FCS 340 Exam 1 | Brigham Young University-Idaho | UPDATED
Questions with 100% Verified Answers
Question: Which of the following is not identified as a purpose of the book?
Answer:
Teach you to accumulate wealth.
Question: The authors suggested four answers to the question, "Why should I learn about family finance?"
Which is not one of the four reasons?
Answer:
Community: Becoming a stronger citizen and member of your community.
Question: The second important question the authors suggested you ponder: "What are the profound principles
upon which the stewardship perspective is based?" Which is not one of the four stewardship principles?
Answer:
Discipleship
Question: Of the four stewardship principles, if followed wisely, which is our gift back to God?
Answer:
Accountability
Question: The text suggests creating a budget that includes at least a percent allocation to long-term savings.
Answer:
10
Question: What does the author believe is the biggest financial mistake made by recent graduates?
Answer:
Buying a house beyond their means.
Question: Most financial planners recommend worth of living expenses set aside in a savings or checking
account as an emergency fund.
Answer:
three to six months
Question: In the reading, the story of Elder Robert D. Hales and his new bride was shared. He was in the air
force and they'd missed Christmas together. What did he want to buy his wife?
, Answer:
A dress
Question: What budget category do the authors suggest commonly gets overlooked?
Answer:
Miscellaneous
Question: The authors recommend the investing mantra "get rich slowly." They recommend avoiding which of
the following strategies?
Answer:
Speculation
Question: Which of the following statements about compound interest were made in the reading? Select all
that apply.
Answer:
A marvelous work and a wonder Eighth wonder of the world Interest earning interest
Question: What should setting goals involve?
Answer:
Process of understanding yourself and your family. Trying to understand what God wants you to accomplish.
Question: What does the "S" in SMART goals refer to?
Answer:
Specific
Question: Which of the following financial elements are part of developing a plan of action? Select all that
apply.
Answer:
Budget Planning for big-ticket purchases Plan for managing debt Plan for insurance Investment plan Plan for
retirement
Question: Which of the following are Principles of Provident Living? Select all that apply.
Questions with 100% Verified Answers
Question: Which of the following is not identified as a purpose of the book?
Answer:
Teach you to accumulate wealth.
Question: The authors suggested four answers to the question, "Why should I learn about family finance?"
Which is not one of the four reasons?
Answer:
Community: Becoming a stronger citizen and member of your community.
Question: The second important question the authors suggested you ponder: "What are the profound principles
upon which the stewardship perspective is based?" Which is not one of the four stewardship principles?
Answer:
Discipleship
Question: Of the four stewardship principles, if followed wisely, which is our gift back to God?
Answer:
Accountability
Question: The text suggests creating a budget that includes at least a percent allocation to long-term savings.
Answer:
10
Question: What does the author believe is the biggest financial mistake made by recent graduates?
Answer:
Buying a house beyond their means.
Question: Most financial planners recommend worth of living expenses set aside in a savings or checking
account as an emergency fund.
Answer:
three to six months
Question: In the reading, the story of Elder Robert D. Hales and his new bride was shared. He was in the air
force and they'd missed Christmas together. What did he want to buy his wife?
, Answer:
A dress
Question: What budget category do the authors suggest commonly gets overlooked?
Answer:
Miscellaneous
Question: The authors recommend the investing mantra "get rich slowly." They recommend avoiding which of
the following strategies?
Answer:
Speculation
Question: Which of the following statements about compound interest were made in the reading? Select all
that apply.
Answer:
A marvelous work and a wonder Eighth wonder of the world Interest earning interest
Question: What should setting goals involve?
Answer:
Process of understanding yourself and your family. Trying to understand what God wants you to accomplish.
Question: What does the "S" in SMART goals refer to?
Answer:
Specific
Question: Which of the following financial elements are part of developing a plan of action? Select all that
apply.
Answer:
Budget Planning for big-ticket purchases Plan for managing debt Plan for insurance Investment plan Plan for
retirement
Question: Which of the following are Principles of Provident Living? Select all that apply.
