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HDFS 3050 Exam Questions with Latest Update
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HDFS 3050 Exam Questions with Latest Update
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HDFS 3050 Exam Questions with LatestUpdate
Economy - Answer-the management of the resources of a community, country, etc.
especially with a view to its productivity
GDP (Gross Domestic Product) - Answer-output of goods and services produced by
labor and property in the US
CPI (Consumer Price Index) - Answer-measure of the average change over time in the
prices paid by urban consumers for a market basket of consumer goods and services
What is used to calculate the current US inflate rate? (Usually compare the 12-month
year over year CPI - Answer-CPI
Inflation happens when year over year increases; deflation happens when year over
year decreases - Answer-CPI
Inflation - Answer-persistent substantial rise in the general level of prices related to an
increase in the volume of money and resulting in the loss of value of currency
Recession - Answer-GDP growth is negative for two consecutive quarters or more; the
size of the economy is determined by gross domestic product and the changes caused
by economies is that it moves in cycles
WBR Ch. 1 - Painful Truth - Answer-Unless you come from a wealthy family or married
into wealth you'll have to learn to spend less than you make
WBR Ch. 2- Your Opponents - why is it difficult for people to save money? - Answer-In
the consumer world, they want you to spend money and not save
WBR Ch. 3- Consumed with Consumption- what does this chapter say about the
happiness level of people who save for the future vs people who don't save for future? -
Answer-The happiness level of people who save for the future tends to be happier than
those who don't save
WBR Ch. 4- Status Update- Do you agree that many people strive to have status as a
way to make ourselves have higher self-esteem? Why or why not? - Answer-I agree
because as a society we typically want to be seen as doing well and worthy because of
a status that one has achieved
WBR Ch. 5- Faulty Wiring- - Answer-Why do so many people make financial decisions
that are contrary to our long-term goals?
, WBR Ch. 6- Infatuation - what does the term "consumer surplus" mean? - Answer-The
difference between the price a person is willing to pay for and the price they paid for.
WBR Ch. 7- Choose Your Friends Wisely - the main idea of the chapter? - Answer-
Being around individuals who might have a higher status of income or wealth can cause
us to be envious by trying to imitate them or acting like you are richer than you are
WBR Ch. 8- The Power of Perspective - Explain what gratitude and perspective have to
do with this chapter? - Answer-That having gratitude and different perspectives give
humans are a more humbling approach to certain access to riches. It's important to
acknowledge and understand other's backgrounds as this itself creates riches
WBR Ch. 9 - Four Liberating Words - Answer-I can't afford it
WBR Ch. 10- Ditto Diderot - Explain the idea "spending begets spending" - Answer-
Things that influence our spending decisions of the present more than spending
decisions of the past
What's 3 categories are include on the pyramid framework? - Answer-Wealth
Protection, Wealth Accumulation, and Wealth Distribution
Wealth Protection - Answer-Basic Level: handle on cash management (money in,
money out)
Emergency Cash Reserve: Savings account, access to cash for unplanned events
Tax Management and Risk Management: paying of taxes; insurance
Wealth Accumulation - Answer-Financial goals (buying a house, money for school,
travel, support family)
Credit management
Home
Investments
Children Education + retirement plan
Wealth Distrbution - Answer-Estate planning
Legal Matters
2 subjects of the ABC's of Investing - Answer-Risk and Return + Time Horizon
Risk and Return - Answer-Higher risk usually higher return
Lower risk usually lower return
Time Horizon - Answer-Longer horizon usually higher return
Shorter horizon usually lower return
Cash (Lower Risk and Shorter Time Horizon) - Answer--Investments that are easily
converted to cash thus often known as "liquid assets"
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