Your income determines your wealth.
Dave Ramsey Basic Knowledge

Flashcard
•
Mathematics
•
11th - 12th Grade
•
Hard
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16 questions
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1.
FLASHCARD QUESTION
Front
Back
False - Wealth is determined by assets and liabilities, not just income.
2.
FLASHCARD QUESTION
Front
Prior to the 1970’s, debt was something most Americans were ashamed of.
Back
True - Debt was often viewed negatively before the 1970s.
3.
FLASHCARD QUESTION
Front
What is the benefit of diversification in your investments?
Back
Reduced risk - Diversification helps to spread risk across different investments.
4.
FLASHCARD QUESTION
Front
What primarily causes the widespread financial insecurity of Americans?
Back
Americans don't save and they spend more than they make.
5.
FLASHCARD QUESTION
Front
What type of investment would a young investor willing to take moderate risk for above-average growth be most interested in?
Back
Mutual funds - They offer a balance of risk and potential growth.
6.
FLASHCARD QUESTION
Front
Define 'debt'.
Back
Debt is an amount of money borrowed by one party from another.
7.
FLASHCARD QUESTION
Front
What is 'financial literacy'?
Back
Financial literacy is the ability to understand and effectively use various financial skills.
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