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FUHRMS: Unit 1
Test Description: FUHRMS - Financial Planning
Instructions: Answer all questions to get your test result.
1) Since she does not approve of slaughtering animals for their fur, Cara decided not to purchase a coat with a natural fur collar. What could be said about her buying decisions?
A
Cara’s finances do not allow her to buy fur.
B
Cara prefers to spend her money on needs rather than wants.
C
Cara prefers to clothes shop in the Spring.
D
Cara’s values influenced her decisions not buy the coat.
2) When your saved money is not keeping pace or growing with the rapidly increasing prices in the general economy, this is a case of
A
economists risk
B
business and industry risk
C
political risk
D
inflation risk
3) Harold saves all extra income earned during peak seasons to give him money to fall back on during off-season months when work is more difficult to find. This money...
A
Provides growth opportunities for small businesses.
B
Can be used to earn additional income.
C
Produces a healthier overseas economy.
D
Increases financial security.
4) Brianna just bought a car. She realized that this one decision has created a need to make other, smaller decisions like where to get car insurance. These are known as...
A
Financial Planning
B
Opportunity Cost
C
Delayed Gratification
D
Satellite Decisions
5) Ted earns $250 a week from his part-time job. His goal is to save $150 each month to go on a vacation. Which phrase BEST describes this goal?
A
Measurable, but not time-bound
B
Attainable, but not measurable
C
Specific, but not measurable
D
Measurable and time-bound
6) There are five steps in the financial planning process. What is the second step in the process?
A
Make a decision and take action
B
Create a plan
C
Analyze information
D
Set goals
7) The value of what is given up when you choose one option over another is
A
An Opportunity Cost
B
Delayed Gratification
C
Instant Gratification
D
A Trade Off
8) Which of the following is most likely to be a short-term goal?
A
planning a wedding after a two year engagement
B
planning for your retirement
C
paying off a 30 year mortgage on a home you just bought
D
planning your summer vacation
9) Which one of the following statements is TRUE about decision making in financial planning process?
A
Alternatives do not need to be examined.
B
After a decision is made, results can be ignored.
C
All decisions only have a short-term effect.
D
Every decision made today affects decisions made in the future.
10) Dennis was shopping at the mall. He noticed that jackets are on sale for $99. In this case money is functioning as a ________.
A
liquidity
B
unit of account
C
store of value
D
medium of exchange
*select an answer for all questions
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