MM Ch 1 And 2 Test T/F Question Preview (ID: 23427)
MM Chapter 1 And 2 Test Review.
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Learning the language of money is not that important because you will be able to depend on financial planners to manage your money
a) False
b) True
c)
d)
Most Americans like using credit when it comes to buying big-ticket items like furniture for their home
a) True
b) False
c)
d)
Since you are a teenager, what you do now with money will have little effect on your financial future
a) False
b) True
c)
d)
Most Americans today are wealthy and have financial security when they retire
a) False
b) True
c)
d)
When developing a personal financial plan, of the first things you should do is assess your current financial situation
a) True
b) False
c)
d)
The credit system today is structured to accommodate a state of uncertain employment and income stability, utilizing high interest rates and fees to turn huge profits.
a) True
b) False
c)
d)
Expensive houses and new cars are a true indication of wealth
a) False
b) True
c)
d)
Having debt keeps you from building wealth
a) True
b) False
c)
d)
True financial security is achieved when your money beings to generate an income, your money starts working for you
a) True
b) False
c)
d)
When it comes to saving money, the amount you save is determined by hose much you have left at the end of the month once all of your spending is done
a) False
b) True
c)
d)
An interest-bearing account is an account that generates interest income based on the available balance in the account
a) True
b) False
c)
d)
When you are in high school, you won't ever need an emergency fund
a) False
b) True
c)
d)
Your emergency fund should be kept in the same place as your spending money
a) False
b) True
c)
d)
A fully funded emergency fund is 3-6 months of expenses
a) True
b) False
c)
d)
You should not invest for retirement until you have paid your college loans
a) True
b) False
c)
d)
You save for 3 basic reasons: emergency funds, purchases, and vacations
a) False
b) True
c)
d)
Americans have a negative savings rate which means they spend more than they save
a) True
b) False
c)
d)
Your emergency fund is considered an investment
a) False
b) True
c)
d)
Your income level greatly affects your saving habits
a) False
b) True
c)
d)
Saving over time means you will never tend to go into debt
a) True
b) False
c)
d)
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