Top Mark Questions and Correct Verified Answers
SFL 260 Final Exam Comprehensive
Review Questions and Correct Verified
Answers
People who are good at budgeting figure out ways to make saving easier and spending
more difficult. Select all the ways that this can be accomplished:
✓ Set up an automatic transfer from checking to savings each month.
✓ Determine a maximum amount that can be spent by either spouse without first
discussing the purchase
✓ Don't grocery shop hungry
An emergency fund becomes even more important for financial well-being after a home
is purchased. Why?
✓ If a family runs into financial trouble, and they don't have the money to pay their
monthly mortgage, they stand to lose their home and any equity in the home.
✓ Home ownership increases the likelihood that a person will face large
unexpected expenses.
✓ Homes can be expensive to maintain.
What was the 2017 minimum down payment requirement for a standard FHA loan?
✓ 3.5%
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
Which of the following principles is the big picture take-away from the Cash
Management module?
✓ Your liquid monetary assets should be kept in an account that takes on an
appropriate amount of risk
Risk and return go together. Cash isn't very risky but has next to no return. In fact the
cash in your wallet is losing value due to inflation. Which option could you pick to take
on the smallest amount of risk and still earn some interest?
✓ certificates of deposit
In the Dave Ramsey Video we watched for the budgeting discussion, Dave used all of
the following analogies to help us understand budgeting except which of the following?
✓ Your budget is the dam on the river of your cash flow.
Select each statement that is true about setting goals.
✓ Depending on what a person is trying to accomplish a very different approach
might be the right way to go.
✓ If you don't know where you want to go, then it doesn't matter which path you
take.
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
According to the rule of thumb given in the Apply: Calculate Monthly Mortgage
Payment assignment, what is the maximum monthly mortgage payment a family
making $120,000 a year should consider?
✓ $2,500
What makes a liquid asset "liquid"?
✓ You can use it immediately if needed
Which of the following is important to teach our children to help them become
responsible financial stewards?
✓ How to create a budget
✓ Hard work
✓ Obtaining as much education as possible
✓ Saving and sacrificing for what they need and want
Which of the following is a good example of a couple effectively implementing the
practice of "MAD" money?
✓ Dan and Rachel each have $50 out of the monthly budget that they can spend
however they want, they don't need to discuss beforehand how that money will
be spent on.
According to the principle of stewardship, attaining material success is ________.
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ a blessing that should be seen as a responsibility to bless others
What type of savings account is a very safe time deposit for a specified period of time
(normally between 3 months to 5 years), has a guaranteed rate of return, generally has
higher interest rate the longer the time period, and has an interest penalty if you
withdraw early?
✓ Certificate of Deposits (CDs)
True or False. According to teachings of the Church, it is best to finance your education
through loans rather than paying as you go.
✓ False
According to our text, to what was the effect of inflation compared?
✓ Clothes moth
TVM problems with recurring payments utilize which function on the financial
calculator?
✓ PMT
Monetary assets refer to ________.
Top Mark !!!
SFL 260 Final Exam Comprehensive
Review Questions and Correct Verified
Answers
People who are good at budgeting figure out ways to make saving easier and spending
more difficult. Select all the ways that this can be accomplished:
✓ Set up an automatic transfer from checking to savings each month.
✓ Determine a maximum amount that can be spent by either spouse without first
discussing the purchase
✓ Don't grocery shop hungry
An emergency fund becomes even more important for financial well-being after a home
is purchased. Why?
✓ If a family runs into financial trouble, and they don't have the money to pay their
monthly mortgage, they stand to lose their home and any equity in the home.
✓ Home ownership increases the likelihood that a person will face large
unexpected expenses.
✓ Homes can be expensive to maintain.
What was the 2017 minimum down payment requirement for a standard FHA loan?
✓ 3.5%
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
Which of the following principles is the big picture take-away from the Cash
Management module?
✓ Your liquid monetary assets should be kept in an account that takes on an
appropriate amount of risk
Risk and return go together. Cash isn't very risky but has next to no return. In fact the
cash in your wallet is losing value due to inflation. Which option could you pick to take
on the smallest amount of risk and still earn some interest?
✓ certificates of deposit
In the Dave Ramsey Video we watched for the budgeting discussion, Dave used all of
the following analogies to help us understand budgeting except which of the following?
✓ Your budget is the dam on the river of your cash flow.
Select each statement that is true about setting goals.
✓ Depending on what a person is trying to accomplish a very different approach
might be the right way to go.
✓ If you don't know where you want to go, then it doesn't matter which path you
take.
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
According to the rule of thumb given in the Apply: Calculate Monthly Mortgage
Payment assignment, what is the maximum monthly mortgage payment a family
making $120,000 a year should consider?
✓ $2,500
What makes a liquid asset "liquid"?
✓ You can use it immediately if needed
Which of the following is important to teach our children to help them become
responsible financial stewards?
✓ How to create a budget
✓ Hard work
✓ Obtaining as much education as possible
✓ Saving and sacrificing for what they need and want
Which of the following is a good example of a couple effectively implementing the
practice of "MAD" money?
✓ Dan and Rachel each have $50 out of the monthly budget that they can spend
however they want, they don't need to discuss beforehand how that money will
be spent on.
According to the principle of stewardship, attaining material success is ________.
Top Mark !!!
, Top Mark Questions and Correct Verified Answers
✓ a blessing that should be seen as a responsibility to bless others
What type of savings account is a very safe time deposit for a specified period of time
(normally between 3 months to 5 years), has a guaranteed rate of return, generally has
higher interest rate the longer the time period, and has an interest penalty if you
withdraw early?
✓ Certificate of Deposits (CDs)
True or False. According to teachings of the Church, it is best to finance your education
through loans rather than paying as you go.
✓ False
According to our text, to what was the effect of inflation compared?
✓ Clothes moth
TVM problems with recurring payments utilize which function on the financial
calculator?
✓ PMT
Monetary assets refer to ________.
Top Mark !!!
