Ramsey Chapter 1 Question Preview (ID: 57318)
A Review For Test 1.
TEACHERS: click here for quick copy question ID numbers.
you should pay cash for a car because...
a) it feels good in the short term
b) leasing is the best option for purchasing a car
c) you can get a better deal on the car
d) the car's value will rise over time
married people are generally better off financially than single people
a) true
b) false
c) not in the state of California
d) ask Jeff Bezos
Savers have a tendency to be . . .
a) strict with purchases for only themselves
b) strict with what they spend their money on, other than groceries
c) strict with their purchases but spend money without a plan
d) strict with their money and not spend any of it
student loans are
a) a necessary evil
b) avoidable
c) usually at least 50% of the average American's debt
d) always an appreciating asset
net worth = _________ - liabilities
a) other liabilities
b) net income
c) previous net worth
d) assets
Jesus promised to provide all our_________
a) wants
b) assets
c) needs
d) cash
A money principle to keep in mind is to live on _______ you make
a) exactly 20% below what
b) more than
c) the same as
d) less than
What is the first foundation?
a) Pay cash for college
b) build wealth and vie
c) save a $500 emergency fund
d) open a checking account
To gain an understanding of your personal finances, you should know . . .
a) Where you stand financially, how much income you have, what goals you want to set, and how you'll reach those goals
b) your investment portfolio and your financial advisor's contact info
c) your financial goals
d) how much income you have
Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal.
a) false
b) true
c) depends
d) it was actually legal before 1900
In 1972, what association made borrowing money to attend college much easier than it had been?
a) The Student Loan Marketing Association (SLMA)
b) The Student Loan Approval Association (SLAA)
c) The Federal Student Approval Association (FSAA)
d) The Student Federal Funding Association(SFFA)
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