Ch. 10 Test Review Question Preview (ID: 30022)
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16) The goal in communicating with your parents about money is to become responsible and independent with the money you have.
a) True
b) False
c)
d)
14) A great way for a young person to avoid making money mistakes is to:
a) A) Let a parent manage their finances
b) B) Realize that mistakes are unavoidable
c) C) Seek advice from a trusted adult
d) D) It is unlikely that a young person will make money mistakes
15) You should communicate your money goals with your parents and others close to you because:
a) A) Your goals are your goals. There is no need to share them
b) B) They can provide financial support in case you make mistakes
c) C) It will allow others to help you by providing accountability and encouragement along the way
d) D) They can write your monthly budget
13) The number-one cause of divorce in America is:
a) A) Money fights
b) B) The in-laws
c) C) Religious differences
d) D) None of the above
12) Since men and women are different, who is supposed to do the financial decision making in a marriage?
a) A) The wife
b) B) Both spouses
c) C) They should each manage their own money
d) D) The husband
10) Men tend to get good deals by:
a) A) Finding sales
b) B) Going to the mall
c) C) Negotiating
d) D) Clipping coupons
11) The flow of money in a family represents the ________ under which that family operates.
a) A) Security
b) B) Income level
c) C) Sophistication
d) D) Value system
9) For women, the ________ is the most important key to financial security.
a) A) Emergency fund
b) B) Job promotion
c) C) Checking account
d) D) Envelope system
8) Which of the following is not a rule for the ʺbudget committee meetingʺ?
a) A) The decision making must be done by both people.
b) B) You should write a zero-based budget in which you spend every dollar on paper before the month begins.
c) C) The meeting should go on for however long it takes in order to come up with a complex and detailed budget.
d) D) The Nerd should be the one to prepare the budget
7) Which of the following statements regarding marriage and money is false?
a) A) When you agree on your spending, that means that you also agree on your value system.
b) B) It is okay to hide purchases from your spouse as long as you have the cash to pay for it.
c) C) In a marriage, you are financially accountable to one another.
d) D) Managing finances in a marriage takes teamwork.
6) Which of the following can be a challenge when managing money on your own as a young single adult?
a) A) Impulse buying due to lack of an accountability partner
b) B) Not keeping a written budget
c) C) Time poverty and fatigue
d) D) All of the above
5) When communicating with your parents about money, you should:
a) A) Communicate your wants, needs, and money goals
b) B) Be honest
c) C) Be a good listener
d) D) All of the above
4) Which of the following statements is false?
a) A) When handling money, it can be difficult to balance who you are with what you should do.
b) B) Being aware of your money personality will help you create a money plan that works for you.
c) C) When it comes to relating with others about money, itʹs important to also consider their values.
d) D) If you value freedom and spontaneity, youʹre more likely to be a saver.
3) When married couples do not share goals and values in how they manage money, which of the following can occur?
a) A) Divorce
b) B) Stress
c) C) Conflict
d) D) All of the above
2) When it comes to communicating with others about money, you should not:
a) A) Manipulate
b) B) Be honest
c) C) Listen
d) D) Pick the right time and place
If you value security, you are more likely to:
a) A) Make Impulse buys
b) B) Spend money
c) C) Save money
d) D) All of the above
17) It is easier to manage money when you are accountable to no one.
a) True
b) False
c)
d)
18) A written plan gives the single person empowerment, self-accountability and control.
a) True
b) False
c)
d)
19) In a marriage, you are financially accountable to each other.
a) True
b) False
c)
d)
20) When managing money, oneʹs value system is of no importance.
a) True
b) False
c)
d)
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