Exam 11: Economic Stress and Families

Financial strain represents the subjective, psychological aspects of economic stress and is thought to be related to, but independent of, one's income.

Research suggests that economic stress affects parenting practices by decreasing inconsistent, controlling, and punitive discipline.

A family's net worth refers to their employment-based income.

As families struggle to retire the debt they have accumulated in the formation stage, families with children may encounter significant additional educational expenses as offspring approach college age. This is typical of ______ of the economic life cycle.

What is the family life cycle model, developed by Ando and Modigliani (1963), used for?

The ______ model is associated with the prediction that economic hardships will lead to adverse changes in personal mental health, marital quality, and parenting for children and families.

Secured debt is associated with more negative outcomes than unsecured debt.

What traits are associated with successfully addressing financial hardships?

Of the following, ______ threaten(s) the financial stability of families the most.

Overall, economic stress contributes to ______.

What were the top three kinds of debt held by individuals in 2016?

Filing for bankruptcy impacts the ability to secure low-cost loans.

Median family income ______.

A family's net worth is determined based on their ______.

A longitudinal study of children of the Great Depression published in the 1970s linked economic hardship to the ______.

In 2016, ______ of households had some type of debt.

The family economic stress model indicates that ______.

The past decade has seen a rise in ______, which include(s) freelance, independent work that pays a person by a task or project.

Debt associated with mortgages is the more problematic type of debt.

The Thompsons are just starting out. Mr. Thompson relied heavily on his credit cards to get through his last year of graduate school and to pay for childcare for their 2-year-old daughter. Mrs. Thompson worked full-time and paid the mortgage and the monthly bills. Their style of managing their economic situation is to take it as it comes. The Thompsons are ______.