Chapter 3 Financial Planning Review

Which of the following is known as purchasing an item on a whim?

• Impulse
• Fixed
• Flexible
• Online purchase

Tags

CCSS.RL.5.6

What is the first step of the decision making process?

• Evaluating the decision
• Identify the decision
• Identify resources
• Identify options

Which of the following best describes a budget?

• A financial tool for consumers with little money
• A plan for saving and spending money
• A set of restrictions on how to spend money
• A statement of your assets and liabilities

What is the purpose of a balance sheet?

• To determine your budget
• To determine your income
• To determine your credit card debt
• To determine your net worth

Which of the following is known as something you own. 

• Liabilities
• Assets
• Net worth
• Gross income

Which of the following is known as something you owe. 

• Assets
• Liabilities
• Identity theft
• Budgeting

What is an example of assets?

• Paid off house
• house mortgage
• credit card debt
• student loans

What is an example of liabilities?

• Credit card debt
• Paycheck
• Savings account
• Paid off house

Will require less than 6 months to achieve

• long term financial goal

• plan

• short term financial goal

Financial goals that can take up to 5 years to achieve

• long term financial goal

• short term financial goal

• plan