FCS 340 EXAM QUESTIONS WITH VERIFIED SOLUTIONS LATEST UPDATE 2026
Which of the following is not identified as a purpose of the book? - Answers Teach you to accumulate
wealth.
The authors suggested four answers to the question, "Why should I learn about family finance?"
Which is not one of the four reasons? - Answers Community - becoming a stronger citizen or member
of your community
The second important question the authors suggested you ponder was, "What are the profound
principles upon which the stewardship perspective is based?" Which is not one of the four
stewardship principles? - Answers Discipleship
Which of the four stewardship principles, if followed wisely, is our gift back to God? - Answers
Accountability
The text suggests creating a budget that includes at least a allocation to long-term savings. - Answers
10%
What does the author believe is the biggest financial mistake made by recent graduates? - Answers
Buying a house beyond their means
Most financial planners recommend worth of living expenses set aside in a savings or checking
account as an emergency fund. - Answers three to six months
In the reading, the story of Elder Robert D. Hales and his new bride was shared. He was in the air force
and they'd missed Christmas together. What did he want to buy his wife? - Answers A dress
What budget category do the authors suggest commonly gets overlooked? - Answers Miscellaneous
The authors recommend the investing mantra "get rich slowly." They recommend avoiding which of
the following strategies? - Answers Speculation
Time Value of Money - Answers Money's potential to grow in value over time. The relationship
between time, money, a rate of return, and earnings growth.
Inflation - Answers A continuous rise in the price of goods and services
Interest - Answers money paid regularly at a particular rate for the use of money lent, or for delaying
the repayment of a debt.
Nominal Return - Answers the return on an investment before the impacts of inflation and taxes are
taken into account
After Tax Return - Answers the return on an investment after the impact of federal, state, and local
taxes has been taken into account
Real Return - Answers Return earned above the rate of inflation
Which of the following statements about compound interest were made in the reading? Select all that
apply. - Answers A marvelous work and a wonder
Eighth wonder of the world
Interest earning interest
What should setting goals involve? Select all that apply. - Answers Process of understanding yourself
and your family
Trying to understand what God wants you to accomplish
What does the "S" in SMART goals refer to? - Answers Specific
Which of the following financial elements are part of developing a plan of action? Select all that apply.
- Answers Budget
Planning for big-ticket purchases
Plan for managing debt
Plan for insurance
Investment plan
Plan for retirement
Which of the following is not identified as a purpose of the book? - Answers Teach you to accumulate
wealth.
The authors suggested four answers to the question, "Why should I learn about family finance?"
Which is not one of the four reasons? - Answers Community - becoming a stronger citizen or member
of your community
The second important question the authors suggested you ponder was, "What are the profound
principles upon which the stewardship perspective is based?" Which is not one of the four
stewardship principles? - Answers Discipleship
Which of the four stewardship principles, if followed wisely, is our gift back to God? - Answers
Accountability
The text suggests creating a budget that includes at least a allocation to long-term savings. - Answers
10%
What does the author believe is the biggest financial mistake made by recent graduates? - Answers
Buying a house beyond their means
Most financial planners recommend worth of living expenses set aside in a savings or checking
account as an emergency fund. - Answers three to six months
In the reading, the story of Elder Robert D. Hales and his new bride was shared. He was in the air force
and they'd missed Christmas together. What did he want to buy his wife? - Answers A dress
What budget category do the authors suggest commonly gets overlooked? - Answers Miscellaneous
The authors recommend the investing mantra "get rich slowly." They recommend avoiding which of
the following strategies? - Answers Speculation
Time Value of Money - Answers Money's potential to grow in value over time. The relationship
between time, money, a rate of return, and earnings growth.
Inflation - Answers A continuous rise in the price of goods and services
Interest - Answers money paid regularly at a particular rate for the use of money lent, or for delaying
the repayment of a debt.
Nominal Return - Answers the return on an investment before the impacts of inflation and taxes are
taken into account
After Tax Return - Answers the return on an investment after the impact of federal, state, and local
taxes has been taken into account
Real Return - Answers Return earned above the rate of inflation
Which of the following statements about compound interest were made in the reading? Select all that
apply. - Answers A marvelous work and a wonder
Eighth wonder of the world
Interest earning interest
What should setting goals involve? Select all that apply. - Answers Process of understanding yourself
and your family
Trying to understand what God wants you to accomplish
What does the "S" in SMART goals refer to? - Answers Specific
Which of the following financial elements are part of developing a plan of action? Select all that apply.
- Answers Budget
Planning for big-ticket purchases
Plan for managing debt
Plan for insurance
Investment plan
Plan for retirement
