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HDFS 3050 Exam Questions with Correct Answers
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HDFS 3050 Exam Questions with Correct Answers
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HDFS 3050 Exam Questions with CorrectAnswers
From the class notes/ discussion what are myths? - Answer-1. Once you get your next
job or promotion, you will be financially well off.
2. I don't need to worry about earning enough money because my
company/spouse/country will take care of me.
3. The U.S. government has inflation under control (and we have Ben Bernanke!).
One of the main points of Wealthy Barber Returns has to do with the "harsh reality"
about accumulating wealth. What statement best summarizes the harsh reality? -
Answer-Unless you are born into or marry into wealth, you will need to learn about
financial matters in order to be secure in later life.
Financial Stability is a bit like a basic math problem. What advice does the Wealthy
Barber returns offer on this topic? - Answer-You must spend less than you earn in order
to become financial stable.
What are the four words that everyone should learn how to use that were discussed in
the Wealthy Barber Returns and discussed in class? - Answer-I can't afford it
The Wealthy Barber Returns suggests that everything in life is relative. The implication
of this lesson is that when we think about our financial circumstances in life we should
remember that ... - Answer-When you think about the circumstances of people all over
the world, it helps us with perspective taking
When the cost of things like houses, cars and the cost of spending a day in the hospital
goes up over time, that is known as an issue with ______________ - Answer-inflation
Which statement below best summarizes how we measure an economy and what
causes economies to change over time - Answer-The size of an economy is determined
by gross domestic product and the economy moves in cycles.
The formal definition of a recession is: - Answer-Two or more consecutive quarters of
negative GDP growth.
The Dow Jones Industrial Average currently is closest to which of the following numbers
(or levels) - Answer-16,000
The pyramid that we are using as an organizational tool was developed as part of a 4-H
curriculum. The topics are organized into three broad categories. What are they? -
Answer-1. Wealth Distribution
2. Wealth Accumulation
3. Wealth Protection
, Chapter 4 of Suze Orman is about student debt. The question is often raised, "Is a
College Education Worth It?" The conclusion of the chapter and the class Power Point
reveals what overall conclusion can be drawn about this question? - Answer-Yes, in
most cases, the expense of a college education pays off during a life time of earnings.
The first three chapters of Suze Orman, Young, Fabulous and Broke deal with what
topics? - Answer-1.Managing your credit score
2. working in a field you love
3. managing credit card spending
In Chapter 2 of Suze Orman, Young, Fabulous and Broke, she offers suggestions for
about early career management. She makes the case for the importance of people
starting their careers with ____________ as a central tenant? - Answer-passion for the
work
Based on the readings from Suze Orman, Young, Fabulous and Broke, a poor credit
score might impact your ability to: - Answer-1. Buy a house
2. Buy a car
3. Get a job
people are the happiest when they spend money on ____________ instead of
_____________. - Answer-experiences; things
How did the sisters in the Good Morning America film clip, get rid of $200,00 in debt -
Answer-They moved in together and consolidated all income and expenses. By doing
this, they cut their debt very quickly
According to Suze Orman, Chapter 3, if a parent dies with heavy credit card debt, is the
child responsible for paying the credit card debt? - Answer-No, the child is not
responsible for the credit card debt but the parent's estate is responsible
Suze Orman says that the in an entry level position, the new employees job is to make
his/her boss look good. Is this statement true or false? - Answer-True
In the Wealthy Barber Returns, the chapter titled Plastic Surgery, offers a strong
warning about the dangers involved with over spending using too much credit. What is
it? - Answer-1. Credit cards have put many Canadians (or US folks) into financial
trouble because they offer great convenience.
2. Credit cards allow us to act impulsively which in turn, "anesthetizes the pain".
3. A good old fashioned lecture can do wonders to help us with over spending using
our credit cards.
A line of credit (LOC) is a tool that according to Wealthy Barber Returns is - Answer-A
tool that is a paradox - has some good and some bad aspects.
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