Personal Finance Chapter 1

Which of the following is NOT a financial goal?

Calculating the opportunity cost of a purchase is a good way to consider the __of the purchase.

Only a small percentage of Americans working full-time live paycheck to paycheck.

The ______ you begin saving , the _______money you have to set aside on a regular basis.

CPA stands for ________.

Good financial decision-makers use the same basic tools to plan for their Personal Finance.

A potential employer may check your credit history before offering you a job.

After inheriting a large sum of money, Aurora needs help completing and filing out her taxes.

Different levels of education have both financial and time costs that you should consider.

The Internet can be a valuable source of information to use in personal financial planning.

Bankruptcy is when you can't pay your debts and a(n) _____ takes over some of your finances.

Investment in the stock market

Every time you decide to purchase something, you incur an opportunity cost.

Which of the following is and example of a liquid asset?

Planning your spending, borrowing, and saving are all aspects of

Financial planning is important no matter what type of education you plan to pursue.

If you make and follow a good financial plan, you are likely to have more financial flexibility

A financial advisor's area of expertise should ________.

Because of the dangers posed by the Internet, you should ________ for financial planning.

Attending Community College

buying an outfit for prom

Purchase made on a credit card

Owen wants to use a payment calculator to find out what range of car loans he can afford.

Good financial decision-makers all use the same thought process to make plans.

buying an MP3 player

Knowledge of personal finance can help you define your goals.

You should be careful about evaluating financial planning advice from Web sites that

Part of financial planning is thinking about and planning for unexpected expenses.

Ellie wants to monitor the performance of a stock that she just purchased.

Mortage

buying a home

A rainy day fund is money set aside for ________.

You should be more concerned with short-term financial goals than long-term financial goals

Understanding the opportunity costs of your purchases will likely help you think about changing

The purpose of insurance is to ________ your assets.

In comparison to other long-term financial goals, raising a child is relatively inexpensive.

The best time to start investing money to reach your financial goals is ________.

What does the opportunity cost of a purchase tell you?

Buying a used car

Saving for a down payment is most closely associated with which of the following long term goal

In general, the more education you have, the ________ your ________.

A savings account that earns interest

It is impossible to plan for an unexpected loss in wages

Which of the following is a long-term financial goal?

Financial information found on the Internet is always reliable.

When is the best time to start saving for long-term financial goals?

Entrepreneurs do not need financial planning to be successful.

What is Personal Financial Planning?

Planning for retirement

Which of the following is NOT an important question to ask when selecting a financial advisor?

Adults with which of the following levels of education make the highest annual income?

At this stage of your life, it is ________ to think about your retirement.

A financial advisor will likely have a better understanding of ________ than you do.

Financial planning can affect the age at which you retire.

If you have an understanding of personal financial planning you don't need a financial advisor.