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Dave Ramsey Chapter 1 - Intro to Personal Finance

Quiz by Heather Walters

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34 questions
Show answers
  • Q1
    Which of the following best explains why students should learn about personal finance?
    Learning to manage money will help you achieve a profitable career.
    Personal finance skills are better learned through trial and error.
    Learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future.
    Personal finance skills are highly complex and require a great deal of time to learn.
    30s
  • Q2
    Key components of financial planning include all of the following except:
    Regularly monitor and reassess your financial plans
    Allow your financial planner to make all of your major money decisions.
    Replace money myths with money truths
    Write out a detailed plan for accomplishing your goals
    30s
  • Q3
    Which of the following statements best describes how Americans are being outsmarted by banks and other credit lenders?
    We are driven by consumerism.
    Buying things on credit has become acceptable in our culture.
    Credit is marketed so well that we desire to have it while completely dismissing the fact that interest rates and fees continue to destroy our financial well-being.
    We are taught that we can buy happiness.
    30s
  • Q4
    Personal finance is primarily the result of:
    Inheriting money from your parents
    Managing your money behavior
    Generous welfare and unemployment programs
    Winning the lottery
    30s
  • Q5
    Which of the following statements best explains why income alone does not determine wealth?
    Income alone does determine a person's wealth
    Only people who are natural savers can become wealthy
    Investing is the only factor that contributes to wealth building
    How much money a person makes does not dictate his or her spending and saving behavior
    30s
  • Q6
    Which of the following is a consequence of spending more than you make?
    Stress
    Missed opportunity to save and invest
    A cycle of debt
    All of the above
    30s
  • Q7
    Which of the following is not a true statement?
    Americans learned to borrow amidst post-WWII prosperity.
    As banks made higher profits, they were willing to lend more money to consumers.
    The credit industry in America has not changed much since 1917.
    After 1970, consumer debt skyrocketed.
    30s
  • Q8
    When it comes to managing money, success is about _______ % knowledge and _____ % behavior.
    60, 40
    20, 80
    50, 50
    20, 80
    30s
  • Q9
    The widespread financial insecurity of Americans is primarily because:
    Government programs are unavailable to help people when they are disabled or experience unemployment
    The incomes of Americans are low.
    The saving rate of Americans is low and many borrow in order to spend more than they earn.
    Most Americans save a high proportion of their income.
    30s
  • Q10
    Which of the following is not a benefit of understanding your own money personality?
    Once you know your money personality, you can develop a financial plan that works for you.
    None of the above.
    Knowing your money personality allows you to excuse excessive spending because it is simply part of your nature.
    Recognizing who you are allows you the opportunity to grow and learn.
    30s
  • Q11
    Why was the use of credit uncommon prior to 1917?
    Lending money to others was not profitable.
    Laws prevented lenders from charging high interest rates.
    Borrowing money was generally not socially acceptable.
    All of the above
    30s
  • Q12
    When it comes to personal finance, the math is easy. What's challenging is managing your
    Friends
    Bank Account
    Income
    Behavior
    30s
  • Q13
    Which of following is not a reason credit is marketed heavily to consumers in the United States?
    There is strong consumer demand for big-ticket items.
    The use of credit is not socially accepted in the United States.
    The credit industry has become extremely profitable.
    Since 1920, credit laws in the United States have been relaxed in an attempt to create a mainstream alternative to loan sharks for the working class.
    30s
  • Q14
    During the Great Depression, New Deal policymakers came up with mortgage (home loan) and consumer lending policies that convinced commercial banks that:
    Consumer credit could be profitable.
    Consumer credit was not a profitable industry.
    Consumers would not be willing to use credit, since borrowing money for large purchases had not previously been an option for the middle class.
    They would not be able to compete with loan sharks in the industry of consumer lending.
    30s
  • Q15
    True financial security is achieved when your money begins to generate an income - your money starts working for you.
    False
    True
    30s

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