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WorksheetsPersonal Financial Planning
Total questions: 50
Worksheet time: 25mins
Which is not a short term goal?
Going to college
Graduating high school
Passing this class
Saving for a computer
Which of the following is an example of an intermediate goal?
Attending college
Graduating high school
Saving for a down payment on a house
Saving for retirement
Choose the best example of a long-term goal.
Taking a yearly vacation
Graduating from a 2 year college
Graduating from a 4 year college
Planning for retirement
A short-term goal is best known as...
taking one year or less to complete
taking two to five years to complete
taking more than five years to complete
taking 10 years to complete
An intermediate goal is best known as...
Taking one year to complete
Taking less than one year to complete
Taking two to five years to achieve
Taking five plus years to achieve
Taking more than five years to achieve is best known as a
Long-term goal
Short-term goal
Intermediate goal
Goal
Step 1 in the financial planning process is...
Review and Revise Your Plan
Create and Use Your Financial Plan of Action
Develop Your Financial Goals
Determine Your Current Financial Situation
Step 2 in the financial planning process is...
Determine Your Current Financial Situation
Identify Alternative Courses of Action
Develop Your Financial Goals
Evaluate Your Alternatives
The last step in your financial planning process is
Identify Alternative Courses of Action
Create and Use Your Financial Plan of Action
Evaluate Your Alternatives
Review and Revise Your Plan
When should you review your Financial Plan?
Every year
When you change jobs
When your financial situation changes
All of the above
Which item is a consumable good?
Shampoo
Your education
A car
An appliance
What is a durable good?
Car
A refrigerator
A Computer
All the above
An intangible item is...
All items listed
Your health
Your education
Personal Relationships
Three influences on personal financial planning are?
Life & Personal Values
Economic Factors
Economic Conditions
None
Market forces is an example of what factor in personal financial planning?
Economic Conditions
Personal Values
Economic Factors
Life Situations
Attending college is an example of which factor in personal financial planning
Economic factors
Life Situation & Personal Values
Economic Condition
None
Consumer prices fall under which influence?
Economic Factors
Life & Personal Values
Economic Conditions
None
Which items fall under the Economic Conditions factor?
Consumer Prices
Consumer Spending
Interest Rates
None
What are examples of Economic factors influencing personal financial planning?
Global Influences
Financial Institutions
Market Forces
None
A haircut is best known as a...
value
goal
good
service
A bottle of water is best known as a...
service
good
goal
estimate
When determining if you should continue to saving $50 a month and place into your savings account, which step in the financial planning process are you in?
Step 1
Step 4
Step 3
Step 6
What risk are you taking when you decide to drive through the mountains, rather than flying?
Inflation risk
Personal risk
Income risk
Opportunity cost
When deciding to buy a car now or later in the year, you are evaluating what risk?
Interest Rate Risk
Inflation Risk
Personal Risk
Liquidity Risk
What risk are you evaluating when/if you lose your job?
Interest Rate Risk
Income Risk
Liquidity Risk
Personal Risk
To figure gross income when given a yearly salary of $52,000, you would do what?
take $52,000 divided by 12
nothing
take $52,000 multiplied by 12
figure monthly expenses
What are you total deductions if your gross wage is $5000 a month and your net income is $3600?
$8,600
-$1,400
$2000
$1,400
To figure how much money you have left after all bills and expenses are paid, you would do what?
Take Net Income - Expenses
Take Gross Wages - Expenses
Take Total Deductions - Expenses
Nothing
The formula for calculating interest is?
Principle X # of years
Principal X Annual Interest Rate
Expenses X Interest Rate
Net Income X Interest Rate
Your wrote a check for $450 to Credit Union of America. Where on the check does Credit Union of America go?
Pay to the Order of
To
Memo
From
What does the routing number do?
Identifies your bank
Identifies your account number
Identifies your savings account number
Identifies your debit card number
All transactions should be recorded where?
They shouldn't
In a register
Your head
Your online account
What strategy can help you reach your financial goals?
Obtain a job
Live paycheck to paycheck
Borrow money for all you can
Spend all your money
What strategies can help you reach your financial goals?
Plan your finances
Spend Wisely
Save
Never plan for life events
What strategies can help you reach your financial goals?
Investing
Managing Risks
Planning for Retirement
All the above
To figure annual interest of a deposit of $1000 at a 3% annual interest rate, you would?
$1000 / .03
$1000 x .03
$1000 x 1.03
I don't know.
Money has no time value?
True
False
Future value is the amount your original deposit will be worth in the future based on earning a specific interest rate over a specific period of time.
True
False
Principal is the amount of accrued interest.
True
False
Guidelines for setting your financial goals, should be realistic, specific, clear on your time frames, and help you decide what type of action to take?
True
False
Financial Institutions are examples of Economic Factors
True
False
Global influences do not play a part in influencing financial decisions.
True
False
Interest Rates are an example of Economic Conditions.
True
False
Interest is the price that is paid for the use of another's money.
True
False
Interest rates do not rise during inflation.
True
False
Financial planning in high school is not important?
True
False
What is the interest earned on $1000 with an interest rate of 3%?
$300
$30
$3
$3000
How much money do you have at the end of one year if you are earning 3% on $1000?
$30
$1030
$1300
$1003
A good personal financial plan includes assessing your present financial situation, making a list of your current needs, and planning for future needs.
True
False
A mortgage payment is an examples of what type of expense?
Fixed
Variable
Discretionary
