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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.
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Question
Answer
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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