1-13-15 economics test
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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saving money for a purchase and letting the interest work for you rather than against you | sinking fund
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money is neither good nor bad | amoral
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Emergency Fund goes here | money market
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Interest on interest | compound interest
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If it can go wrong, it will; unexpected events | Murphy's Law
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Baby Step 1 | $500/$1,000 in an emergency fund
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Baby Step 3 | 3-6 months of expenses
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key to wealth building | discipline
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For most people, a fully-funded emergency fund will be about: | $10,000-$15,000
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Ben and Arthur illustrate which principle of saving? | compound interest
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Baby Step 1 and 3 have to do with: | saving and the emergency fund
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You should save for the following: | emergency funds, purchases, and wealth building
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How many Baby Steps are there? | 7
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Saving is about contentment and ? | emotion
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The following is true about PACs | Stands for Pre-Authorized Checking, and helps build discipline when saving
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True or False: The saving habits of Ben and Arthur help to illustrate the principle of compound interest. | True
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True or False: Dave's 80/20 rule says when it comes to money, 80% is head knowledge and 20% is behavior. | False
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True or False: Your income level greatly affects your savings habits. | False
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True of False: Interest is money paid to a saver by a financial institution. | True
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True or False: The correct order for using your money is save, pay bills, then give | True
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Why do you think the United States has a negative savings rate? how does this relate to your personal savings habits? | easy credit. advertising and marketing
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Explain the relationship between having an emergency fund and Murphy's Law? | Murphy won't see you if you have an emergency fund
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Going to have to calculate compound interest for each problem |
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What are the 3 primary savings goals? | 1. save for purchases 2. emergency funds 3. wealth building
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Why do you need an emergency fund at your age? | at our age we have emergencies
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Why do you need to have $1,000 in the bank before paying off debt? | In case anything happens
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How does compound interest differ from simple interest? | compound interest is interest on interest
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What was the most important piece of information or concept you learned from this lesson? How will you apply it to your life? | to save, don't get into debt
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Go over case studies |
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Know the Baby Steps | 1. $1,000 in emergency fund 2. Pay off all debt 3. 3-6 months of expenses in savings 4. Invest 15% household income into both IRA's and pre-tax retirement 5. college funding 6. pay off home 7. build wealth
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What must become a priority? | Saving
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Always pay who first? | yourself
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The US has a _______ savings rate. | -0.6%
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What do you always need to count on something happening? | emergencies
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your emergency fund is not an _______, it is insurance. | investment
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Do not ______ this fund for purchases. | touch
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What percent of all consumers live paycheck to paycheck? | 70%
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