Exam (elaborations)
WGU D363 PERSONAL FINANCE QUESTIONS AND ANSWERS 2024
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WGU D363 PERSONAL FINANCE QUESTIONS AND ANSWERS 2024
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WGU D363 PERSONAL FINANCEExplain why understanding your money personality is important when it comes to
developing a money plan that's right for you. - ANSWERS-Understanding your
personal strengths and weaknesses when it comes to money will help you
manage your spending and saving behavior.
Explain how marketing can affect your decision when it comes to spending
money. - ANSWERS-Marketing affects where and how we spend our money
through advertisements; it can encourage us to buy now and pay later.
Describe some of the mistakes Americans often make when it comes to money. -
ANSWERS-Lack of budgeting, overspending, relying on credit.
Does managing your money well mean that you can't have fun with your money?
- ANSWERS-No; you can always budget some money for fun activities.
A person or business that offers loans at extremely high interest rates -
ANSWERS-loan shark
A person or organization that uses a product or service - ANSWERS-consumer
An obligation of repayment owed by one party to a second party - ANSWERS-debt
, The granting of a loan and the creation of debt; any for of deferred payment -
ANSWERS-credit
Which of the following best explains why students should learn about personal
finance? - ANSWERS-Learning to manage money at this stage can eliminate
financial mistakes and promote huge financial benefits for the future.
Key components of financial planning include all of the following except: -
ANSWERS-Allow your financial planner to make all of your major money
decisions.
Which of the following statements best describe how Americans are being
outsmarted by banks and other lenders? - ANSWERS-Credit is marketed so well
that we desire to have it while completely dismissing the fact that interest rates
and fees continue to destroy our financial well-being.
Personal financial success is primarily the result of: - ANSWERS-Managing your
money behavior.
Which of the following statements best explains why income alone does not
determine wealth? - ANSWERS-How much money a person makes does not
dictate his or her spending and saving behavior.
Which of the following is a consequence of spending more than you make? -
ANSWERS-Missed opportunity to save and invest, stress, a cycle of debt, ALL OF
THE ABOVE
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