Week 4: personal finance

According to 1 Timothy 6:6-10, it is those who are rich who will fall into temptation and into a snare. In other words, money is the root of all kinds of evil.

False

Income only includes money from your job.

False

Prosperity to a Christian means material things.

False

Direct Deposit is an easy and safe way to ensure your money goes to your bank account.

True

Investment income includes dividends from stocks or bonds.

True

One reason God wants adults to work is so they can provide for themselves and not rely on others.

True

The LIVE category is the biggest slice of the pie.

True

The world's culture advocates for being driven by success, significance, and security.

True

You can move funds between accounts with online banking.

True

Another way to make sure you know what is happening with your money and financial obligations is to _________________________________.

Use computer software or internet services offered by your banking institution to track deposits and payments.

To keep up with your money in the bank, what is the best way to organize your accounts?

Consolidate your accounts with separate allocations going to checking and savings.

Select the item(s) that would be considered a "want."

- Buying a cell phone - Buying a second pair of tennis shoes for sports

What kind of items should be filed and organized in a central location at your home (such as in a special drawer or file cabinet)? Choose all that apply.

-bank statements -statements of bills paid and to-be paid -financial records -tax information and forms -wills and health directives

Why is it important for everyone with monetary and other assets to have a will? Choose all that apply.

-so loved ones and family will know what you want to do with your possessions and money once you have died -because it benefits those who you wish to bless after you are no longer able to help them in person -because it relieves loved ones of added responsibility at your death -so the state won't be in control of your estate -so others won't have to decide what is best to do with your possessions and money -because it makes sure all possessions and assets will go to those who have been specifically chosen to receive them

An example of a housing expense would be:

A mortgage or rental payment

The "Paradox of Prosperity" according to Ron Blue means which of the following:

Being prosperous does not always give us the freedom we think it should.

What type of expense would your daily coffee purchase be?

Food Expense

We are reminded in Proverbs 3:5-5 to, "Trust in the Lord with all your [ Select ] ["Money", "Heart", "None of the above", "Power"] , and do not lean on your own [ Select ] ["Conscience", "Understanding", "None of the above", "Chair"] . In all your ways acknowledge Him, and He will make straight your paths."

Heart, understanding

Place the following in order according to what you have learned in the lesson. More fear and confusion | More Choices | Less Freedom | More Stuff

More Stuff More Choices More Fear and Confusion Less Freedom

Which of the following would be a good answer to the question, "how much is enough?"

Purchasing items to meet your real needs and then splurging occasionally to buy something special.

One strategy for keeping up with important financial and personal information is to store that information on a secure website or in a safe deposit box. This would be important in case of _____________________________.

a house fire or natural disaster that destroys all of your paper records all of these answers are true being away from home and needing to know personal information (about health insurance, for instance) a robbery of important records or your computer

The cost of something is:

expenses

What kind of bills can usually be set up to draft out of your bank account so they will be paid every month on time? Choose all that apply.

utility bills like electricity cell phone bills car loans credit card bills insurance premiums loans and mortgages monthly charges for cable services

Direct deposit is one way to keep your personal finances in order. Direct deposit means ___________________________.

your payroll check is deposited into your bank account on your regularly scheduled payday