Personal Finance - Objective 1.03 Question Preview (ID: 35052)

Personal Finance - Objective 1.03.

A goal that will be attained in more than one year
a) Long term goal
b) Short term goal
c) Financial goal
d) Financial planning

Something a person intends to acquire, achieve, or accomplish in the future
a) Goal
b) Long term goal
c) Short term goal
d) Financial goal

Managing money continuously through life in order to reach your financial goals
a) Financial planning
b) Financial goals
c) Trade off
d) Long term goals

Specific objectives that are accomplished through financial planning
a) Financial goals
b) Financial planning
c) Long term goals
d) Short term goals

Amber's academic advisor asked her to set 3 academic goals for this semester. These goals are MOST LIKELY tobe accomplished if:
a) Amber discusses her goals with her parents
b) Amber lets her friends set her goals
c) Amber writes her goals down
d) Amber thinks about her goals weekly

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) Short term
b) Intermediate
c) Long term
d) Unrealistic

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) Time Bound
b) Specific
c) Attainable
d) Measurable

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) Short term
b) Long term
c) Mid term
d) This is not a goal

The value of the next best alternative that must be forgone as a result of a decision
a) Opportunity cost
b) Trade off
c) Goal
d) Financial planning

Giving up one thing for another
a) Trade off
b) Opportunity cost
c) Goal
d) Financial planning

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