
goat
D
no cheese
9) a person or organization that uses a product or service
A
consumer
B
producer
C
manufacturer
D
user
10) person or entity that charges borrowers interest rates above an established legal rate
A
debt dolphin
B
loan shark
C
street rat
D
credit catfish
*select an answer for all questions
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