1) Which is not a personal-finance life stage? a)Age < 18 b)Age 1624 c)Age > 65
ID: 2811106 • Letter: 1
Question
1) Which is not a personal-finance life stage?
a)Age < 18
b)Age 1624
c)Age > 65
d)Age 4165
2) Which of the following does the textbook say is a major factor in your happiness?
a)Deciding when enough is enough
b)Spending your money on things you want
c)Only spending money on the things you need and saving the rest of it
d)Giving your money to charity
3) If your total liabilities are $1,750 and total assets are $1,170, what is your net worth?
4) You spend $5 each weekday for lunch and snacks while attending classes. How much should a realistic budget account for you spending on this over the course of an 8-week semester?
a) $280
b) $250
c) $25
d) $200
5) Calculate the opportunity cost of one extra year of college if tuition, room and board fees, and spending money is $24,000, and the estimated salary upon graduation is $41,500. a) $24,000
b) $34,000
c) $41,500
d) $65,500
7)Which term best describes Ben Franklin’s adage: "Waste not, want not."?
a)Greedy
b)Envious
c)Cheap
d)Frugal
Explanation / Answer
As per rules I am answering the first 4 sub parts of the question
1: Age<18
(Before 18 years the responsibility of managing finance is on the guardians.Beyond that one needs to plan own finances)
2: c
True happiness is obtained when a person is able to spend money on needs and then feel secure by saving.This means he has more money than he needs.
3: -580
Net worth = assets- liabilities
= 1170-1750 = -580
4: 200
Budget amount = 5 days per week * $5* 8 weeks = $200
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