1) Which of the following steps is the First Foundation?

Foundations in Personal Finance - Chapter 2 Test

Quiz
•
Life Skills
•
9th - 12th Grade
•
Easy
RICHARD FLORES
Used 80+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 5 pts
Get out of debt
Build wealth and give
Save a $500 emergency fund
Pay cash for your car
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Instead of borrowing money for large purchases, you should set money aside in a _________over time and pay with cash.
Emergency fund
Sinking fund
Credit card fund
Mortgage fund
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does it mean to have a negative savings rate?
Saving for something that is a want instead of a need
Having a fully funded emergency fund
Having no savings at all
Spending more money than you make and acquiring debt
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The saving habits of Ben and Arthur best illustrate which principle of saving? The length of time money is invested matters and Rate of return matters.
T
F
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
This principle suggests that a certain amount of money today has different buying power than the same amount of money in the future. This is due to both the opportunity to earn interest on the money and because inflation will drive prices up, thereby changing the ʺvalueʺ of the money
Opportunity cost
Time value of money
Interest rate
Inflation
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
For which of the following should you save?
Purchases
Wealth building
Emergency fund
All of the above
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
At your age, a fully funded emergency fund should be
$500
$5,000
$100
$1000
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