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

Chapter 2 Personal Finance

Quiz
•
Life Skills
•
9th - 12th Grade
•
Medium
RICHARD FLORES
Used 2+ times
FREE Resource
41 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Get out of debt
Build wealth and give
Save a $500 emergency fund
Pay cash for your car
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1) 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
30 sec • 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
30 sec • 1 pt
The saving habits of Ben and Arthur best illustrate which principle of saving?
The length of time money is invested matters.
The amount of the initial investment is the key.
Rate of return matters.
Both A and C
5.
MULTIPLE CHOICE QUESTION
30 sec • 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
30 sec • 1 pt
For which of the following should you save?
Purchases
Wealth building
Emergency fund
All of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Using the sinking fund approach, how much do you have to save each month to buy a $4,800 car one year from now?
$400
$300
$275
$500
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