Personal Financial Planning - Formative Assessment Quiz

Quiz
•
Business
•
University
•
Easy
aakanksha sethi
Used 4+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary goal of personal financial planning?
Maximizing income
Minimizing taxes
Achieving personal financial goals
Investing in stocks
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a liquid asset?
Real estate
Savings account
Retirement fund
Car
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement shows a snapshot of your assets, liabilities, and net worth at a specific point in time?
Income statement
Balance Sheet
Cash Flow Statement
Budget
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'diversification' mean in investing?
Investing in a single type of asset
Spreading investments across various assets
Selling all investments
Borrowing money to invest
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of insurance is essential for protecting against large medical expenses?
Life insurance
Disability insurance
Health Insurance
Homeowners Insurance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of creating a budget in personal finance?
Restricting spending
Maximizing debt
Tracking income and expenses
Investing in luxury items
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a long-term investment?
Savings account
Stocks
Cash
Credit card debt
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