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everything on the financial literacy exam questions with correct answers latest update
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  • Course
  • Financial Literacy
  • Institution
  • Financial Literacy

Goal - Answer-Something you want to accomplish An aim or desired result Goal Setting - Answer-This helps you choose where you want to go in life Short-term Goal - Answer-A goal that can be achieved in the near future (days or weeks) Long-term Goal - Answer-A goal that can be achieved furt...

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Document information

  • October 12, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • everything on the financial literacy exam question
  • goal answer something you want to accomplish

Written for

  • Financial Literacy
  • Financial Literacy

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everything on the financial literacy exam
questions with correct answers latest
update
Goal - Answer-Something you want to accomplish
An aim or desired result

Goal Setting - Answer-This helps you choose where you want to go in life

Short-term Goal - Answer-A goal that can be achieved in the near future (days or
weeks)

Long-term Goal - Answer-A goal that can be achieved further in the future and requires
time and planning (months or years)

S.M.A.R.T. Goal stands for - Answer-Specific
Measurable
Attainable/Achievable
Realistic/Relevant
Time-Bound

Specific - Answer-Clearly defined or identified, with details

Measurable - Answer-Being able to track your progress when working on a goal and
knowing when you've reached your goal

Attainable/Achievable - Answer-Refers to the fact that the goal is possible to fulfill. A
goal should not be so wild that you can never hope to achieve it. It must be achievable,
but should also be a bit of a stretch to accomplish.

Realistic/Relevant - Answer-Is the goal something that interests you, is important and
something that is possible to achieve.

Timely - Answer-Putting an end point on your goal gives you a clear target and time
frame to work towards.

Why is it important to set goals? - Answer-Setting goals gives you a clearer focus on
what is important, it gives you control of your future, provides motivation, and gives you
a sense of purpose in life.

Can goals be modified (changed) as needed? - Answer-Yes, as needed to accomplish
goals

,What can happen when you tell someone about your goal? - Answer-It makes it more
likely that you will work towards achieving the goal. It makes you
accountable/responsible.

obstacle - Answer-Something that gets in the way of you accomplishing your goal.

want - Answer-Something you desire
Something you think you need

need - Answer-Basic requirement for survival

Get on a budget; be a good steward - Answer-first biblical money principle

Get out of debt; debt equals risk - Answer-second biblical money principle

Foster high quality relationships - Answer-third biblical money principle

Save and invest - Answer-fourth biblical money principle

Be incredibly generous - Answer-fifth biblical money principle

What are some things we should save and invest for? - Answer-Emergency fund,
paying cash for things, charity, stock, future, college

Give - Answer-sixth biblical money principle

Why should we give? - Answer-Because God cares about her character and our heart

What does following the five biblical money principles give us? - Answer-God's growth
plan for a successful future and a change in our family tree.

If we follow the five biblical money principles, what does that make us? - Answer-Wise
Stewards

What does money make us? - Answer-Money makes us more of who we are, it doesn't
add value it's just gives us the opportunity to do more things for Gods glory

What is the type of world we live in? - Answer-It is a cause and effect world. You reap
what you see and you grow what you plant.

Why shouldn't we borrow money? - Answer-The borrower is slave to the lender. It is a
curse. You cannot serve two masters.

How did Financial Peace get started? - Answer-Dave and Sharon started with 30 people
in a Sunday School in their church. It grew from there.

, What does oil represent in the Bible? What was the difference in the rich and poor in
Mediterranean back in the Old Testament? - Answer-Oil represents the Holy Spirit. If
you were rich in the Mediterranean in the Old Testament, you had oil to use as a
medium for exchange. The poor did not. The rich ate what we eat every day and the
poor ate mostly hummus and olives, fish on occasion.

What did grandma say to save for? What are the two reasons we should save? -
Answer-Grandma said to save for a "rainy day" because it will rain. We should save for
unexpected events and retirement.

generosity - Answer-a spirit. You decide to be generous which changes everything in
your life.

What are the characteristics of generous people? - Answer-Generous people smile, are
not grouchy, are more attractive, leave tips and are helpful.

What can you change by following the five biblical principles for money? - Answer-You
can change your family tree.

What was Dave's degree in from college? - Answer-finance

saver - Answer-get a genuine rush from saving money

spender - Answer-get a rush from purchasing things, doesn't matter the cost of items

risk taker - Answer-have love of the next adventure, more excited about the possibility
of an idea versus the actual idea

security seeker - Answer-needs to know the future is safe and secure, excellent and
consistent planners, value order and predictability in their finances

flyers - Answer-don't think about the money components in situations, no emotional
response to money, no attachment to money, content with financial status

strengths of savers - Answer--Rarely spend money
-Not impulse shoppers
-Good at finding deals
-Are organized
-Are trustworthy
-Are responsible
-Avoid debt

weaknesses of savers - Answer--Lack of spontaneity
-Not ready to spend causes them to be a joy st-ealer/killer
-See money as a means to an end
-Labeled as cheap

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