Financial Planning QUIZ

STATE which of the 6 steps to financial goal planning is represented in this scenario: "George is using the SMART Goals acronym to plan out the future."

• Determining Your Financial Situation

• Developing Your Goals

• Identifying Your Options

• Evaluate Alternatives

• Create and Use an Action Plan

STATE which of the 6 steps to financial goal planning is represented in this scenario: "Mary schedules a meeting with a financial adviser at E*Trade to discuss her portfolio."

• Determining Your Financial Situation

• Developing Your Goals

• Identifying Your Options

• Evaluate Alternatives

• Create and Use a Plan of Action

STATE which of the 6 steps to financial goal planning is represented in this scenario: "Craig decides it's time to expand his newspaper by adding on new staff members."

• Determining Your Financial Situation

• Developing Your Goals

• Identifying Your Options

• Evaluate Alternatives

• Create and Use a Plan of Action

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

• Impulse
• Fixed
• Flexible
• Online purchase

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