Consumer Math F4 : Financial Management

What is the meaning of wants?

• Something that you do not necessarily need it, but you still want it for luxurious lifestyle.

• Something that is needed to live

• Something that you cannot live without it

• Something that you like.

Which of the following financial goals does not meet the SMART concept?

• Save RM5 000 as registration fees of college after 2 years

• Buy a new watch worth RM500 by next year

• Save RM2 000 to buy video games by next year

• Save RM5 000 to bring parents on vacation to Japan.

What do you need to do within the process of evaluating financial statues?

• Evaluate assets owned

• Evaluate assets owned and liabilities borne

• Check savings and investments owned

• Check credit cards debts

The followings are elements of the financial management except

• debts and savings

• purification of property

• savings, investmensts and protections

• budget

Choose the correct way to review and revise the progress of a financial plan.

• Financial management does not need regular review.

• Review effects of financial management on regular basis.

• Ask older people.

• Budget made must be followed despite the changing in income and needs.

The followings are the five financial management process.

I. Evaluating financial status

II. Carrying out financial plan

III. Reviewing and revising progress

IV. Setting goals

V. Create financial plan

Which of the followings is the correct order of financial management process?

• I, IV, V, III, II

• IV, I, V, III, II

• IV, I, V, II, III

• I. IV, V, II, III

Mr. Spark spends RM2 500 for household expenses every month. How much is the minimum emergency fund needed by him based on Bank Negara Malaysia suggestion?

(Hint: Emergency fund is the amount Mr. Spark should have to spend on household if he suddenly doesn't have any income)

• RM15 000

• RM10 000

• RM7 500

• RM12 000

Based on the example below, which items need to be included in a financial plan?

I. Insurance

II. Emergency fund

III. Savings and investments

IV. Debts management

• II and III

• I, II and III

• II, III and IV

• I, II, III and IV

Mr Bean's has a financial goal. He wants to install an air purifier worth RM2 000 in his mother's room next year.

Is this a short-term goal or long-term goal? Is this financial goal a need or a want?

• short-term goal

• long-term goal

• need

• want

Mario also has a financial plan. He wants to save RM10 000 for wedding expenses after five years. Is this financial goal a long-term or short-term goal? Is this considered a want or need?

• short-term goal

• long-term goal

• need

• want