Foundations in Personal Finance - Chapter 2 Test

Foundations in Personal Finance - Chapter 2 Test

9th - 12th Grade

40 Qs

quiz-placeholder

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Foundations in Personal Finance - Chapter 2 Test

Foundations in Personal Finance - Chapter 2 Test

Assessment

Quiz

Life Skills

9th - 12th Grade

Easy

Created by

RICHARD FLORES

Used 80+ times

FREE Resource

40 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

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

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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