SFL 260 Final Exam 2022/2023 Questions and Answers
with complete solution
How much would it cost to bake a two-pound loaf of bread from scratch, if you
grind your own wheat from food storage?
69 cents
What does HALT stand for?
Hungry
Angry
Lonely
Tired
What is a loss leader?
An item that a store will reduce the price on to get you (the consumer) in the door, with
the idea that once you're in the door, you'll spend more money on other things
What are the seven suggestions for finding harmony?
1. Enhance energy
2. Increase quality time
3. Learn to bundle
4. Focus on the most important things
5. Work flexibly
6. Simplify your life
7. Center on the Savior
What percentage of couples who divorce are having financial problems?
89%
When should a couple start talking about finances?
BEFORE getting engaged
Is it a good idea for married couples to hold all assets in common?
Yes, creates total trust and transparency
What is Mad money?
A set amount a husband and wife can spend without telling each other about it. This
money can be used for personal stuff. This is the only part of a budget where both
partners don't have to tell each other what they are spending their money on.
What are the rules around the Hill Family Bank?
-Children can invest their money in and borrow money
--> invest/loan up to $100
--> Investments earn 10% interest
---> loans are charged 10% interest
What are the primary purposes for SFL 260?
To teach you to magnify your financial stewardship and use prudent financial
management so you can more fully bless yourself, your family, and others.
4 whys of family finance
Spiritual: bring us to Christ
Temporal: help us become wise stewards
Individual: to accomplish your divine mission
Family: return with your family back to Heavenly Father's presence
, 4 what's of family finance
Principle 1: Ownership - God owns everything
Principle 2: Stewardship - meet all needs and as many worthy wants as possible
Principle 3: Agency - make wise financial choices to save and sacrifice
Principle 4: Accountability - to each other and God
Three things to remember
1. Life is hard, but you can do hard things
2. When life doesn't go as planned, don't get frustrated; make the best of it!
3. TTT --> things take time
Name of finance website developed by Marriot School
personalfinance.byu.edu
Functions on financial calculator
PMT = payment
I = interest
PV = present value
FV = future value
N = time
Formula related to interest earned and interest paid
i = Principal X Rate X Time
What is an income and expense statement and how is it different from a budget?
-Income statement = categorized cash inflows over certain period of time
-Expense statement = categorized spending over a certain period of time
-Budget = focused towards the future rather than the past
Formula for calculating net worth
assets minus liabilities
What category is often overlooked in a budget?
Miscellaneous
How much does the average bounced check cost you?
$30.47
What is the effective yield of an interest investment?
When interest compounds more frequently than just once per year, money grows faster.
To quantify actually true growth due to interest, we use effective interest rates; takes
into account all interest earned throughout one year to accurately capture the true
growth rate of an account.
Amount of interest earned / amount invested
What have LDS leaders said are potentially legitimate types of debt?
-Modest home
-Means of transportation
-Education
Cardinal rules when using credit cards?
-Pay off credit card on time or early every month
-Keep track of spending as you go
-If you can't do these things, perform plastic surgery (cut up cards)
what is the grace period as it applies to credit cards?
-Period of time between payment due and penalties
with complete solution
How much would it cost to bake a two-pound loaf of bread from scratch, if you
grind your own wheat from food storage?
69 cents
What does HALT stand for?
Hungry
Angry
Lonely
Tired
What is a loss leader?
An item that a store will reduce the price on to get you (the consumer) in the door, with
the idea that once you're in the door, you'll spend more money on other things
What are the seven suggestions for finding harmony?
1. Enhance energy
2. Increase quality time
3. Learn to bundle
4. Focus on the most important things
5. Work flexibly
6. Simplify your life
7. Center on the Savior
What percentage of couples who divorce are having financial problems?
89%
When should a couple start talking about finances?
BEFORE getting engaged
Is it a good idea for married couples to hold all assets in common?
Yes, creates total trust and transparency
What is Mad money?
A set amount a husband and wife can spend without telling each other about it. This
money can be used for personal stuff. This is the only part of a budget where both
partners don't have to tell each other what they are spending their money on.
What are the rules around the Hill Family Bank?
-Children can invest their money in and borrow money
--> invest/loan up to $100
--> Investments earn 10% interest
---> loans are charged 10% interest
What are the primary purposes for SFL 260?
To teach you to magnify your financial stewardship and use prudent financial
management so you can more fully bless yourself, your family, and others.
4 whys of family finance
Spiritual: bring us to Christ
Temporal: help us become wise stewards
Individual: to accomplish your divine mission
Family: return with your family back to Heavenly Father's presence
, 4 what's of family finance
Principle 1: Ownership - God owns everything
Principle 2: Stewardship - meet all needs and as many worthy wants as possible
Principle 3: Agency - make wise financial choices to save and sacrifice
Principle 4: Accountability - to each other and God
Three things to remember
1. Life is hard, but you can do hard things
2. When life doesn't go as planned, don't get frustrated; make the best of it!
3. TTT --> things take time
Name of finance website developed by Marriot School
personalfinance.byu.edu
Functions on financial calculator
PMT = payment
I = interest
PV = present value
FV = future value
N = time
Formula related to interest earned and interest paid
i = Principal X Rate X Time
What is an income and expense statement and how is it different from a budget?
-Income statement = categorized cash inflows over certain period of time
-Expense statement = categorized spending over a certain period of time
-Budget = focused towards the future rather than the past
Formula for calculating net worth
assets minus liabilities
What category is often overlooked in a budget?
Miscellaneous
How much does the average bounced check cost you?
$30.47
What is the effective yield of an interest investment?
When interest compounds more frequently than just once per year, money grows faster.
To quantify actually true growth due to interest, we use effective interest rates; takes
into account all interest earned throughout one year to accurately capture the true
growth rate of an account.
Amount of interest earned / amount invested
What have LDS leaders said are potentially legitimate types of debt?
-Modest home
-Means of transportation
-Education
Cardinal rules when using credit cards?
-Pay off credit card on time or early every month
-Keep track of spending as you go
-If you can't do these things, perform plastic surgery (cut up cards)
what is the grace period as it applies to credit cards?
-Period of time between payment due and penalties
