FCS 340 Exam 1 Questions with Complete Solutions

FCS 340 Exam 1 Questions with Complete Solutions Which of the following is not identified as a purpose of the book? - ANSWER Teach you to accumulate wealth. The authors suggested four answers to the question, "Why should I learn about family finance?" Which is not one of the four reasons? - ANSWER Community: Becoming a stronger citizen and member of your community. The second important question the authors suggested you ponder: "What are the profound principles upon which the stewardship perspective is based?" Which is not one of the four stewardship principles? - ANSWER Discipleship Of the four stewardship principles, if followed wisely, which is our gift back to God? - ANSWER Accountability The text suggests creating a budget that includes at least a percent allocation to long- term savings. - ANSWER 10 What does the author believe is the biggest financial mistake made by recent graduates? - ANSWER Buying a house beyond their means. Most financial planners recommend worth of living expenses set aside in a savings or checking account as an emergency fund. - ANSWER three to six months In the reading, the story of Elder Robert D. Hales and his new bride was shared. He was in the air force and they'd missed Christmas together. What did he want to buy his wife? - ANSWER A dress What budget category do the authors suggest commonly gets overlooked? - ANSWER Miscellaneous