Dave Ramsey Chapter 10 and 11 Review

Front

What are withholdings and deductions?

Back

Expenses that are taken out of your paycheck.

Front

What is the tax on the purchase of goods or services called?

Back

Consumption tax.

Front

What are the key money principles to follow after high school?

Back

Save, budget, stay out of debt, live on less than you make, and be generous.

Front

What are property tax, inheritance tax, estate tax, and gift tax examples of?

Back

Wealth tax.

Front

Is renting a great option for many people?

Back

True.

Front

What is a budget?

Back

A plan that outlines expected income and expenses over a specific period.

Front

What is the difference between a debit card and a credit card?

Back

A debit card withdraws money directly from your bank account, while a credit card allows you to borrow money up to a certain limit.

Front

What does it mean to live on less than you make?

Back

Spending less than your income to save and invest the difference.

Front

What is the purpose of an emergency fund?

Back

To provide financial security in case of unexpected expenses.

Front

What is the significance of being generous with your finances?

Back

It fosters a sense of community and helps those in need, while also promoting personal fulfillment.