Chapter 1 Dave Ramsey Updated Actual Questions and Correct
Answers (2026-2027)
Question 1.
Consumer
Correct Answer: A person or organization that USES a product or service.
Question 2.
Credit
Correct Answer: The granting of a loan and the creation of debt; any form of
deferred payment
Question 3.
Debt
Correct Answer: An obligation of repayment owed by one party (the
debtor/borrower) to a second party (the creditor/lender); in most cases this
includes repayment of the original loan amount plus interest
Question 4.
Economy
Correct Answer: A system for producing and distributing goods, and services to
fulfill people's wants; study of wealth and choices.
Question 5.
Financial literacy
Correct Answer: The knowledge and skillset necessary to be an informed
consumer and manage finances effectively
Question 6.
Interest
Correct Answer: A fee paid by a borrower to the lender for the use of borrowed
money; typically interest is calculated as a percentage of the principal (original
loan amount)
Answers (2026-2027)
Question 1.
Consumer
Correct Answer: A person or organization that USES a product or service.
Question 2.
Credit
Correct Answer: The granting of a loan and the creation of debt; any form of
deferred payment
Question 3.
Debt
Correct Answer: An obligation of repayment owed by one party (the
debtor/borrower) to a second party (the creditor/lender); in most cases this
includes repayment of the original loan amount plus interest
Question 4.
Economy
Correct Answer: A system for producing and distributing goods, and services to
fulfill people's wants; study of wealth and choices.
Question 5.
Financial literacy
Correct Answer: The knowledge and skillset necessary to be an informed
consumer and manage finances effectively
Question 6.
Interest
Correct Answer: A fee paid by a borrower to the lender for the use of borrowed
money; typically interest is calculated as a percentage of the principal (original
loan amount)