Dollars, Sen$e And Stewardship
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Questions and Answers
- 1.
A. How much is a cost?B. What is the total cost including hidden expenses?C. What is the real cost of this expenditure if I was to invest the money instead of spending it?
- 2.
“The ‘borrower’ is slave to the lender”Proverbs 22:7
- 3.
After creating a good budget the typical couple discovers an average of ________ more new found money.
- A.
10%
- B.
17%
- C.
21%
- D.
25%
Correct Answer
B. 17%Explanation
After creating a good budget, the typical couple discovers an average of 17% more new found money. This means that by effectively managing their finances and sticking to a budget, couples are able to identify and save an additional 17% of their income. This could be due to reduced spending, better allocation of funds, or finding ways to increase their income. Overall, budgeting helps couples to uncover extra money that they can use towards savings, investments, or achieving their financial goals.Rate this question:
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- 4.
A budget helps by:
- A.
Deepening communication between the two of you
- B.
Developing a sense of teamwork
- C.
It weakens the effect of your financial differences
- D.
Produces some "new found" money
- E.
Is a foundation of becoming debt free and financially independent
- F.
All of the above
Correct Answer
F. All of the aboveExplanation
A budget helps by deepening communication between the two of you, developing a sense of teamwork, weakening the effect of your financial differences, producing some "new found" money, and is a foundation of becoming debt free and financially independent.Rate this question:
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- 5.
Most marriages are made up of couples with opposite financial tendencies.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
This statement suggests that in most marriages, the couples have different financial tendencies or approaches towards money. This means that one partner may be a spender while the other is a saver, or one partner may be more risk-averse while the other is more willing to take financial risks. Having opposite financial tendencies can lead to conflicts and challenges in managing finances together, which is a common issue in many marriages. Therefore, the statement is likely to be true.Rate this question:
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- 6.
It's good to tithe because:
- A.
The Bible says so
- B.
It's good for your attitude and heart
- C.
It supports the church
- D.
All of the above
- E.
A & C only
Correct Answer
D. All of the aboveExplanation
Tithing is recommended because the Bible instructs believers to do so. It is not only a religious obligation but also beneficial for one's attitude and heart. By giving a portion of their income to the church, individuals support the ministry and the work it does in the community. Therefore, the correct answer is "all of the above" as all the options mentioned are valid reasons for why it is good to tithe.Rate this question:
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- 7.
Most financial experts agree that you should tithe ________%, save________% and live on the remaining__________%
- A.
5%, 15%, 80%
- B.
10%, 5%, 75%
- C.
5%, 10%, 75%
- D.
10%, 10%, 80%
Correct Answer
D. 10%, 10%, 80%Explanation
Most financial experts agree that you should tithe 10%, save 10%, and live on the remaining 80%. This allocation suggests a balanced approach to managing finances. Tithing 10% involves giving a portion of income to charitable causes or religious organizations. Saving 10% helps build an emergency fund, invest for the future, and achieve financial goals. Living on the remaining 80% ensures that expenses are kept within a reasonable limit and allows for a comfortable lifestyle. This division promotes a responsible and sustainable financial plan.Rate this question:
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- 8.
Statistics show that people spend their whopping ________ more money when they shop with credit cards.
- A.
25%
- B.
38%
- C.
40%
- D.
47%
Correct Answer
D. 47%Explanation
Statistics show that people spend their whopping 47% more money when they shop with credit cards. This suggests that the convenience and ease of using credit cards may lead individuals to make more impulsive purchases or spend beyond their means. Additionally, the ability to defer payment may create a perception of affordability, encouraging people to spend more than if they were using cash or debit cards.Rate this question:
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- 9.
When paying off your credit cards you should start with:
- A.
The card with the lowest interest
- B.
Card with the highest interest
- C.
The card with the highest balance
- D.
The card with the lowest balance
Correct Answer
D. The card with the lowest balanceExplanation
Paying off the card with the lowest balance first is recommended because it allows you to quickly eliminate one debt and gives you a sense of accomplishment. This strategy is known as the "snowball method" and can provide motivation to continue paying off your other debts. Additionally, by paying off the card with the lowest balance, you can free up some extra money to put towards paying off your other debts.Rate this question:
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- 10.
Which question represents the "lowest" form of financial intelligence?
- A.
How much is a cost?
- B.
What is the total cost including hidden expenses?
- C.
What is the real cost of this expenditure if I was to invest the money instead of spending it?
Correct Answer
A. How much is a cost?Explanation
The question "How much is a cost?" represents the "lowest" form of financial intelligence because it only asks for the basic amount of money required for a purchase. It does not consider any additional expenses or potential investments. This question lacks a deeper understanding of the financial implications and does not take into account the potential long-term effects of the expenditure.Rate this question:
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- 11.
Which question represents the "highest" form of financial intelligence?
- A.
How much is a cost?
- B.
What is the total cost including hidden expenses?
- C.
What is the real cost of this expenditure if I was to invest the money instead of spending it?
Correct Answer
C. What is the real cost of this expenditure if I was to invest the money instead of spending it?Explanation
The question "What is the real cost of this expenditure if I was to invest the money instead of spending it?" represents the highest form of financial intelligence because it demonstrates an understanding of opportunity cost. It acknowledges that spending money on a particular expenditure has an alternative use - investing it. This question considers the potential return on investment and weighs it against the cost of the expenditure, showing a deeper understanding of financial implications and long-term planning.Rate this question:
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- 12.
The reason that most people don't become wealthy is because they don't make enough money.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement suggests that the main reason why most people don't become wealthy is because they don't make enough money. However, this is not entirely true. While income is certainly a factor in wealth accumulation, it is not the sole determinant. Other factors such as spending habits, saving and investment strategies, financial literacy, and opportunities for wealth growth also play crucial roles. Therefore, it is incorrect to assume that the lack of wealth is solely due to not making enough money.Rate this question:
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Current Version
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Aug 16, 2023Quiz Edited by
ProProfs Editorial Team -
Oct 23, 2014Quiz Created by
Revkev
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