chapter 12

Question 1

If you commit to following the Five Foundations, you will have more money to give to others(t/f)

Answer 1

true

Question 2

Which of the following is a way that giving to others can benefit you?

Answer 2

all of the above

Question 3

The practice of providing help and advice to people in a community before they have to ask for it

Answer 3

outreach

Question 4

One of the most important and rewarding things you can do is give(t/f)

Answer 4

true

Question 5

John D. Rockefeller was a businessman in the early 1900s who is remembered only for his wealth.(t/f)

Answer 5

false

Question 6

Someone who gives money or goods to an organization

Answer 6

donor

Question 7

An organization set up to provide help and raise money for those in need

Answer 7

charatible organization

Question 8

A reduction in the gross amount on which a tax is calculated; reduces taxes by the percentage fixed for the taxpayer’s income bracket

Answer 8

tax deduction

Question 9

Traits or qualities that represent an individual’s highest priorities, deeply held beliefs and motivating forces; one’s guiding principles

Answer 9

core values

Question 10

To give money, food or other help to a country or organization that needs it

Answer 10

aid

Question 11

When considering donating to charity

Answer 11

you can start giving your time, money or talents now

Question 12

The Five Foundations:

Answer 12

Are the beginner steps for establishing and maintaining financial peace

Question 13

Which of the following statements is false?

Answer 13

All charitable organizations qualify for a charitable contribution deduction

Question 14

Delaying the act of giving will make giving less likely in your future.(t/f)

Answer 14

true

Question 15

Means ʺlove of humanityʺ; identifying and exercising one’s values in giving and volunteering

Answer 15

philantropy

Question 16

What percentage of American households give to charity?

Answer 16

65%

Question 17

One financial benefit of giving money to charity is that your contribution may be tax deductible(t/f)

Answer 17

true

Question 18

Your primary motivation for giving should be

Answer 18

The simple desire to help others

Question 19

Giving should be:

Answer 19

First in your budget

Question 20

Money is not the only way to give.(t/f)

Answer 20

true

Question 21

The Fifth Foundation is Build Wealth and:

Answer 21

give

Question 22

Your budget should include all of the following except:

Answer 22

lending money to friends

Question 23

There is nothing that distinguishes your values and interests from those of other teenagers.(t/f)

Answer 23

false

Question 24

The Fifth Foundation

Answer 24

build wealth and give

Question 25

Is it better to give to many charities or just a few?

Answer 25

just a few

Question 26

Which of the following should be a consideration when selecting a nonprofit to which you’d like to contribute?

Answer 26

all of the above

Question 27

When we give to others, we become less self-focused(t/f)

Answer 27

true

Question 28

Anything handed down from the past; something that someone has achieved that continues to exist after they are gone

Answer 28

legacy

Question 29

You can be remembered for positive or negative attributes.(t/f)

Answer 29

true

Question 30

Which of the following is not one of the Five Foundations?

Answer 30

build your credit

Question 31

Smart donors support their favorite charities:

Answer 31

long term

Question 32

Which of the following statements best explains why income alone does not determine wealth?

Answer 32

How much money a person makes does not dictate his or her spending and saving behavior

Question 33

Organizations that use money raised to achieve their goals rather than distributing them as profit

Answer 33

nonprofits

Question 34

When donating non-cash items to a charity, which of the following is not recommended?

Answer 34

donating the items to non-local charities

Question 35

You have to wait until you have a large income before you can help others.(t/f)

Answer 35

false