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Personal Finance - Objective 1.03
Test Description: Personal Finance - Objective 1.03
Instructions: Answer all questions to get your test result.
1) Kaylee will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?
A
Long term
B
This is not a goal
C
Mid term
D
Short term
2) One element of a financial goal is missing in the example below. Which one is it? I will save $150 each month to go on a vacation in one year.
A
Measurable
B
Specific
C
Time Bound
D
Attainable
3) Mark and Susan, a recently married couple with full-time jobs, set a goal of putting $200 in savings each month to make a down payment on a home in five year. What type of goal have they set?
A
Unrealistic
B
Short term
C
Long term
D
Intermediate
4) Amber's academic advisor asked her to set 3 academic goals for this semester. These goals are MOST LIKELY tobe accomplished if:
A
Amber lets her friends set her goals
B
Amber thinks about her goals weekly
C
Amber writes her goals down
D
Amber discusses her goals with her parents
5) Specific objectives that are accomplished through financial planning
A
Financial planning
B
Short term goals
C
Financial goals
D
Long term goals
6) Managing money continuously through life in order to reach your financial goals
A
Long term goals
B
Financial planning
C
Financial goals
D
Trade off
7) Something a person intends to acquire, achieve, or accomplish in the future
A
Financial goal
B
Long term goal
C
Goal
D
Short term goal
8) A goal that will be attained in more than one year
A
Financial planning
B
Financial goal
C
Short term goal
D
Long term goal
9) The value of the next best alternative that must be forgone as a result of a decision
A
Goal
B
Financial planning
C
Opportunity cost
D
Trade off
10) Giving up one thing for another
A
Goal
B
Opportunity cost
C
Trade off
D
Financial planning
*select an answer for all questions
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