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
Copyright ©Stuvia International BV 2010-2024 Page 3/19
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
Copyright ©Stuvia International BV 2010-2024 Page 3/19
