FCS 340 Exam 1 | Questions with 100% Verified Answers |
Latest Update 2026/2027
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.
Answer: Being content with what you have
Avoiding excessive debt
Preparing for rainy-day emergencies
Question: All family financial records should be kept forever.
Answer: False
Question: What is not an example of a fixed expense?
Answer: Food
Question: What would not be categorized as a variable expense?
Answer: Insurance payment
Question: One of the most often neglected budget categories is miscellaneous (the category
for unexpected expenses).
Answer: True
Latest Update 2026/2027
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.
Answer: Being content with what you have
Avoiding excessive debt
Preparing for rainy-day emergencies
Question: All family financial records should be kept forever.
Answer: False
Question: What is not an example of a fixed expense?
Answer: Food
Question: What would not be categorized as a variable expense?
Answer: Insurance payment
Question: One of the most often neglected budget categories is miscellaneous (the category
for unexpected expenses).
Answer: True
