1.1 Making Financial Decisions

Front

What is the primary purpose of financial planning?

Back

To set money goals and create a plan to achieve them

Front

Which of the following is considered a 'need' in financial planning? New shoes, Vacations, Concert tickets, Rent

Back

Rent

Front

How does inflation influence financial decisions?

Back

It makes prices go up, so money buys less

Front

Which life stage is associated with saving for retirement?

Back

Middle Age (40–50s)

Front

Why is it important to have a budget?

Back

To have a step-by-step money plan

Front

Which social influence might affect your financial decisions? Options: Inflation, Interest rates, Family and friends, Taxes

Back

Family and friends

Front

What is a common financial goal for a young adult?

Back

Paying rent and budgeting salary

Front

How can financial planning help avoid stress?

Back

By ensuring you have money for both needs and wants

Front

Which economic factor affects how much you earn? Options: Jobs / Unemployment, Celebrity endorsements, Family expectations, Social media

Back

Jobs / Unemployment

Front

What is a strategic reason for creating a financial plan?

Back

To plan for future goals like buying a house