Lesson 1 Day 2 Personal Financial Responsibility

Personal Financial Planning is arranging to spend, save and invest money to live comfortable, have financial security and achieve _____

• goals

• debts

• losses

• problems

Goals are things that you want to _____.

• accomplish

• ignore

• forget

• avoid

• postpone

What are 'Monthly Expenses' as described in the slideshow?

• Money you spend

• Money you save every month

• Money you earn from a job

• Money you receive as a gift

What does 'Debts' mean in the context of your current financial situation?

• Money you owe to others

• Money you lend to others

• Money you save in a bank

• Money you receive as a gift

Fill in the blank: Opportunity Costs: It is what is _______ when making a choice instead of another option.

• given up

• earned

• created

• shared

Fill in the blank: An opportunity cost is an option you give up when _________.

• making a decision

• saving money

• earning interest

• spending less

Which of the following best describes the opportunity cost of going to college?

• Gaining a high paying full time job immediately

• Losing out on a good job you had in high school and having to pay for college

• Not having to pay for college

• None of the above

Evaluating risks when making a financial decision means:

• Identifying and assessing potential negative outcomes before making a choice.

• Ignoring possible negative outcomes and focusing only on benefits.

• Making decisions without considering any consequences.

• Relying solely on intuition rather than analysis.

Fill in the blank: A Short Term Goal is a financial goal that can be achieved in _________.

• less than one year

• more than five years

• exactly ten years

• between three and five years

Fill in the blank: An Intermediate Goal is a financial goal that can be achieved in _________

• one to five years

• less than one year

• more than ten years

• six to twelve years