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SFL 260 Final Exam Practice Questions and Answers
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SFL 260 Final Exam Practice Questions and Answers How much would it cost to bake a two-pound loaf of bread from scratch, if you grind your own wheat from food storage? - ANSWER-69 cents What does HALT stand for? - ANSWER-Hungry Angry Lonely Tired What is a loss leader? - ANSWER-An item that...

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  • November 4, 2024
  • 19
  • 2024/2025
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  • sfl 260 final exam practice questions and answers

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




SFL 260 Final Exam Practice Questions

and Answers


How much would it cost to bake a two-pound loaf of bread from scratch, if you grind your own wheat

from food storage? - ANSWER✔✔-69 cents


What does HALT stand for? - ANSWER✔✔-Hungry


Angry


Lonely


Tired


What is a loss leader? - ANSWER✔✔-An item that a store will reduce the price on to get you (the

consumer) in the door, with the idea that once you're in the door, you'll spend more money on other

things


What are the seven suggestions for finding harmony? - ANSWER✔✔-1. Enhance energy


2. Increase quality time


3. Learn to bundle


4. Focus on the most important things


5. Work flexibly


6. Simplify your life



Copyright ©Stuvia International BV 2010-2024 Page 1/19

,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


7. Center on the Savior


What percentage of couples who divorce are having financial problems? - ANSWER✔✔-89%


When should a couple start talking about finances? - ANSWER✔✔-BEFORE getting engaged


Is it a good idea for married couples to hold all assets in common? - ANSWER✔✔-Yes, creates total trust

and transparency


What is Mad money? - ANSWER✔✔-A set amount a husband and wife can spend without telling each

other about it. This money can be used for personal stuff. This is the only part of a budget where both

partners don't have to tell each other what they are spending their money on.


What are the rules around the Hill Family Bank? - ANSWER✔✔--Children can invest their money in and

borrow money


--> invest/loan up to $100


--> Investments earn 10% interest


---> loans are charged 10% interest


What are the primary purposes for SFL 260? - ANSWER✔✔-To teach you to magnify your financial

stewardship and use prudent financial management so you can more fully bless yourself, your family,

and others.


4 whys of family finance - ANSWER✔✔-Spiritual: bring us to Christ


Temporal: help us become wise stewards


Individual: to accomplish your divine mission


Family: return with your family back to Heavenly Father's presence

Copyright ©Stuvia International BV 2010-2024 Page 2/19

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


4 what's of family finance - ANSWER✔✔-Principle 1: Ownership - God owns everything


Principle 2: Stewardship - meet all needs and as many worthy wants as possible


Principle 3: Agency - make wise financial choices to save and sacrifice


Principle 4: Accountability - to each other and God


Three things to remember - ANSWER✔✔-1. Life is hard, but you can do hard things


2. When life doesn't go as planned, don't get frustrated; make the best of it!


3. TTT --> things take time


Name of finance website developed by Marriot School - ANSWER✔✔-personalfinance.byu.edu


Functions on financial calculator - ANSWER✔✔-PMT = payment


I = interest


PV = present value


FV = future value


N = time


Formula related to interest earned and interest paid - ANSWER✔✔-i = Principal X Rate X Time


What is an income and expense statement and how is it different from a budget? - ANSWER✔✔--Income

statement = categorized cash inflows over certain period of time


-Expense statement = categorized spending over a certain period of time


-Budget = focused towards the future rather than the past




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