What first step should I take to automate my finances?

Open a checking and saving account.

What are the functions of a business plan?

An initial guide plus detailed information

Building friendships and relationships with people

What is the first thing I should do before searching for a job in my chosen career?

research jobs that match your interests and strengths

Which of the following states the five important components of a good goal?

Specific, measurable, achievable, realistic, time driven

Choose the answer that best describes how to automate your finances.

Direct deposit, auto. Bill pay, track finances

Choose the best suggestions to maintain good credit.

Keep your debt low and pay your bills

How do I begin the process of creating a long-term financial plan?

Starting thinking about goals for career, finances, and life

What is the safest initial step that I can take to start building my credit?

Create the steps you'll take to prove you can repay money

What is my best first step to start a social enterprise?

think about your passions and do research

How can I start setting personal goals now?

Think about the type of lifestyle you want to live

What's the best first step toward building my skill set now?

Find the skills you need to reach for

What's the most important factor in deterring how much money you should make?

The skills you posses and who you know.

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National Financial Capability Test

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Questions 30

Answers

1
What first step should I take to automate my finances?
Graduate high school
Open a checking and saving account.
Check your credit score
Write a budget
2
Why should I develop a professional resume and practice my interview skills?
To receive a high end salary
To save time and get the job you want
Both c and d
So you can take the first job offer presented to you
3
How can volunteering and supporting a nonprofit or cause I believe in benefit me?
It can improve your chances of getting into college
It doesn't have any impact on you personally, just others
Both A and C
Makes you feel good while you build your skills and résumé
4
Which of the following is not a good way to network?
all are good ways
Social media sites
attending industry specific trade shows
while in college, try to meet as many students as possible
5
What are the functions of a business plan?
An initial guide plus detailed information
A detailed plan solely focused on marketing and income
A detailed marketing and income plan which sets goals later
a confidential document used to train employees
6
If I invest $100/month, with a 7% annual return, how much will I have in 70 years?
None of the above
more than 1.5 million
$138,957
between $150,000 and $225,000
7
Before I begin investing, what systems should I have in place?
Risk capital (money you can afford to lose)
Expert-level knowledge about investment you're considering
All of the above
A team of professionals who can give you advice
8
Which of the following scenario risks are possible when making investments?
your real estate investment is not liquid and cannot sell
Your stock investment loses its value over night
All three
You can lose the entire amount you invested
9
What is networking?
None of the above
Getting letters of recommendation from former employers
Building friendships and relationships with people
Meeting people you contact only when you need something
10
What is the first thing I should do before searching for a job in my chosen career?
research jobs that match your interests and strengths
Earn a college degree
None of the above
Complete a clean professional résumé
11
Why would I want to improve my credit score?
to earn more interest on investments
To help you get a job
Both A and C
To save money when purchasing a car loan
12
Which of the following states the five important components of a good goal?
written, clear, researched, influenced by family & friends
None of the above
General, revised, active, safe, sound
Specific, measurable, achievable, realistic, time driven
13
Choose the answer that best describes how to automate your finances.
none of the above
Direct deposit, auto. Bill pay, track finances
Track bills, have a budget, set up bank account
Have companies deduct payments monthly
14
What are the benefits of networking?
It allows you to meet friends with similar interests
To create opportunities to serve others
All of the above
Networking provides a source for future jobs
15
Which of the following financial products can help you lower your personal risk?
None of the above
Insurance
Mutual Finds
401k and retirement plans
16
Choose the best suggestions to maintain good credit.
Have money in saving and protect against thief
Make safe investments and set clear financial goals
None of the above
Keep your debt low and pay your bills
17
Which of the following should I do to be prepared to invest and get my money growing?
start looking for a team of trusted advisors
Start saving a fund for 6 months of bills
start learning more about investing
all of the above
18
How do I begin the process of creating a long-term financial plan?
Check your credit
Open a savings account
Start investing immediately
Starting thinking about goals for career, finances, and life
19
If I do not have a written long-term finance plan what might I experience?
Being unable to afford fun activities.
You might run out of money after you retire.
Both a and b
Having the freedom to live the lifestyle you want
20
What is the safest initial step that I can take to start building my credit?
take a cash advance on a credit card
Both B and C
Create the steps you'll take to prove you can repay money
Get a credit card or student loan and pay the bill on time
21
How can automating my finances save me time, protect my credit, and earn me money?
both A and C
Reduce time spent on accounting and earn maximum interest
Automating your finances cannot protect your credit
organizes all your accounts so they can be easily viewed
22
What steps can I take to increase the chances of getting the job I want?
Network with others working in the field
All of the above
practice your job interviewing skills
build your skill set by doing volunteer work
23
Which of the following represents a skill building method?
All of the above
Reading articles and watching online videos
Attending college or other educational options
Hanging around people who have the skills you want
24
How do I decide how much coverage I need when selecting car insurance?
Do online research to find out the minimum coverage
All of the above
ask a friend or mentor with high level expertise
Ask salespeople from several different insurance companies
25
What is my best first step to start a social enterprise?
think about your passions and do research
Form a company name, domain name, and logo
Save up money to invest in your business
find friends or family to invest in your business
26
Why do successful people set goals?
Goal setting allows you to measure your progress
Goal setting gives you opportunity to show off
Both a and b
Setting goals provides direction
27
How can I start setting personal goals now?
Both B and C
create a folder for school and extracurricular activities
organize all of your past accomplishments into a timeline
Think about the type of lifestyle you want to live
28
What's the best first step toward building my skill set now?
Enroll in college and figure it out along the way
Find the skills you need to reach for
Focus in building many skills
All of the above
29
How can understanding risk management help me in life?
All the above
You can avoid large medial bills cause you have no insurance
It helps evaluate risks you might face
It can safeguard your credit
30
What's the most important factor in deterring how much money you should make?
Your GPA and ACT score
Both b and c
High school diploma
The skills you posses and who you know.

National Financial Capability Test Flashcards | StudBud