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WorksheetsPersonal Financial Planning 10-1
Total questions: 10
Worksheet time: 6mins
The trade-off made by making one choice instead of another is commonly referred to as a(n)
trade decision
personal preference
economic choice
opportunity cost
The ways in which people make, distribute and use their goods and services is called the
opportunity cost
short-term goals
economy
means of exchange
Spending, saving, and investing to have the kind of life that you want and financial security can be achieved by
personal financial planning
paying interest
buying stock
regulating inflation
Saving for a vacation next Summer or paying off small debts by the end of the year are examples of
opportunity costs
short-term goals
long-term goals
personal financial planning
The first step in the financial planning process is to
develop your financial goals
determine your current financial situation
determine your needs and wants
count your money
Personal financial planning requires that you make choices and evaluate risks. If you decide to wait until next year to buy a car, one risk that you may face is
inflation rate risk
the car color choice is unavailable
the engine is old
personal risk
The main reason that people have money problems is
that they didn't go to college
that they have too many mouths to feed
that they don't get minimum wage
that they do not plan ahead how they will use their money
The 3rd step in the financial planning process is
Create a financial plan of action
Develop your financial Goals
Identify alternative courses of action
Evaluate your alternatives
The way you spend, save and invest your money to have the kind of life you want as well as financial security is called
(a)
The beliefs and principles you consider important, correct and desirable are
goals
values
economics
liquidity
