FIN 138 - Chap 4

Which is NOT a biblical principle that would apply to budgeting and cash flow?

• Keep track of cash flow details.

• Only accountants budget well.

• Face the facts about your finances.

• Keep a long-term perspective when budgeting.

Cash flow is what?

• Being able to borrow money.

• Hoarding money

• Money coming in minus the total of all five uses of money

• Earning more every year.

Which of the 5 uses of money buckets is the largest for most families?

• Lifestyle

• Taxes

• Giving

• Debt repayment

What is the key point of truly believing God owns it all?

• Every spending decision becomes a spiritual decision.

• Stressing over not having enough.

• Becoming wealthy.

• You will be given as much as anyone else.

Personal finance is...

• Science of managing personal funds.

• Budgeting

• Using credit cards

• Getting out of debt

The 3rd principle of financial success is...

• Work 24/7

• Avoid debt

• Buy lottery tickets

• Marry a wealthy person

What is opportunity cost?

• Value of an alternative that you gave up when you made a choice.

• Value of something you might do someday.

• Cost of not following your purpose.

• Reason that you should be satisfied.

According to the Bible, who determines your amount of wealth and income?

• Your parents

• Good luck

• Your boss

• God

Which is NOT one of the five basic short term uses of money?

• Giving

• Saving and investing

• Gambling

• Debt repayment

Who will be accountable for how you spend the money God has trusted to you?

• Your financial planner

• Your mom and dad

• Only you

• Your spouse