WorksheetsManaging Your Personal Finances and Financial Influences
Total questions: 17
Worksheet time: 9mins
Which is the best definition of personal financial planning?
spending, saving, and investing money to enjoy life and achieve financial security.
Listing ways to achieve your short-term and long-term financial goals.
thinking about your attitudes toward money.
using available sources of financial information.
Which term refers to things you want to accomplish?
budgets
risks
expenses
goals
Which is NOT one of the six steps of financial planning?
Develop your financial goals.
Apply for credit.
Evaluate alternatives.
Implement a financial plan of action.
Which term refers to the risk of a general increase in the cost of goods and services?
inflation risk
interest rate risk
liquidity risk
income risk
Which term refers to giving up something by making one choice instead of another.
income risk
personal risk
liquidity risk
opportunity cost
Which term refers to a plan for using your income in a way that best meets your wants and needs?
opportunity cost
a variable expense
a budget
a budget variance
The purpose of a personal budget is to make a plan to organize and manage your money.
True
False
Method of weighing the costs against the benefits of an action, purchase, or financial decision.
cost-benefit analysis
marginal benefit
marginal cost
What are the steps in the Systematic Decision-Making
Define problem
explore alternatives
choose the best alternative
act on the decision
evaluate the decision
Your financial future is in your hands.
false
true
Living within your means is in your hands.
true
false
Period of slow growth
economic conditions
recession
inflation
Period of rising prices
economic conditions
recession
inflation
State of the economy at a given time
recession
economic condition
inflation
Globalization is worldwide spread and integration of production, markets, communications, and technology
true
false
Indicate the entitlements we received
Medicaid
Social Security
Medicare
Hospitalization
Economic conditions that can affect personal financial decisions include:
Recession
Inflation
Unemployment
