Personal Financial Planning Quiz Week 5

 A tangible item that consumers purchase that meet their desire or need. (Example: computer, cell phone, clothing, food.)

• Services

• Budget

• Goods

• Human Capital

________ is defined as a worker’s education, skills, training, knowledge, and credentials. 

• Anticipated Expenses

• Income Potential

• Short-term Financial Goals

• Human Capital

_______ is defined as a plan of your expected income and how you will use it to meet your expected expenses over a period of time.

• Fixed Expense

• Budget

• Income Potential

• Wages

Match the following images with the correct vocabulary word.

• Service

• 
• Good

• 
• Good

• 
• Good

• 
• Service

• 

A ​ ​ (a)   usually requires 3 to 10 years to reach. (Example: paying down a debt, buying a car)

• medium-term financial goal
• short-term financial goal
• long-term financial goal

Which of the following are examples of short-term financial goals ?

• Saving up for purchasing a home.

• Saving for college.

• Saving to go to a concert.

• Saving to pay off a car.

Which of the following are anticipated expenses?

• Monthly rent & Gym membership

• Gifts & Bonuses

• Car repairs & medical bills

• Natural disasters or theft

A _______ is defined as a cost that can be expected at regular intervals and that remains the same amount.

• anticipated income

• variable expense

• unanticipated income

• fixed expense

A _______ is define as a cost which fluctuates according to changes in lifestyle.

• anticipated income

• variable expense

• unanticipated income

• fixed expense

In a complete sentence, please list three examples of unanticipated income.