Question: Which statement is true?
Answer: – It doesn’t do much good to have a savings plan if you don’t know how to budget your money.
– Having a savings plan & a budget won’t do much good if you don’t know how to spend money wisely.
Question: In this module, we say a “good” money burn means you have spent money wisely. A “bad” money burn means you have spent money you did not need to spend. Tell us which answer shows the best “good” money burn.
Answer: You shop around & buy a pair of the exact same designer jeans at a thrift shop, & they cost virtually nothing.
Question: By not negotiating the price of your first car purchase, you have a $1,000 “bad” money burn. How long would it take you to earn back the thousand dollars you just threw away of you take home $10.00 per hour?
Answer: 100 hours
Question: Which of the answers below show bad money burns?
Answer: Numbers 2, 3, 4, & 6
Question: We talk about “doing your homework” before spending any money. You are getting ready to buy your first car. Select all the actions that show you are doing your homework properly.
Answer: Numbers 1, 4, & 6
Question: T/F: According to Foolproof & many consumer groups, if you are from a family with poor money skills, chances are you will have poor money skills as well. Now’s the time to take control of your spending habits!
Answer: True
Question: In this module, we talked about the role of advertising in the free enterprise system. Which is the best answer?
Answer: For most companies, the purpose of advertising is to highlight the good things about the company’s products or services. It is not the job of those companies to tell you the bad things about their products or services.
Question: Foolproof talks in depth about the importance of your credit score when it comes to your budget & your savings. Assume your credit score is bad. Which of the following statements are true?
Answer: Numbers 1, 2, 3, 4, & 6
Question: In virtually all of the episodes, we talk about the critical importance of never, ever, paying bills late – especially when you are young & you have little credit. Which of the following statements are true?
Answer: Numbers 2, 3, 5, 6, & 7
Question: In this module, we’ve said that one bill should be paid before all other bills. Which of the four choices should you always pay first? Check the right answer.
Answer: You must pay yourself first.