MMM Chapter 1 And 2 Study Guide: Question Preview (ID: 23435)

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The amount of money you owe in addition to what you borrow is called
a) interest
b) loan
c) economy

How you and your family decided to spend and save money is known as
a) personal finance
b) interest
c) loan

When it comes to managing money
a) It is 20% knowledge/80% behavior (what you do is more important than what you know)
b) It is 80% knowledge/20% behavior (What you know is more important than what you do
c) 50%knowledge/50% behavior (what you do and what you know are the same)

How do people get into debt?
a) by spending more than they have
b) by saving a percentage of what they make
c) by putting money aside for emergencies

Where would you put money for future purchases?
a) sinking fund
b) savings account
c) emergency fund

You are more likely to increase your wealth if you
a) don't have debt
b) have debt

Which is a reason you should know how to take care of your money?
a) to prevent future mistakes and increase your benefits
b) so you can owe people lots of money
c) so someone else can take care of your money

Debt is when
a) you owe money and don't have enough to pay if off
b) you leave your money to someone else when you die
c) you make more money than you did before

Why should you save money?
a) for all of these
b) for purchases
c) for an emergency fund
d) to build wealth

When you set aside money for an emergency fund you should set aside
a) 3-6 months worth of your salary
b) 1-2 weeks worth of your salary
c) 1 years worth of your salary

Steady rise of the cost of goods and services
a) inflation
b) five foundations
c) compound interest

Before you can make a personal financial plan you,
a) need to make a lot of money
b) need to look at how much money you have now
c) need to get a credit card

A specific amount of money you borrow plus the interest you must pay by a certain date
a) loan
b) economy
c) interest

System by which goods and services are made and given out
a) economy
b) personal finance
c) interest

Money put aside and not to be used except for surprise bills and purchases
a) emergency fund
b) wealth building
c) interest rate

Earning interest on interest you have already earned
a) compound interest
b) interest rate
c) wealth building

An extra percentage of money paid to the person you borrowed money from
a) interest rate
b) five foundation
c) emergency fund

Save for emergency fund, getting out of debt, pay cash for a car, pay cash for college, and build wealth and give
a) five foundations
b) inflation
c) compound interest

Putting a portion of your money in a savings account so it can earn money for you
a) Wealth building
b) inflation
c) five foundations

A high school emergency fund should be
a) $500
b) $1000
c) $500
d) None, I still live with my parents

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