Foundations of Personal Finance Chapter 2
Quiz by Vicki Dant
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20 questions
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- Q1Interest paid on interest previously earned; credited daily, monthly, quarterly or semiannually.Compound Interest30s
- Q2Five hundred dollars in readily available cash to be used only in the event of an emergency; the goal of the First Foundation.Emergency Fund30s
- Q3Percentage paid to a lender for the use of borrowed money (in debt); percentage earned on invested principal (in investing).Interest Rate30s
- Q4The five steps to financial success.Five Foundations30s
- Q5Saving money over time for a large purchase.Sinking Fund30s
- Q6Save a $500 emergency fund.1st Foundation30s
- Q7Get out of debt.2nd Foundation30s
- Q8Pay cash for your car.3rd Foundation30s
- Q9Pay cash for college.4th Foundation30s
- Q10Build wealth and give.5th Foundation30s
- Q11Emergency fund, Purchases, and Wealth Building.Three reasons to save30s
- Q12Unexpected life events that will happen and cost money to fix.Emergencies30s
- Q13a persistent rise in the price of goods and services over a period of time or the persistent decline in purchasing power of money.inflation30s
- Q14The principle that a certain amount of money today has different buying power than the same amount of money in the future.Time Value of Money30s
- Q15An account that generates interest income on the available balance in the account.Interest Bearing Account30s