FUHRMS: Unit 1: Question Preview (ID: 23768)

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Which one of the following statements is TRUE about decision making in financial planning process?
a) Alternatives do not need to be examined.
b) All decisions only have a short-term effect.
c) After a decision is made, results can be ignored.
d) Every decision made today affects decisions made in the future.

Which of the following is most likely to be a short-term goal?
a) planning a wedding after a two year engagement
b) paying off a 30 year mortgage on a home you just bought
c) planning your summer vacation
d) planning for your retirement

The value of what is given up when you choose one option over another is
a) A Trade Off
b) An Opportunity Cost
c) Instant Gratification
d) Delayed Gratification

There are five steps in the financial planning process. What is the second step in the process?
a) Create a plan
b) Analyze information
c) Make a decision and take action
d) Set goals

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) Satellite Decisions
d) Delayed Gratification

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) Attainable, but not measurable
b) Measurable and time-bound
c) Measurable, but not time-bound
d) Specific, but not measurable

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) Produces a healthier overseas economy.
d) Increases financial security.

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) inflation risk
b) business and industry risk
c) political risk
d) economists risk

Dennis was shopping at the mall. He noticed that jackets are on sale for $99. In this case money is functioning as a ________.
a) medium of exchange
b) unit of account
c) store of value
d) liquidity

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 prefers to spend her money on needs rather than wants.
c) Cara’s values influenced her decisions not buy the coat.
d) Cara’s finances do not allow her to buy fur.

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