
Financial Planning Benchmark
Authored by Byron Suquilanda
Business
12th Grade
Used 3+ times

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19 questions
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1.
MULTIPLE CHOICE QUESTION
10 mins • 4 pts
What is the purpose of financial planning?
To track income and expenses
To set clear financial goals and create a roadmap to achieve them
To manage and reduce debt
To optimize tax strategies
2.
MULTIPLE CHOICE QUESTION
10 mins • 4 pts
What is the benefit of effective budgeting?
Avoiding overspending
Protecting against unexpected events
Building an emergency fund
Saving for retirement
3.
MULTIPLE CHOICE QUESTION
10 mins • 4 pts
What does financial planning encourage in terms of savings and investment?
Building an emergency fund
Saving for short-term goals
Investing for long-term wealth accumulation
Optimizing tax strategies
4.
MULTIPLE CHOICE QUESTION
10 mins • 4 pts
What does an effective financial plan take into account in terms of tax strategies?
Taking advantage of tax deductions
Managing and reducing debt
Allocating resources for savings and investments
Building an emergency fund
5.
MULTIPLE CHOICE QUESTION
10 mins • 4 pts
What is the definition of fixed expenses?
Regular, predetermined financial obligations that remain relatively stable
Costs that fluctuate and are not fixed at a specific amount or frequency
Non-essential expenses and purchases that are optional or discretionary
The difference between total savings and total investments or expenditures
6.
MULTIPLE CHOICE QUESTION
10 mins • 4 pts
What is the definition of variable expenses?
Regular, predetermined financial obligations that remain relatively stable
Costs that fluctuate and are not fixed at a specific amount or frequency
Non-essential expenses and purchases that are optional or discretionary
The difference between total savings and total investments or expenditures
7.
MULTIPLE CHOICE QUESTION
10 mins • 4 pts
What is the definition of discretionary expenses?
Regular, predetermined financial obligations that remain relatively stable
Costs that fluctuate and are not fixed at a specific amount or frequency
Non-essential expenses and purchases that are optional or discretionary
The difference between total savings and total investments or expenditures
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