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SFL 260 Final Exam Comprehensive Review Questions and Answers
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SFL 260 Final Exam Comprehensive Review Questions and Answers People who are good at budgeting figure out ways to make saving easier and spending more difficult. Select all the ways that this can be accomplished: - ANSWER-Set up an automatic transfer from checking to savings each month. Determ...

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  • November 4, 2024
  • 25
  • 2024/2025
  • Exam (elaborations)
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  • sfl 260 final exam comprehensive review questions

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




SFL 260 Final Exam Comprehensive

Review Questions and Answers


People who are good at budgeting figure out ways to make saving easier and spending more difficult.

Select all the ways that this can be accomplished: - ANSWER✔✔-Set up an automatic transfer from

checking to savings each month.


Determine a maximum amount that can be spent by either spouse without first discussing the purchase


Don't grocery shop hungry


An emergency fund becomes even more important for financial well-being after a home is purchased.

Why? - ANSWER✔✔-If a family runs into financial trouble, and they don't have the money to pay their

monthly mortgage, they stand to lose their home and any equity in the home.


Home ownership increases the likelihood that a person will face large unexpected expenses.


Homes can be expensive to maintain.


What was the 2017 minimum down payment requirement for a standard FHA loan? - ANSWER✔✔-3.5%


Which of the following principles is the big picture take-away from the Cash Management module? -

ANSWER✔✔-Your liquid monetary assets should be kept in an account that takes on an appropriate

amount of risk




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,Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


Risk and return go together. Cash isn't very risky but has next to no return. In fact the cash in your wallet

is losing value due to inflation. Which option could you pick to take on the smallest amount of risk and

still earn some interest? - ANSWER✔✔-certificates of deposit


In the Dave Ramsey Video we watched for the budgeting discussion, Dave used all of the following

analogies to help us understand budgeting except which of the following? - ANSWER✔✔-Your budget is

the dam on the river of your cash flow.


Select each statement that is true about setting goals. - ANSWER✔✔-Depending on what a person is

trying to accomplish a very different approach might be the right way to go.


If you don't know where you want to go, then it doesn't matter which path you take.


According to the rule of thumb given in the Apply: Calculate Monthly Mortgage Payment assignment,

what is the maximum monthly mortgage payment a family making $120,000 a year should consider? -

ANSWER✔✔-$2,500


What makes a liquid asset "liquid"? - ANSWER✔✔-You can use it immediately if needed


Which of the following is important to teach our children to help them become responsible financial

stewards? - ANSWER✔✔-How to create a budget


Hard work


Obtaining as much education as possible


Saving and sacrificing for what they need and want




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, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


Which of the following is a good example of a couple effectively implementing the practice of "MAD"

money? - ANSWER✔✔-Dan and Rachel each have $50 out of the monthly budget that they can spend

however they want, they don't need to discuss beforehand how that money will be spent on.


According to the principle of stewardship, attaining material success is ________. - ANSWER✔✔-a

blessing that should be seen as a responsibility to bless others


What type of savings account is a very safe time deposit for a specified period of time (normally between

3 months to 5 years), has a guaranteed rate of return, generally has higher interest rate the longer the

time period, and has an interest penalty if you withdraw early? - ANSWER✔✔-Certificate of Deposits

(CDs)


True or False. According to teachings of the Church, it is best to finance your education through loans

rather than paying as you go. - ANSWER✔✔-False


According to our text, to what was the effect of inflation compared? - ANSWER✔✔-Clothes moth


TVM problems with recurring payments utilize which function on the financial calculator? - ANSWER✔✔-

PMT


Monetary assets refer to ________. - ANSWER✔✔-financial resources that are legal tender (cash) and/or

can be converted to legal tender very quickly (liquid assets)


The primary purpose(s) of SFL 260: Family Finance is to teach you to: - ANSWER✔✔-Magnify your

financial stewardship


Use prudent financial management to bless yourself, your family, and others


True or False. A family budget is a spending plan to meet future needs and wants in harmony with

available family income. - ANSWER✔✔-True

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