FALL SEMESTER EXAM STUDY GUIDE QUESTIONS AND
ANSWERS UPDATED 2024/2025 A COMPLETE EXAM SOLUTION
WITH 1005 CORRECT ANSWERS BEST GRADED A+ FOR PASS
What is financial literacy? - CORRECT ANSWERS The knowledge and skill base
necessary for people to be informed consumers and manage their finances effectively
Savers have a tendency to be . . . - CORRECT ANSWERS Strict with their money and not
spend any of it.
What is the best way to avoid running out of money too quickly? - CORRECT ANSWERS
You can make it a habit to plan and set goals for your money.
It is possible to pay for college with cash. - CORRECT ANSWERS True
Franklin D. Roosevelt passed the New Deal because of the Great Depression in the 1930s. What
was the purpose of this program? - CORRECT ANSWERS To promote economic
recovery and social reform
An important money principle to consider is that you should and your money. - CORRECT
ANSWERS Save; invest
If your assets total more than your liabilities, you will have a(n)
net worth. - CORRECT ANSWERS Positive
What are The Five Foundations? - CORRECT ANSWERS A personal financial action plan
Your money personality impacts . . . - CORRECT ANSWERS How you handle money
,FALL SEMESTER EXAM STUDY GUIDE QUESTIONS AND
ANSWERS UPDATED 2024/2025 A COMPLETE EXAM SOLUTION
WITH 1005 CORRECT ANSWERS BEST GRADED A+ FOR PASS
What does living paycheck to paycheck mean? - CORRECT ANSWERS Living paycheck
to paycheck occurs whena person's income is devoted to expenses which, in turn, means that
little to no money is put in savings.
You are either only a natural saver or a natural spender. You cannot have a balance of both. -
CORRECT ANSWERS False
In 1972, what association made borrowing money to attend college much easier than it had
been? - CORRECT ANSWERS The Student Loan Marketing Association (SLMA)
Without any debt, you can be outrageously ___________ . - CORRECT ANSWERS
Generous
When you set financial goals, they should be . . . - CORRECT ANSWERS Specific,
measurable, time-sensitive, yours, and written
As a single adult, you should . . . - CORRECT ANSWERS Keep managing your money as
a priority
Personal finance is 20% ______ and 80% ______ . - CORRECT ANSWERS Head
knowledge; behavior
Using credit has not always been a socially accepted practice, but it has become . . . -
CORRECT ANSWERS Normal in American culture
A financial goal takes up to two years to reach. - CORRECT ANSWERS Short-term
What is The Fifth Foundation? - CORRECT ANSWERS Build wealth and give.
, FALL SEMESTER EXAM STUDY GUIDE QUESTIONS AND
ANSWERS UPDATED 2024/2025 A COMPLETE EXAM SOLUTION
WITH 1005 CORRECT ANSWERS BEST GRADED A+ FOR PASS
Withholdings and deductions are . . . - CORRECT ANSWERS Expenses that are taken
out of your paycheck
The tax on the purchase of goods or services is called - CORRECT ANSWERS
Consumption tax
The money you earn hourly for your time and effort at work is called your . - CORRECT
ANSWERS Wages
What does the Form W-4 estimate? - CORRECT ANSWERS How much tax you'll owe
based on your personal situation.
Every American who earns an income must file a _______ each year. - CORRECT
ANSWERS Federal tax return
When you make ______ money, you will pay _______ in taxes. - CORRECT ANSWERS
More; more
When you buy clothes or check out at the grocery store, you will pay ___________. -
CORRECT ANSWERS True
If you work and earn money, you will have to pay taxes. - CORRECT ANSWERS Sales
tax
A fixed, annual rate of pay that doesn't change by working more or fewer hours is called
__________. - CORRECT ANSWERS Salary
ANSWERS UPDATED 2024/2025 A COMPLETE EXAM SOLUTION
WITH 1005 CORRECT ANSWERS BEST GRADED A+ FOR PASS
What is financial literacy? - CORRECT ANSWERS The knowledge and skill base
necessary for people to be informed consumers and manage their finances effectively
Savers have a tendency to be . . . - CORRECT ANSWERS Strict with their money and not
spend any of it.
What is the best way to avoid running out of money too quickly? - CORRECT ANSWERS
You can make it a habit to plan and set goals for your money.
It is possible to pay for college with cash. - CORRECT ANSWERS True
Franklin D. Roosevelt passed the New Deal because of the Great Depression in the 1930s. What
was the purpose of this program? - CORRECT ANSWERS To promote economic
recovery and social reform
An important money principle to consider is that you should and your money. - CORRECT
ANSWERS Save; invest
If your assets total more than your liabilities, you will have a(n)
net worth. - CORRECT ANSWERS Positive
What are The Five Foundations? - CORRECT ANSWERS A personal financial action plan
Your money personality impacts . . . - CORRECT ANSWERS How you handle money
,FALL SEMESTER EXAM STUDY GUIDE QUESTIONS AND
ANSWERS UPDATED 2024/2025 A COMPLETE EXAM SOLUTION
WITH 1005 CORRECT ANSWERS BEST GRADED A+ FOR PASS
What does living paycheck to paycheck mean? - CORRECT ANSWERS Living paycheck
to paycheck occurs whena person's income is devoted to expenses which, in turn, means that
little to no money is put in savings.
You are either only a natural saver or a natural spender. You cannot have a balance of both. -
CORRECT ANSWERS False
In 1972, what association made borrowing money to attend college much easier than it had
been? - CORRECT ANSWERS The Student Loan Marketing Association (SLMA)
Without any debt, you can be outrageously ___________ . - CORRECT ANSWERS
Generous
When you set financial goals, they should be . . . - CORRECT ANSWERS Specific,
measurable, time-sensitive, yours, and written
As a single adult, you should . . . - CORRECT ANSWERS Keep managing your money as
a priority
Personal finance is 20% ______ and 80% ______ . - CORRECT ANSWERS Head
knowledge; behavior
Using credit has not always been a socially accepted practice, but it has become . . . -
CORRECT ANSWERS Normal in American culture
A financial goal takes up to two years to reach. - CORRECT ANSWERS Short-term
What is The Fifth Foundation? - CORRECT ANSWERS Build wealth and give.
, FALL SEMESTER EXAM STUDY GUIDE QUESTIONS AND
ANSWERS UPDATED 2024/2025 A COMPLETE EXAM SOLUTION
WITH 1005 CORRECT ANSWERS BEST GRADED A+ FOR PASS
Withholdings and deductions are . . . - CORRECT ANSWERS Expenses that are taken
out of your paycheck
The tax on the purchase of goods or services is called - CORRECT ANSWERS
Consumption tax
The money you earn hourly for your time and effort at work is called your . - CORRECT
ANSWERS Wages
What does the Form W-4 estimate? - CORRECT ANSWERS How much tax you'll owe
based on your personal situation.
Every American who earns an income must file a _______ each year. - CORRECT
ANSWERS Federal tax return
When you make ______ money, you will pay _______ in taxes. - CORRECT ANSWERS
More; more
When you buy clothes or check out at the grocery store, you will pay ___________. -
CORRECT ANSWERS True
If you work and earn money, you will have to pay taxes. - CORRECT ANSWERS Sales
tax
A fixed, annual rate of pay that doesn't change by working more or fewer hours is called
__________. - CORRECT ANSWERS Salary
