Personal Finance Chapter 1 Exam
Questions with 100% Correct
Answers
Using credit has not always been a socially accepted practice, but it has become . . . -
Answer- normal in American culture
Your money personality impacts . . . - Answer- how you handle money
To gain an understanding of your personal finances, you should know . . . - Answer-
where you stand financially, how much income you have, what goals you want to set,
and how much you'll reach those goals
As a single adult, you should . . . - Answer- keep managing your money as a priority
What are The Five Foundations? - Answer- a personal financial action plan
Franklin D. Roosevelt passed the New Deal because of the Great Depression in the
1930s. What was the purpose of this program? - Answer- to promote economic
recovery and social reform
True or False
You are either only a natural saver or a natural spender. You cannot have a balance of
both. - Answer- False
A money principle to keep in mind is to live on _______ you make. - Answer- less than
In 1972, what association made borrowing money to attend college much easier than it
had been? - Answer- the Student Loan Marketing Association (SLMA)
True or False
Being a spender has many more positives than being a saver. - Answer- false
True or False
Avoiding debt can lead to financial freedom and hope. - Answer- True
What is the best way to avoid running out of money too quickly? - Answer- you can
make it a habit to plan and set goals for your money
Questions with 100% Correct
Answers
Using credit has not always been a socially accepted practice, but it has become . . . -
Answer- normal in American culture
Your money personality impacts . . . - Answer- how you handle money
To gain an understanding of your personal finances, you should know . . . - Answer-
where you stand financially, how much income you have, what goals you want to set,
and how much you'll reach those goals
As a single adult, you should . . . - Answer- keep managing your money as a priority
What are The Five Foundations? - Answer- a personal financial action plan
Franklin D. Roosevelt passed the New Deal because of the Great Depression in the
1930s. What was the purpose of this program? - Answer- to promote economic
recovery and social reform
True or False
You are either only a natural saver or a natural spender. You cannot have a balance of
both. - Answer- False
A money principle to keep in mind is to live on _______ you make. - Answer- less than
In 1972, what association made borrowing money to attend college much easier than it
had been? - Answer- the Student Loan Marketing Association (SLMA)
True or False
Being a spender has many more positives than being a saver. - Answer- false
True or False
Avoiding debt can lead to financial freedom and hope. - Answer- True
What is the best way to avoid running out of money too quickly? - Answer- you can
make it a habit to plan and set goals for your money
