chapter 12 Flashcards
If you commit to following the Five Foundations, you will have more money to give to others(t/f)
true
Which of the following is a way that giving to others can benefit you?
all of the above
The practice of providing help and advice to people in a community before they have to ask for it
outreach
One of the most important and rewarding things you can do is give(t/f)
true
John D. Rockefeller was a businessman in the early 1900s who is remembered only for his wealth.(t/f)
false
Someone who gives money or goods to an organization
donor
An organization set up to provide help and raise money for those in need
charatible organization
A reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer’s income bracket
tax deduction
Traits or qualities that represent an individual’s highest priorities, deeply held beliefs and motivating forces; one’s guiding principles
core values
To give money, food or other help to a country or organization that needs it
aid
When considering donating to charity
you can start giving your time, money or talents now
The Five Foundations:
Are the beginner steps for establishing and maintaining financial peace
Which of the following statements is false?
All charitable organizations qualify for a charitable contribution deduction
Delaying the act of giving will make giving less likely in your future.(t/f)
true
Means ʺlove of humanityʺ; identifying and exercising one’s values in giving and volunteering
philantropy
What percentage of American households give to charity?
65%
One financial benefit of giving money to charity is that your contribution may be tax deductible(t/f)
true
Your primary motivation for giving should be
The simple desire to help others
Giving should be:
First in your budget
Money is not the only way to give.(t/f)
true
The Fifth Foundation is Build Wealth and:
give
Your budget should include all of the following except:
lending money to friends
There is nothing that distinguishes your values and interests from those of other teenagers.(t/f)
false
The Fifth Foundation
build wealth and give
Is it better to give to many charities or just a few?
just a few
Which of the following should be a consideration when selecting a nonprofit to which you’d like to contribute?
all of the above
When we give to others, we become less self-focused(t/f)
true
Anything handed down from the past; something that someone has achieved that continues to exist after they are gone
legacy
You can be remembered for positive or negative attributes.(t/f)
true
Which of the following is not one of the Five Foundations?
build your credit
Smart donors support their favorite charities:
long term
Which of the following statements best explains why income alone does not determine wealth?
How much money a person makes does not dictate his or her spending and saving behavior
Organizations that use money raised to achieve their goals rather than distributing them as profit
nonprofits
When donating non-cash items to a charity, which of the following is not recommended?
donating the items to non-local charities
You have to wait until you have a large income before you can help others.(t/f)
false
