Financial Math Midterm

You should always make sure you have a…

• Budget

• Credit line

• Direct deposit

• Credit card

What is The First Foundation?

• Pay cash for college

• Build wealth and give

• Save a $500 emergency fund

• Open a checking account

A money principle to keep in mind is to live on ______ you make.

• Exactly 20% below what

• More than

• The same as

• Less than

To know your net worth, subtract your liabilities from your…

• Other liabilities

• Net income

• Previous Net Worth

• Assets

Personal finance is 20% ____ and 80% ____.

• 20% head knowledge and 80% behavior
• Behavior; head knowledge

• Cause; effect

• Reactions; behaviors

A ____ financial goal takes up to two years to reach.

• Five-level

• Short-term

• Medium-term

• Long-term

When you set financial goals, they should be…

• Timely, bank-based, specific, and yours

• Specific, measurable, time-sensitive, yours, and written

• Specific and measurable

• Only time-sensitive

Which of the following is NOT a component of a budget?

• Credit score

• Saving

• Income

• Giving

What are the Four Walls?

• Utilities, college fund, restaurants, and car insurance

• Cell phone bill, car insurance, shelter, and money for the movies

• Food, utilities, transportation, and college fund

• Food, utilities, shelter, and transportation

How many categories should you have in your budget?

• 15 or more

• No limit; use as many as you need to keep your budget accurate