Personal & Family Finance Final Exam
Questions and Answers with Answers
1. 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
2. HALT stands for?
Hungry, Angry, Lonely or Tired
3. Loss leader is?
An item that a store will reduce the price on to get the consumer in the door, with
the idea that once you're in the door you'll spend more money on other things
4. Seven suggestions for finding harmony are?
enhance energy
increase quality time
learn to bundle (do two or more things at the same time)
Focus on the most important things
work flexibly
simplify your life
center on the savior
,5. What percentage of couples who divorce are having financial problems?
89%
6. When should a couple start talking about finances?
Before getting engaged
7. Should married couples hold all assets in common
Yes. It creates total trust and transparency
8. MAD money is?
Set amount of money a husband and wife can spend without telling each other
about. Can be used for personal stuff
9. Rules around the Hill Family Bank are?
Children can invest their money in and borrow money. Invest/loan up to $100.
Investments earn 10% interest
Loans are charged 10% interest
10.What is the primary purpose of 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
,11.What are the 4 why's 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
12.What are the 4 what's of family finance?
1. Ownership
2. Stewardship
3. Agency
4. Accountability
13.Three things Dr. Hill mentioned on the first day of class?
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. Things Take Time
14.What is personal finance website developed by the Marriott School?
personalfinance.byu.edu
15.PMT means?
payment
16.I stands for?
, interest
17.PV stands for?
Present Value
18.FV means?
Future Value
N stands for?
time
19.What is the Income statement?
Categorized cash inflows over a certain period of time
20.What is the Expense statement?
Categorized spending over a certain period of time
21.What is a Budget
Questions and Answers with Answers
1. 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
2. HALT stands for?
Hungry, Angry, Lonely or Tired
3. Loss leader is?
An item that a store will reduce the price on to get the consumer in the door, with
the idea that once you're in the door you'll spend more money on other things
4. Seven suggestions for finding harmony are?
enhance energy
increase quality time
learn to bundle (do two or more things at the same time)
Focus on the most important things
work flexibly
simplify your life
center on the savior
,5. What percentage of couples who divorce are having financial problems?
89%
6. When should a couple start talking about finances?
Before getting engaged
7. Should married couples hold all assets in common
Yes. It creates total trust and transparency
8. MAD money is?
Set amount of money a husband and wife can spend without telling each other
about. Can be used for personal stuff
9. Rules around the Hill Family Bank are?
Children can invest their money in and borrow money. Invest/loan up to $100.
Investments earn 10% interest
Loans are charged 10% interest
10.What is the primary purpose of 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
,11.What are the 4 why's 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
12.What are the 4 what's of family finance?
1. Ownership
2. Stewardship
3. Agency
4. Accountability
13.Three things Dr. Hill mentioned on the first day of class?
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. Things Take Time
14.What is personal finance website developed by the Marriott School?
personalfinance.byu.edu
15.PMT means?
payment
16.I stands for?
, interest
17.PV stands for?
Present Value
18.FV means?
Future Value
N stands for?
time
19.What is the Income statement?
Categorized cash inflows over a certain period of time
20.What is the Expense statement?
Categorized spending over a certain period of time
21.What is a Budget
