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Dave Ramsey Personal Finance Exam Questions And Answers With Real Tests
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Dave Ramsey Personal Finance Exam Questions And Answers With Real Tests
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Dave Ramsey Personal Finance Exam Questions AndAnswers With Real Tests
consumer ANS a person or organization that uses a product or service
credit ANS the granting of a loan and the creation of debt; any form of deferred payment
debt ANS an obligation of repayment owed by one party to a second party; in most cases this
includes repayment of the original loan amount plus interest
economy ANS a system by which goods and services are produced and distributed
financial literacy ANS the knowledge and skillset necessary to be an informed consumer and
manage finances effectively
interest ANS a fee paid by a borrower to the lender for the use of borrowed money; typically
calculated as a percentage of the principal (original loan amount)
loan ANS a debt evidenced by a "note," which specifies the principal amount, interest rate and
date of repayment
personal finance ANS all of the decisions and activities of an individual or family regarding their
money, including spending, saving, budgeting, etc.
income, assets, and liabilities ANS what three things are your financial situation
20% head knowledge and 80% behavior ANS winning at money is ___% head knowledge and
___% behavior
no ANS was credit prior to 1917 common?
,yes ANS did debt become common after 1970?
to be broke ANS what is "normal" for an American family?
NO ANS can we buy happiness?
1. be comfortable with basic math
2. learn the language of money
3. learn how to manage your behavior with money ANS what are the three steps you need to do
to become money smart?
1. survival
2. comfort
3. secure ANS what three things can you feel financially?
yes ANS is it important to know your money personality?
spender or saver ANS what are the types of money personalities?
compound interest ANS interest paid on interest previously earned; credited daily, monthly,
quarterly or semiannually
emergency fund ANS five hundred dollars in readily available cash to be used only in the event
of an unexpected emergency
interest rate ANS percentage paid to a lender for the use of borrowed money; percentage earned
on invested principal
, the Five Foundations ANS the five steps to financial success are called
sinking fund ANS saving money over time for a large purchase
1. Save a $500 Emergency Fund
2. Get out of Debt
3. Pay Cash for Your Car
4. Pay Cash for College
5. Build Wealth and Give ANS what are the Five Foundations
three to six months' worth of expenses ANS how much will your emergency fund have to be
when you grow older?
1. emergency fund
2. purchases
3. wealth building ANS what three things do you save money for?
yes ANS should you put your emergency fund in a separate account?
discipline ANS what is the key ingredient to wealth building?
marathon ANS is building wealth a marathon or a sprint?
inflation ANS a persistent rise in the price of goods and services over a period of time
budget ANS a written cash flow plan
cash flow statement ANS a summary that shows total income and spending for a given time
period
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