What is the purpose of goal setting in the financial planning process?

to provide direction for planning and action

Specific, Measurable, Attainable, Realistic, Timebound

Which of the following are components of a financial plan?

goals, net worth statement, and investment plan

What is a personal value?

a fundamental belief about what's desirable to an individual

An example of a clearly written financial goal would be

to establish an emergency fund of $4000 in 18 months

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Strand 1 General Financial Literacy Review

16 termsStudBud Administration132 plays

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Questions 16

Answers

1
A ____ is a characteristic that serves to satisfy a desire for things.
want
desire
need
none of these
2
What is the purpose of goal setting in the financial planning process?
to clarify goal ranges
to provide direction for planning and action
to differentiate between needs and wants
to facilitate decision making
3
Which of the following is NOT a consideration in decision making?
define the problem
decide how much you really want it
list alternatives
evaluate alternatives
4
A(n) ____ decision is a choice that has immediate effects on a person.
impulse decision
major
none of these
minor
5
SMART goals are
Specific, Measurable, Attainable, Realistic, Tailored
Specific, Measurable, Attainable, Realistic, Timebound
Specific, Measurable, Adjustable, Realistic, Terminal
Specific, Manageable, Attainable, Rational, Term-based
6
A _____ goal example is saving money to buy a house in 2 years.
short-term
Long-term
medium-term
none of these
7
What element is missing from this financial goal? "I will save $75 each week for vacation
attainable
realistic
specific
time bound
8
Which of the following are components of a financial plan?
checkbooks, saving, and investment plans
budget, bank statement, and net worth statement
goals, net worth statement, and investment plan
balance sheet, tax deductions, and savings plans
9
What is a personal value?
the end result of something a person wants to acquire
something thought to be necessary essential items required
something unnecessary or desired or increase quality of life
a fundamental belief about what's desirable to an individual
10
An example of a long-term goal would be
a family vacation
saving for retirement
purchasing a stereo
buying a used car
11
A _____ goal example is saving money for a trip that is 2 months away.
short-term
none of these
Long-term
medium-term
12
An example of a clearly written financial goal would be
to invest in an international mutual fund for retirement
to establish an emergency fund of $4000 in 18 months
to save money for college for the next 5 years
to pay off credit card bills by 2015
13
A(n) ____ decision is a choice that has long-term effects on a person.
major
none of these
impulse
minor
14
A(n) ____ decision is a choice that has short-term effects on a person.
impulse
major
minor
none of these
15
A ____ is a practical reason to make an expensive purchase.
need
want
none of these
desire
16
An individual's financial plan will vary depending upon one's
lifestyle conditions
all of these
values
financial goals

Strand 1 General Financial Literacy Review Flashcards | StudBud

Strand 1 General Financial Literacy Review

16 termsStudBud Administration132 plays

Strand 1 General Financial Literacy Review

Flashcards16 cardsFPractice quizPHost liveL

Questions 16

Answers

1
A ____ is a characteristic that serves to satisfy a desire for things.
want
desire
need
none of these
2
What is the purpose of goal setting in the financial planning process?
to clarify goal ranges
to provide direction for planning and action
to differentiate between needs and wants
to facilitate decision making
3
Which of the following is NOT a consideration in decision making?
define the problem
decide how much you really want it
list alternatives
evaluate alternatives
4
A(n) ____ decision is a choice that has immediate effects on a person.
impulse decision
major
none of these
minor
5
SMART goals are
Specific, Measurable, Attainable, Realistic, Tailored
Specific, Measurable, Attainable, Realistic, Timebound
Specific, Measurable, Adjustable, Realistic, Terminal
Specific, Manageable, Attainable, Rational, Term-based
6
A _____ goal example is saving money to buy a house in 2 years.
short-term
Long-term
medium-term
none of these
7
What element is missing from this financial goal? "I will save $75 each week for vacation
attainable
realistic
specific
time bound
8
Which of the following are components of a financial plan?
checkbooks, saving, and investment plans
budget, bank statement, and net worth statement
goals, net worth statement, and investment plan
balance sheet, tax deductions, and savings plans
9
What is a personal value?
the end result of something a person wants to acquire
something thought to be necessary essential items required
something unnecessary or desired or increase quality of life
a fundamental belief about what's desirable to an individual
10
An example of a long-term goal would be
a family vacation
saving for retirement
purchasing a stereo
buying a used car
11
A _____ goal example is saving money for a trip that is 2 months away.
short-term
none of these
Long-term
medium-term
12
An example of a clearly written financial goal would be
to invest in an international mutual fund for retirement
to establish an emergency fund of $4000 in 18 months
to save money for college for the next 5 years
to pay off credit card bills by 2015
13
A(n) ____ decision is a choice that has long-term effects on a person.
major
none of these
impulse
minor
14
A(n) ____ decision is a choice that has short-term effects on a person.
impulse
major
minor
none of these
15
A ____ is a practical reason to make an expensive purchase.
need
want
none of these
desire
16
An individual's financial plan will vary depending upon one's
lifestyle conditions
all of these
values
financial goals