Dave Ramsey Final Exam

Front

What should you know to gain an understanding of your personal finances?

Back

You should know where you stand financially, how much income you have, what goals you want to set, and how you’ll reach those goals.

Front

What are Trade/Vocational schools?

Back

Trade/Vocational schools typically take less than two years to complete, teach you the skills you need for a career, and are often tied to that region's employment needs.

Front

What are withholdings and deductions?

Back

Withholdings are amounts deducted from paychecks, and deductions are expenses that reduce taxable income.

Front

How can you fund your education?

Back

You can fund your education by finding the right mix of grants, scholarships, and work.

Front

What is an Associate degree?

Back

A two-year degree with specialized training, a flexible schedule, and lower educational costs.

Front

What is the importance of setting financial goals?

Back

Setting financial goals helps you plan and manage your finances effectively, guiding your spending and saving decisions.

Front

What is the difference between a scholarship and a grant?

Back

A scholarship is typically awarded based on academic or other achievements, while a grant is usually based on financial need.

Front

What is the purpose of a budget?

Back

A budget helps you track your income and expenses, ensuring you live within your means and save for future goals.

Front

What are the benefits of community college?

Back

Community colleges offer lower tuition costs, flexible schedules, and the opportunity to earn an associate degree or transfer to a four-year institution.

Front

What is the role of financial advisors?

Back

Financial advisors help individuals manage their finances, offering advice on investments, savings, and retirement planning.