WorksheetsTerms Quiz L 1-4 Review
Total questions: 18
Worksheet time: 9mins
People create and keep a personal budget to help them _____.
set and reach financial goals
apply for loan
buy anything they want
earn promotions at work
Which of the following are considered WANTs? (You can choose more than one.)
Concert tickets
Water
A new pair of shoes
Rent
Medical fees
Which of the following are considered NEEDs? (You can choose more than one.)
Airpods
Water
A new pair of shoes
Food
Playstation 5
The following could be considered long-term financial goals, except:
College tuition fee
Retirement
Dinner date for two
Real estate
This is an example of a "Financial Goal"
Graduating from college
Becoming a teacher
Learning to play an instrument
Purchasing a new home
Choose the "Fixed Expense".
Mortgage payment
Groceries
Electric bill
Clothing
Which is a "Long-term Financial Goal"?
Buying gifts for your friends
Going in vacation to Pennsylvania
Retirement
College
What role does insurance play in financial planning?
It guarantees that income and assets are protected
It helps build and maintain one's credit score
It helps cover day-to-day expenses
It grows in value and appreciates over time
An Action of withdrawal from one's position of occupation or from active working life
Career
Trustee
Retirement
Living Trust
Collection of preparatory tasks which serve to manage an individual's assets in the event of their incapacitation or death
Will
Estate Planning
Durable Power of Attorney
Living Will
What is risk management?
Looking both ways before crossing a 2 lane highway.
Auto Insurance
The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.
The ability to plan for the future.
What are some risk management devices ?
Saving money in an savings account.
Auto, health, and life insurance.
Applying for a passport.
Co-signing for a loan.
In case of a future emergency, what standard is widely recommended ?
Make sure you have two credit cards.
Apply for a loan from your bank or credit union.
Have at least 6 months worth of work income saved in a emergency savings account.
None of the above
Where does a person get their values from?
parents
friends
media
all of the above
What does the S stand for in SMART GOALS
Specific
Special
Standard
Sports
What does the M stand for in SMART Goals
Mighty
Mediocre
Measurable
Most
Why is "I will eat healthy this week" not a SMART goal?
Not attainable
Not time-bound
Not measurable or specific
It is a SMART goal
"I want to run faster than the speed of light by the time I am 20" is a bad goal because...
It is not Specific.
It is not Relevant
It is not Attainable.
It is not Measurable.
