Foundations in Personal Finance Ch. 1 Intro to Personal Fin.
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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| Explain why high school students should learn about personal finance. | Learning to manage money at a young age can eliminate financial mistakes and promote huge financial benefits for the future.
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| When it comes to personal finance, the math is easy. What's challenging is managing your | behavior
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| Why was the use of credit uncommon prior to 1917? | Laws prevented lenders from charging high interest rates, borrowing money was not socially acceptable, lending money was not profitable.
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| During the Great Depression, New Deal policymakers came up with mortgage (home loans) and consumer lending policies that convinced commercial banks that | consumer credit could be profitable.
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| A debt evidenced by a "note," which specifies the principal amount, interest rate, and date of repayment | loan
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| A period of temporary economic decline during which trade and industrial activity are reduced; generally identified by a fall in gross domestic product (GDP) | recession
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| A person or business that offers loans at extremely high interest rates | loan shark
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| All of the decisions and activities of an individual or family regarding their money, including spending, saving, budgeting | personal finance
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| A system by which goods and services are produced and distributed | economy
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| Personal financial success is primarily the result of | managing your money behavior
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| Explain why income alone does not determine wealth. | The amount of money a person makes does not dictate his or her spending and saving behavior.
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| Name some consequences of spending more money than you make | Stress, a cycle of debt, missed opportunities to save and invest
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| A person or organization that uses a product or service | consumer
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| A fee paid by a borrower to the lender for the use of borrowed money | interest
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| The knowledge and skillset necessary to be an informed consumer and manage finances effectively | financial literacy
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| An obligation of repayment owed by one party to a second party | debt
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| The granting of a loan and the creation of debt; any form of deferred payment | credit
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| The widespread financial insecurity of Americans is primarily because | the saving rate of Americans is low and many borrow in order to spend more than they earn
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| When it comes to managing money, success is about ___% knowledge and ___% behavior. | 20, 80
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