Test Bank For Personal Finance 13th Edition by E. Thomas Garman

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Test Bank For Personal Finance 13th Edition by E. Thomas Garman

Chapter 03—Financial Statements, Tools, and Budgets

1. Financial planning focuses primarily on spending wisely.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

REFERENCES:   Identify your financial values, goals and strategies

QUESTION TYPE:   True / False

HAS VARIABLES:   False

KEYWORDS:   Bloom’s: Understanding

OTHER:   Analytic

NOTES:   financial planning also includes the management of risk and plans for capital accumulation 3.1

DATE CREATED:   9/22/2017 12:59 AM

DATE MODIFIED:   9/26/2017 1:24 AM

 

2. Financial planning begins by acquiring a good job that provides a person with enough extra income to manage.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Moderate

REFERENCES:   Identify your financial values, goals and strategies

QUESTION TYPE:   True / False

HAS VARIABLES:   False

KEYWORDS:   Bloom’s: Understanding

OTHER:   Analytic

NOTES:   financial planning begins by examining values and setting financial goals. 3.1

DATE CREATED:   9/22/2017 1:00 AM

DATE MODIFIED:   9/26/2017 1:27 AM

 

3. Financial planning is the process of developing and implementing short-term plans to achieve financial objectives.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

REFERENCES:   Identify your financial values, goals and strategies

QUESTION TYPE:   True / False

HAS VARIABLES:   False

KEYWORDS:   Bloom’s: Remembering

OTHER:   Analytic

NOTES:   financial planning is long-term. 3.1

DATE CREATED:   9/22/2017 1:01 AM

DATE MODIFIED:   9/26/2017 1:27 AM

 

4. Financial planning is a single, customized plan regarding a person’s financial affairs.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

REFERENCES:   Identify your financial values, goals and strategies

QUESTION TYPE:   True / False

HAS VARIABLES:   False

KEYWORDS:   Bloom’s: Understanding

OTHER:   Analytic

NOTES:   financial planning involves a series of plans. 3.1

DATE CREATED:   9/22/2017 1:03 AM

DATE MODIFIED:   9/26/2017 1:29 AM

 

5. Financial planning is only for the rich.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

REFERENCES:   Identify your financial values, goals and strategies

QUESTION TYPE:   True / False

HAS VARIABLES:   False

KEYWORDS:   Bloom’s: Understanding

OTHER:   Analytic

NOTES:   people of all income and wealth levels benefit from doing financial planning. 3.1

DATE CREATED:   9/22/2017 1:04 AM

DATE MODIFIED:   9/26/2017 1:29 AM

 

6. Values have little impact on financial goals.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

REFERENCES:   Identify your financial values, goals and strategies

QUESTION TYPE:   True / False

HAS VARIABLES:   False

KEYWORDS:   Bloom’s: Understanding

OTHER:   Analytic

NOTES:   personal values are the starting point for setting financial goals. 3.1

DATE CREATED:   9/22/2017 1:05 AM

DATE MODIFIED:   9/26/2017 1:30 AM

 

7. It is not necessary that your values be consistent with your financial and lifestyle goals.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

REFERENCES:   Identify your financial values, goals and strategies

QUESTION TYPE:   True / False

HAS VARIABLES:   False

KEYWORDS:   Bloom’s: Understanding

OTHER:   Analytic

NOTES:   financial and lifestyle goals should be consistent with your values

DATE CREATED:   9/22/2017 1:07 AM

DATE MODIFIED:   9/26/2017 1:31 AM

8. Values are fundamental beliefs regarding what consumer goods are worth.

a.  True

b.  False

ANSWER:   False

POINTS:   1

DIFFICULTY:   Easy

REFERENCES:   Identify your financial values, goals and strategies

QUESTION TYPE:   True / False

HAS VARIABLES:   False

KEYWORDS:   Bloom’s: Understanding

OTHER:   Analytic

DATE CREATED:   9/22/2017 1:09 AM

DATE MODIFIED:   9/26/2017 1:31 AM