FCS 340 Test Questions with Guaranteed Accurate Answers

Higher consumer prices are likely to be accompanied by _______ interest rate. - correct answer higher What is the definition of economics? - correct answer Study of how wealth is created and distributed What is the Fed? - correct answer Federal Reserves What is the main responsibility of the Fed? - correct answer Regulate national money supply The "obtaining" component of financial planning is defined - correct answer Foundation of financial planning, resources used for all financial activities What is liquidity refer to? - correct answer Be able to take financial resources and convert to cash What goals should be considered as a part of the saving component of financial planning? - correct answer Emergency fund of $1,000 minimum Define financial plan - correct answer Formalized report that summarizes your current financial situation, analyzes your financial needs and recommends future financial activities What determines the success or failure of a financial plan - correct answer Success- must coordinate various components through an organized plan and wise decision making Short term, intermediate, and long term goals - correct answer Short term- within next year intermediate- 2-5 years long term- 5+ years Smart Goals - correct answer Specific, measurable, action oriented, realistic, time based W