FCS 340 Exam 1 Actual Exam Questions 100% Correct Answers Verified 2024 Version
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FCS 340 Exam 1 | Actual Exam Questions |
100% Correct Answers | Verified
2024 Version
Which of the following is not identified as a purpose of the book? - Teach you to accumulate wealth.
The authors suggested four answers to the question, "Why should I learn about family finance?" Which
is not...
FCS 340 Exam 1 | Actual Exam Questions |
100% Correct Answers | Verified
2024 Version
Which of the following is not identified as a purpose of the book? - ✔✔Teach you to accumulate wealth.
The authors suggested four answers to the question, "Why should I learn about family finance?" Which
is not one of the four reasons? - ✔✔Community: Becoming a stronger citizen and member of your
community.
The second important question the authors suggested you ponder: "What are the profound principles
upon which the stewardship perspective is based?" Which is not one of the four stewardship principles?
- ✔✔Discipleship
Of the four stewardship principles, if followed wisely, which is our gift back to God? - ✔✔Accountability
The text suggests creating a budget that includes at least a percent allocation to long-term savings. -
✔✔10
What does the author believe is the biggest financial mistake made by recent graduates? - ✔✔Buying a
house beyond their means.
Most financial planners recommend worth of living expenses set aside in a savings or checking account
as an emergency fund. - ✔✔three to six months
In the reading, the story of Elder Robert D. Hales and his new bride was shared. He was in the air force
and they'd missed Christmas together. What did he want to buy his wife? - ✔✔A dress
What budget category do the authors suggest commonly gets overlooked? - ✔✔Miscellaneous
, The authors recommend the investing mantra "get rich slowly." They recommend avoiding which of the
following strategies? - ✔✔Speculation
Which of the following statements about compound interest were made in the reading? Select all that
apply. - ✔✔A marvelous work and a wonder
Eighth wonder of the world
Interest earning interest
What should setting goals involve? - ✔✔Process of understanding yourself and your family.
Trying to understand what God wants you to accomplish.
What does the "S" in SMART goals refer to? - ✔✔Specific
Which of the following financial elements are part of developing a plan of action? Select all that apply. -
✔✔Budget
Planning for big-ticket purchases
Plan for managing debt
Plan for insurance
Investment plan
Plan for retirement
Which of the following are Principles of Provident Living? Select all that apply. - ✔✔Being content with
what you have
Avoiding excessive debt
Preparing for rainy-day emergencies
All family financial records should be kept forever. - ✔✔False
What is not an example of a fixed expense? - ✔✔Food
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