Dave Ramsey Introduction to Personal Finance Answers Latest Update Graded A+

Dave Ramsey Introduction to Personal Finance Answers Latest Update Graded A+ Pre-Test and Post-Test Answers Question 1 through 35 1. Having debt keeps you from building wealth. True 2. An obligation of repayment owed by one party to a second party. Debt 3. A debt evidenced by a ʺnote,ʺ which specifies the principal amount, interest rate, and date of repayment.. Loan 4. The widespread financial insecurity of Americans is primarily because: The saving rate of Americans is low and many borrow in order to spend more than they earn 5. Which of the following statements best describes how Americans are being outsmarted by banks and other lenders? 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. 6. Which of the following is not a true statement? The credit industry in America has not changed much since 1917. 7. Which of the following is not a benefit of understanding your own money personality? Knowing your money personality allows you to excuse excessive spending because it is simply part of your nature. 8. Personal financial success is primarily the result of: Managing your money behavior 9. Which of the following is not a reason credit is marketed heavily to consumers in the United States? The use of credit is not socially accepted in the United States. 10. During the Great Depression, New Deal policymakers came up with mortgage (home loans) and consumer lending policies that convinced commercial banks that: Consumer credit could be profitable 11. Key components of financial planning include all of the following except: Allow your financial planner to make all of your major money decisions. 12. The knowledge and skillset necessary to be an informed consumer and manage finances effectively. Financial literacy 13. A system by which goods and services are produced and distributed. Economy 14. A fee paid by a borrower to the lender for the use of borrowed money. Interest 15. A person or business that offers loans at extremely high interest rates. Loan shark 16. When developing a personal financial plan, one of the first things you should do is assess your current financial situation. This includes your income, assets, and liabilities. True 17. Most Americans today are wealthy and