Financial Literacy Final Exam
questions & answers passed
Key components of financial planning include all of the following except:
Write out a detailed plan for accomplishing your goals
Replace money myths with money truths
Buy on credit whenever possible
Regularly monitor and re-assess your financial plan - correct answer ✔✔ Buy on credit
whenever possible
Which of the following statements best describes how Americans are
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
Buying things on credit has become acceptable in our culture
We are driven by consumerism - correct answer ✔✔ 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
Personal financial success is primarily the result of:
Managing your money behavior
Winning the lottery
Generous welfare and unemployment programs
Inheriting money from your parents - correct answer ✔✔ Managing your money behavior
Which of the following statements best explains why income alone does not determine wealth?
, Investing is the only factor that contributes to wealth building.
Income alone does determine a person's wealth
Only people who are natural savers can become wealthy.
How much money a person makes does not dictate their spending and saving behavior - correct
answer ✔✔ How much money a person makes does not dictate their spending and saving
behavior
Which of the following is a consequence of spending more than you make?
Missed opportunity to save and invest
Stress
A cycle of debt
All of the above - correct answer ✔✔ All of the above
When it comes to managing money, success is about _____% knowledge and____% behavior. -
correct answer ✔✔ 20, 80
The widespread financial insecurity of Americans is primarily because: - correct answer ✔✔ The
savings rate of Americans is low and many borrow in order spend more than they earn
Why was the use of credit uncommon prior to 1917?
Laws prevented lenders from charging high interest
Borrowing money was generally not socially
Lending money to others was not
All of the above - correct answer ✔✔ All of the above
When it comes to personal finance, the math is easy. Whatʹs challenging is managing your -
correct answer ✔✔ Behavior
questions & answers passed
Key components of financial planning include all of the following except:
Write out a detailed plan for accomplishing your goals
Replace money myths with money truths
Buy on credit whenever possible
Regularly monitor and re-assess your financial plan - correct answer ✔✔ Buy on credit
whenever possible
Which of the following statements best describes how Americans are
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
Buying things on credit has become acceptable in our culture
We are driven by consumerism - correct answer ✔✔ 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
Personal financial success is primarily the result of:
Managing your money behavior
Winning the lottery
Generous welfare and unemployment programs
Inheriting money from your parents - correct answer ✔✔ Managing your money behavior
Which of the following statements best explains why income alone does not determine wealth?
, Investing is the only factor that contributes to wealth building.
Income alone does determine a person's wealth
Only people who are natural savers can become wealthy.
How much money a person makes does not dictate their spending and saving behavior - correct
answer ✔✔ How much money a person makes does not dictate their spending and saving
behavior
Which of the following is a consequence of spending more than you make?
Missed opportunity to save and invest
Stress
A cycle of debt
All of the above - correct answer ✔✔ All of the above
When it comes to managing money, success is about _____% knowledge and____% behavior. -
correct answer ✔✔ 20, 80
The widespread financial insecurity of Americans is primarily because: - correct answer ✔✔ The
savings rate of Americans is low and many borrow in order spend more than they earn
Why was the use of credit uncommon prior to 1917?
Laws prevented lenders from charging high interest
Borrowing money was generally not socially
Lending money to others was not
All of the above - correct answer ✔✔ All of the above
When it comes to personal finance, the math is easy. Whatʹs challenging is managing your -
correct answer ✔✔ Behavior
