Get Best LIFC 303 Quiz 1

Get Best LIFC 303 Quiz 1

1. What is the motto of The Total Money Makeover?
2. According to the text, why is being “financially fat” a big problem?
3. The author’s grandma used to say that 70 percent of solving a problem was realizing that there is one.
4. The author states it is acceptable to give money to friends in need if you have it but loaning them money will mess up relationships.
5. One of the myths identified in this chapter is that a new car loses sixty percent of its value in the first four years.
6. According to the text, the number one cause of bankruptcy today is
7. Many people believe the myth that they can just file for bankruptcy and start over. The reality is that bankruptcy is an event that causes lifelong damage.
8. The author recommends the “envelope system” for all of the following EXCEPT:
9. Which of the following accurately describes the second hurdle?
10. Which of the following is identified as a major obstacle that keeps one from becoming “a fiscally fit body of money management and staying power?”
11. Which of the following is described as the second hurdle?
12. What did the couple, Sara and Bob, decide to announce to their families in order to experience radical change and improve their financial situation?
13. The first major Baby Step to The Total Money Makeover is to do what?
14. In following the model of the textbook, it is suggested that you set up a new budget every
15. According to Brian Tracy, a study of Harvard graduates found that after two years, the three percent who had __________ achieved more financially than the other ninety-seven percent combined.
16. Opportunity costs refer to money already spent.
17. The step in the personal financial planning process that follows immediately after the step “Create and implement your financial action plan” is:
18. Personal financial planning is the process of managing your money to achieve personal economic satisfaction.
19. When creating a personal balance sheet, which of the following is a real estate asset?
20. Common stock and bond brokerage statements are an example of a(n) ____________ record.
21. When creating a personal balance sheet, which of the following is an investment asset?
22. All of the following can reduce your taxes today except investing in:
23. Individuals are allowed to give money or items of any value to a person without being subject to estate taxes.
24. Gross income fewer adjustments to income equal:
25. Some tax disputes have gone to the U.S. Supreme Court.

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