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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
Get out and stay out of debt.
B
Pay cash for your car
C
Find a financial professional.
D
Build wealth and give.
2) A ________financial goal takes up to two years to reach.
A
short term
B
long term
C
five level
D
medium term
3) Personal finance is 20% _________and 80%__________ .
A
Reactions; behaviors
B
Behavior; head knowledge
C
Cause; effect
D
Head knowledge; behavior
4) When you set financial goals, they should be . . .
A
Specific, measurable, time-sensitive, yours, and written
B
Timely, bank-based, specific, and yours
C
specific and measurable
D
only time sensitive
5) which of the following foundations has to do with giving your time?
A
emergency fund
B
pay cash for college
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
true
B
misleading
C
false
D
maybe
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
lower
B
n/a
C
n/a
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
no cheese
B
goat
C
paycheck to paycheck
D
broke joke
9) a person or organization that uses a product or service
A
producer
B
user
C
manufacturer
D
consumer
10) person or entity that charges borrowers interest rates above an established legal rate
A
debt dolphin
B
street rat
C
loan shark
D
credit catfish
*select an answer for all questions
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