SFL 260 Final Exam UPDATED ACTUAL Exam Questions and CORRECT Answers
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Course
SFL 260
Institution
SFL 260
SFL 260 Final Exam UPDATED ACTUAL
Exam Questions and CORRECT 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? - CORRECT ANSWER- 69 cents
What does HALT stand for? - CORRECT ANSWER- Hungry
Angry
Lonely
Tire
SFL 260 Final Exam UPDATED ACTUAL
Exam Questions and CORRECT 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? - CORRECT ANSWER- ✔✔69 cents
What does HALT stand for? - CORRECT ANSWER- ✔✔Hungry
Angry
Lonely
Tired
What is a loss leader? - CORRECT 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? - CORRECT 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
7. Center on the Savior
What percentage of couples who divorce are having financial problems? - CORRECT
ANSWER- ✔✔89%
When should a couple start talking about finances? - CORRECT ANSWER- ✔✔BEFORE
getting engaged
,Is it a good idea for married couples to hold all assets in common? - CORRECT ANSWER-
✔✔Yes, creates total trust and transparency
What is Mad money? - CORRECT 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? - CORRECT 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? - CORRECT 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 - CORRECT 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
4 what's of family finance - CORRECT 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 - CORRECT 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 - CORRECT ANSWER-
✔✔personalfinance.byu.edu
Functions on financial calculator - CORRECT ANSWER- ✔✔PMT = payment
I = interest
PV = present value
FV = future value
N = time
Formula related to interest earned and interest paid - CORRECT ANSWER- ✔✔i = Principal
X Rate X Time
What is an income and expense statement and how is it different from a budget? - CORRECT
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
Formula for calculating net worth - CORRECT ANSWER- ✔✔assets minus liabilities
What category is often overlooked in a budget? - CORRECT ANSWER- ✔✔Miscellaneous
How much does the average bounced check cost you? - CORRECT ANSWER- ✔✔$30.47
What is the effective yield of an interest investment? - CORRECT ANSWER- ✔✔When
interest compounds more frequently than just once per year, money grows faster. To quantify
actually true growth due to interest, we use effective interest rates; takes into account all
interest earned throughout one year to accurately capture the true growth rate of an account.
Amount of interest earned / amount invested
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