Financial Planning and Money Management (W!se Section 8, Part 1)
Authored by Rachel Loughlin
Life Skills
12th Grade
Used 7+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of financial planning?
To track daily expenses
To create a roadmap to help achieve goals in life.
To invest in risky ventures
Answer explanation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can liabilities affect personal net worth?
Liabilities reduce net worth
Liabilities double net worth
Liabilities have no impact on net worth
Answer explanation
A liability (generally speaking) is something that is owed to somebody else.
A liability (generally speaking) is something that is owed to somebody else.
Liabilities can be contrasted with assets.
Liabilities refer to things that you owe or have borrowed;
assets are things that you own or are owed.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a will?
To distribute assets (savings, car, home, etc.) after death
To pay off debts (money you owe)
To invest in the stock market
Answer explanation
With a will, you can direct where and to whom your estate (what you own) will go after your death.
PREVENT FAMILY FIGHTS: A clear expression of your wishes helps prevent costly, time-consuming disputes over distribution of your assets.
PROTECT your CHILDREN: If you have minor children, a will allows you to appoint a guardian should both you and their other parent both pass away.
With a will, you can direct where and to whom your estate (what you own) will go after your death.
PREVENT FAMILY FIGHTS: A clear expression of your wishes helps prevent costly, time-consuming disputes over distribution of your assets.
PROTECT your CHILDREN: If you have minor children, a will allows you to appoint a guardian should both you and their other parent both pass away.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of tax revenue collected?
To buy luxury items for government officials
To invest in private businesses
To distribute among citizens
To fund government operations and public services
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can taxes be assessed to influence a change in behavior?
By reducing the tax rate for everyone
By increasing tax on harmful products
By increasing tax on essential items
By reducing tax on harmful products
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a living will?
To plan for retirement
To appoint a guardian for minors
To specify medical treatment preferences
To distribute assets after death
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do life cycle/stages of life influence money management?
They have no impact on money management
They affect budgets, spending, insurance needs, etc.
They only affect retirement planning
They only affect education planning
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