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WorksheetsPersonal Finance Ch. 1 Test Review
Total questions: 24
Worksheet time: 24mins
Long term goals take over ______ to complete.
5 years
3 years
2 years
4 and a half years
Short term goals take less than ______ to complete.
5 years
3 years
2 years
1 year
Poor Credit = _____ Interest Rates
Lower
Higher
Doesn't matter
Stays the same
The _______ is responsible for regulating financial activities.
White House
Government
The Federal Reserve
The SEC
There are ___ steps in the financial planning process.
4
5
6
7
What is an example of a short-term financial goal?
Building an emergency savings fund
Investing in a retirement plan
Paying off a long-term loan
Saving for a child's college education
Inflation can be caused by an increase in ________, but not an increase in ________.
Exports, Imports
Trade Deficits, Tariffs
Supply, Demand
Demand, Supply
What is it called when imported goods exceed in value more than exports?
Trade Deficit
Trade Surplus
Import
Export
What are the 3 main financial decisions people can make?
Opportunity Cost, Time Value of Money, Assets
Bankruptcy, Liquidity, Debt
Health Insurance, Life Insurance, Retirement
Spending, Saving, Sharing
What is one personal factor that influences spending/saving?
Age
Inflation
Income
Interest Rates
Which of the following is considered a Consumable-Product Goal?
Online course
Monthly magazine subscription
A loaf of bread
Bicycle
What is an example of an intangible-purchase goal?
Car
Pizza
Microwave
Education
How many times should you review your financial planning process?
After 5 years
12 Weeks
At least once a year
Every 6 months
What is an example of a Durable-Product?
Laundry washer
Food
Education
Pencils
What is the formula for calculating simple interest?
What is lifestyle inflation?
Is eating out at fast food restaurant a need or a want? Why?
A want because you can eat at home with groceries.
A need you need to eat to survive
A need because I need my McDonald's or I will die.
Select the best example of a personal finance SMART Goal
The parts of a SMART Goal.
Specific, Measurable, Accurate, Realistic, Timed
Same, Measurable, Achievable, Flexible, Time-sensitive
Specific, Manageable, Action, Relevant, Timely
Bankruptcy is...
a legal process for individuals or businesses unable to repay debts owed.
Inflation is...
Opportunity cost is...
the value of the next best alternative that you give up when making a decision
Personal financial planning is ...
Time Value of Money is ...
The Time Value of Money is the principle of money available now is worth more in the future due to the potential of inflation and interest.
