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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 prefers to clothes shop in the Spring.
B
Cara’s finances do not allow her to buy fur.
C
Cara prefers to spend her money on needs rather than wants.
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
political risk
B
business and industry risk
C
economists 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
Can be used to earn additional income.
B
Provides growth opportunities for small businesses.
C
Increases financial security.
D
Produces a healthier overseas economy.
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
Delayed Gratification
B
Satellite Decisions
C
Opportunity Cost
D
Financial Planning
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
Specific, but not measurable
B
Attainable, but not measurable
C
Measurable, but not time-bound
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
Analyze information
C
Create a plan
D
Set goals
7) The value of what is given up when you choose one option over another is
A
Instant Gratification
B
A Trade Off
C
Delayed Gratification
D
An Opportunity Cost
8) Which of the following is most likely to be a short-term goal?
A
planning for your retirement
B
planning your summer vacation
C
paying off a 30 year mortgage on a home you just bought
D
planning a wedding after a two year engagement
9) Which one of the following statements is TRUE about decision making in financial planning process?
A
Every decision made today affects decisions made in the future.
B
After a decision is made, results can be ignored.
C
All decisions only have a short-term effect.
D
Alternatives do not need to be examined.
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
store of value
B
medium of exchange
C
unit of account
D
liquidity
*select an answer for all questions
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