Foundations in personal finance Section 1 and 2a

What is personal finance?

• All financial decisions made to earn, budget, spend and save money.

• Taking financial risks.

• Making money

Wealth is the result of _________________.

• Spending money

• making money

• a lifestyle of hard work, perseverance, planning, and self discipline.

What was credit prior to 1917?

• Lending money to others was not a money-making business.

• Buying things on credit was not common.

• Small-time loan sharks existed for people in desperate financial positions.

• All of the above.

In which year consumer debt skyrocketed?

• 1917

• 1939

• 1970-present

• 1945

When was the birth of the suburbs?

• Before 1917.

• When credit took root.

• Post World War II consumerism

• 1970 - Present

When you manage money well, you'll experience deeper _________.

• Pockets

• Satisfaction

• sadness

• reality

Many American families have the __________ of being financially secure.

• appearance

• ability

• experience

What are some forms of debt?

• Mortgage

• Car loans

• student loans

• All of the above.

What does the normal in "Normal American Family" refer to, based on the text?

• Normal

• Happy

• Broke

• Satisfied

Why aren't Americans better at managing Money?

• Because they like things.

• Because they were never taught the right way to manage their money.

• Because they don't make a lot of it.

• Because they like to spend money.