Dave Ramsey Chapter 1 Test- Questions and Answers Already Passed

Dave Ramsey Chapter 1 Test- Questions and Answers Already Passed Making the right choices with your money—managing your money—involves knowing how . . . Earning, budgeting, saving, spending and giving your money Banks got into the credit business before 1920 because charging exceptionally high interest rates was legal. False You should always make sure you have a... Budget To gain an understanding of your personal finances, you should know . . . Where you are financially, amount of income you have, goals you want to set What is The First Foundation? Have a $500 emergency Fund Personal finance is the financial decisions a(n) _______ must make in order to earn, budget, save, spend, and give. Individual or Family Being a spender has many more positives than being a saver. False After WWI, the demand for products increased, and people began getting credit without loan sharks. due to this, credit... Started to become more socially acceptable A money principle to keep in mind is to live on _______ you make. Less than To know your net worth, subtract your liabilities from your _____. Assets Savers have a tendency to be . . . strict with their money and not spend any of it What is the best way to avoid running out of money too quickly? You can make a habit to plan and set goals for your money Franklin D. Roosevelt passed the New Deal due to the Great Depression in the 30s. What was the purpose of this program? To promote economic recovery and social reform If your assets total more than your liabilities, you will have a(n) _____ net worth. Positive What are The Five Foundations? A financial action plan Your money personality impacts . . . How you handle money What does living paycheck to paycheck mean? When a person's income is used for expenses and little is put in savings In 1972, what association made borrowing money to attend college much easier than it had been? The Student Loan Marketing Association (SLMA) Without any debt, you can be outrageously _______. Generous When you set financial goals, they should be . . . Specific, measurable, time-sensitive,yours, and written As a single adult, you should . . .Never seek financial advice from others Keep managing your money as a priority keep managing your