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Dave Ramsey's Financial Principles: Chapters 1 & 2 - Exercises and Questions, Exams of Economics

University of Missouri - Kansas City (UMKC)Economics

A series of exercises and questions based on the first two chapters of dave ramsey's financial principles. It covers key concepts like personal finance, budgeting, debt management, and the importance of financial literacy. The document aims to test understanding of these principles and encourage critical thinking about financial decisions.

Typology: Exams

2024/2025

Available from 03/05/2025

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Dave Ramsey Test: Chapters 1 & 2 | 100%
Correct Answers | Verified | Latest 2024 Version
refers to all the financial decisions an individual or family must make in order to earn, budget, save and
spend money over time - ✔✔personal finance
assess your __________ situation (your income, assets, and liabilities - ✔✔financial
set money ________! Make sure you have a mix of both short-term and long-term ________. - ✔✔goals
you must write out a detailed ______ for accomplishing your goals; This begins with your ___________;
Execute you plan! This involves discipline and perseverance - ✔✔plan; budget
know your money ___________ - ✔✔personality
regularly __________________ and reassess your financial plan - ✔✔monitor
replace money _________ with money truths - ✔✔myths
why was buying things on credit not common before 1917? - ✔✔because it had never been legal for
lenders to charge interest rates high enough to turn a profit
only ____________ people could get personal loans - ✔✔wealthy
people who offered loans at an extremely high interest rates, which was an illegal activity - ✔✔loans
sharks
after the Great Depression, WWII proved to be..... - ✔✔the most important economic event in the 20th
century
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Download Dave Ramsey's Financial Principles: Chapters 1 & 2 - Exercises and Questions and more Exams Economics in PDF only on Docsity!

Dave Ramsey Test: Chapters 1 & 2 | 100%

Correct Answers | Verified | Latest 2024 Version

refers to all the financial decisions an individual or family must make in order to earn, budget, save and spend money over time - ✔✔personal finance assess your __________ situation (your income, assets, and liabilities - ✔✔financial set money ________! Make sure you have a mix of both short-term and long-term ________. - ✔✔goals you must write out a detailed ______ for accomplishing your goals; This begins with your ___________; Execute you plan! This involves discipline and perseverance - ✔✔plan; budget know your money ___________ - ✔✔personality regularly __________________ and reassess your financial plan - ✔✔monitor replace money _________ with money truths - ✔✔myths why was buying things on credit not common before 1917? - ✔✔because it had never been legal for lenders to charge interest rates high enough to turn a profit only ____________ people could get personal loans - ✔✔wealthy people who offered loans at an extremely high interest rates, which was an illegal activity - ✔✔loans sharks after the Great Depression, WWII proved to be..... - ✔✔the most important economic event in the 20th century

based on stats, Americans are... - ✔✔horrible at saving money & planning for reitrement why arent Americans better at managing money? - ✔✔they were never taught the right way you dont have to spend more _____________ than you make just to look good in front of your friends - ✔✔money when you manage money well, you'll experience deeper ______________ - ✔✔satisfaction personal finance is ____% behavior & _____% head knowledge - ✔✔80% & 20% money ______ is easy--- its controlling your behavior thats the real challenge - ✔✔math Remember "___________" is broke - ✔✔normal different money personalities - ✔✔frustration; role models; pragmatic; money isnt everything why do we allow ourselves to be outsmarted when it comes to our own money? - ✔✔- we like stuff--- lots of stuff

  • we are told that debt is normal
  • we are taught we can buy happiness
  • our debt system keeps us from building wealth
  • we are bombarded with marketing ads
  • we arent aware of the financial condition of our country Americans are charging more than ____________ dollars each your on their credit cards - ✔✔a trillion what was dave's biggest lesson when it comes to managing money and building wealth - ✔✔take responsibility for your own finances & don't blame anyone else

once you know your money personality.... - ✔✔you develop a financial plan that works for you a fee paid by a borrower to the lender for the use of borrowed money - ✔✔interest an obligation of repayment owed by one party to a second party - ✔✔debt a person or organization that buys/uses good or services - ✔✔consumer a debt evidenced by a "note", which specifies the principal amount, interest rate and date of repayment

  • ✔✔loan the granting of a long and the creation of a debt; any form of deferred payment - ✔✔credit a system by which goods and services are produced and distributed - ✔✔economy the knowledge and skillset necessary to be informed consumer and manage finances effectively - ✔✔financial literacy all of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting, etc. - ✔✔personal finance the protection or promotion of the interest of consumers - ✔✔consumerism learning the language of money is not that important because you will be able to depend on financial planners to manage your money - ✔✔false why is credit marketed so heavily to consumers in the US? - ✔✔-there is strong consumer demand for big ticket items
  • the credit industry has become extremely profitable

interest paid on interest previously earned, credited daily, monthly, quarterly, or semiannually - ✔✔compound interestt $500 in a readily available cash to be used only in the event of an emergency; the goal of the first foundation - ✔✔emergency fund percentile paid to a lender for the use of borrowed money; percentage earned on invested principal - ✔✔interest rate the five steps to financial success - ✔✔five foundations saving money over time for a large purchase - ✔✔sinking fund what are the five foundations of personal finance? - ✔✔1. save $500 emergency fund

  1. get out of debt
  2. pay cash for your car
  3. pay cash for college
  4. build wealth and give what is the purpose of having an emergency fund? - ✔✔- allows you to have money available for any surprise
  • having money for a surprise expense like fixing your car or phone
  • emergencies are going to happen
  • first savings priority what are the three basic reasons for saving money? - ✔✔1. emergency fund
  1. purchases
  2. wealth building if something can go wrong, it will - ✔✔murphy's law

at our age, a fully funded emergency fund should be - ✔✔$ your income level greatly affects your saving habits - ✔✔false