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FoolProof Module 8 Burning Money Answers

Burning Money series is designed with the understanding that students have different learning styles and schedules, allowing them to work at their own pace on each episode. One of the most critical aspects of the series is the “Spending Journal assignment,” which requires students to track their income and expenses for seven days at the beginning of the program.

This real-life data collection serves as the backbone of Module 8 and becomes a valuable teaching tool throughout the entire Burning Money series. To ensure that students have adequate time to gather this information, scheduling a seven-day “Burning Money Break” after the first session is essential.

FoolProof Module 8 Answers

  1. Which statement is true about having a savings plan and budget?
  • It doesn’t do much good to have a savings plan if you don’t know how to budget your money. Having a savings plan & a budget won’t do much good if you don’t know how to spend money wisely.
  1. What is an example of a “good” money burn?
  • You shop around & buy a pair of the exact same designer jeans at a thrift shop, & they cost virtually nothing.
  1. How long would it take to earn back $1,000 after a “bad” money burn if you take home $10.00 per hour?
  • 100 hours
  1. Which of the answers below show bad money burns?
  • Numbers 2, 3, 4, & 6
  1. What actions show you are doing your homework properly when buying your first car?
  • Numbers 1, 4, & 6
  1. T/F: If you are from a family with poor money skills, chances are you will have poor money skills as well.
  • True
  1. What is the best answer about the role of advertising in the free enterprise system?
  • For most companies, the purpose of advertising is to highlight the good things about the company’s products or services. It is not the job of those companies to tell you the bad things about their products or services.
  1. Which statements are true if your credit score is bad?
  • Numbers 1, 2, 3, 4, & 6
  1. Which statements are true about paying bills on time?
  • Numbers 2, 3, 5, 6, & 7
  1. Which bill should you always pay first?
  • You must pay yourself first.
  1. Which source would be the most dependable for a new cell phone?
  • You research “cell phone reviews” & pay a lot of attention to comments from people who don’t have anything to do with the cell phone manufacturer.
  1. What choice should you make if you need to work this summer?
  • You can attend a summer job fair.
  1. Which choice shows the best critical thinking skills if you will be moving out on your own in three months?
  • You decide to attend a meeting of young consumer advocates who will be talking about the problems young people have when they move out on their own.
  1. Which statement about credit cards is correct?
  • All of the above.
  1. Identify the “want” items when getting ready to move out on your own.
  • Numbers 1, 3, 4, 7, & 9
  1. What is the big thing you can do about variable expenses?
  • You can try to lower your variable expenses since it is easier to lower your variable expenses than your fixed expenses.
  1. Which expenses are usually fixed?
  • Numbers 2 & 3
  1. What are the right ways to cut your variable expenses?
  • Numbers 1, 3, 5, & 6
  1. Identify each expense as an “impulse” or “smart” decision.
  • Numbers 1, 3, 4, 5, & 6 are impulse expenses. Number 2 is a smart expense.
  1. Which answer illustrates “compound interest”?
  • You earn interest on the money in your savings account. Then, in addition, you earn interest on the interest.
  1. What are the ways to increase your income without increasing your work?
  • Number 2, 3, & 4
  1. According to the Department of Labor, does finishing even one year of college raise the average person’s income for the rest of their life?
  • True
  1. What are the key habits of millionaires when they were in high school?
  • Numbers 2, 4, 6, & 7
  1. What are good reasons to regularly keep track of your personal spending records?
  • All of the above.

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