Christian Personal Financial Management Answers

1. According to I Timothy 6:10 the reason the personal finances of so many Americans are messed up is because money is the root of all evil.

            True    or        False  

 

2. Giving diligence to making a living by doing what you love to do and developing good habits (e.g., living within your means, avoiding the sway of marketing, negotiating, etc.), while avoiding “stuffitis” are great points to remember.

            True   or        False 

 

3. Using credit cards is sin.

            True    or        False 

 

4. With the snowball method of paying off debt, which of the following debts would you pay off first, second, and so on?  __2__ $2,000 for credit card (18% interest), _3_ $5,000 for car (8% interest), ___1__ $500 to a friend (0% interest), and ___4___ $100k for house (5% interest).

 

5. Professional credit repair people can cut the seven year period that accurate information stays on your credit report down to 3 to 6 months.

            True    or        False 

 

 


 

 

 

 

6. Aim to pay God the first __10_% of your income, save and invest at least _10-15_ % of your income, and then live within the remaining _80-75_ % of your income.

 

7. Aim to have an emergency fund of __3__ to __6___ months of your living expenses.

 

8. What are the five types of insurances you need to work on having? They are health, life, auto, disability, and home owner or renter insurances.

 

9. Having a financial advisor is recommended for purchasing mutual funds and getting maximum benefits out of retirement and college saving funds.

            True   or        False 

 

10. Negotiating is not really worth the trouble, according to Dave Ramsey.

            True   or        False 

 

11. As a parent or grandparent, God expects you to sacrifice your economic well-being for the economic well-being of your adult children. 

            True    or        False 

 

 

12. What are the seven baby steps?    1. Save $1,000; 2. Kill all debt except house; 3. Develop 3-6 month emergency fund; 4. Invest 15% of gross income for retirement and make sure you have ample insurance; 5. Develop college fund; 6. Pay off house; 7. Invest for wealth accumulation and giving the wealth away.

 

13. Fill in the blanks for the economic empowerment vision: __35___ members complete this course; ___quarterly___ support group/enrichment sessions; and cast a vision for __2020__ by the 12/31/14.

 

14. Will you commit to participating in the support group/enrichment sessions? If “yes,” please give contact information below.





Please click
here to let us know, if this has been quality and helpful information for you (i.e., make sure you let us know the name of the article). Feel free to share your questions and comments about the article as well.


If you've found this website helpful, please click the Donate button. I'm grateful for your support.

From Book of Answers to Christian Personal Financial Management

From Answers to Home