Financial Responsibility

What is an example of an inflation risk?

• The rates of interest could rise or fall

• A person might become ill or have another major problem arise

• The price of an item can rise or fall

• A person’s income may drop

Our financial decisions decrease once we reach adulthood.

• true

• false

As we age, the number and complexity of the financial decisions that we make increases.

• true

• false

Interest rate risks would be most relevant to what purchase?

• a sweater

• patio furniture

• airline tickets

• a house

There are two the means for achieving financial goals--you either need to increase your savings or reduce your spending.

• True

• False

Personal financial planning is the process of creating and achieving financial goals.

• true

• false

What is true about personal financial planning?

• You don’t need a financial plan until about the age of 35.

• Your financial goals will change over time.

• You only need to list long-term goals.

Although some families have more resources than other families, there is always a limited amount of resources that families have to work within.

• true

• false

What is NOT one of the three primary resources that families have to reach financial goals?

• time

• money

• energy

• education

A family’s resources are unlimited.

• true

• false