CHAPTER 1 DAVE RAMSEY UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS VERIFIED 2027 EDITION
1. Consumer
A person or organization that USES a product or service.
2. Credit
The granting of a loan and the creation of debt; any form of deferred payment
3. Debt
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
4. Economy
A system for producing and distributing goods, and services to fulfill people's wants; study of wealth and
choices.
5. Financial literacy
The knowledge and skillset necessary to be an informed consumer and manage finances effectively
6. Interest
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)
7. Loan
A debt evidenced by a "note," which specifies the principal amount, interest rate and date of repayment
8. Personal Finance
All of the decisions and activities of an individual or family regarding their money, including spending,
saving, budgeting, etc.
9. Replace money myths with money _____.
truths
10. Know your money
personality!
11. Personal finance is _____ behavior and _____ head knowledge.
80%, 20%
1
ANSWERS VERIFIED 2027 EDITION
1. Consumer
A person or organization that USES a product or service.
2. Credit
The granting of a loan and the creation of debt; any form of deferred payment
3. Debt
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
4. Economy
A system for producing and distributing goods, and services to fulfill people's wants; study of wealth and
choices.
5. Financial literacy
The knowledge and skillset necessary to be an informed consumer and manage finances effectively
6. Interest
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)
7. Loan
A debt evidenced by a "note," which specifies the principal amount, interest rate and date of repayment
8. Personal Finance
All of the decisions and activities of an individual or family regarding their money, including spending,
saving, budgeting, etc.
9. Replace money myths with money _____.
truths
10. Know your money
personality!
11. Personal finance is _____ behavior and _____ head knowledge.
80%, 20%
1
