Exam (elaborations)
Personal Financial Planning
- Course
- Institution
- Book
Personal Financial Planning
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Personal Financial Planning
-
Personal Financial Planning
-
Question Bank in line with Personal Financial Planning,Altfest,1e
Seller
Follow
kushboopatel6867
Reviews received
Content preview
Solution Manual for Personal Financial Planning, 16th Edition2024 by Randy Billingsley, Lawrence J. Gitman, Verified
Chapters 1 - 15, Complete Newest Version
Being financially secure involves balancing what you earn with
a. your current level of debt
b. what you spend
c. your retirement plans
d. your investments - ANSWER: b. what you spend
Personal financial planning can help you to
a. minimize your chances of personal bankruptcy
b. deal with unplanned health issues
c. minimize your tax payments to Uncle Sam
d. have enough money for a comfortable retirement
e. all of the above - ANSWER: e. all of the above
Which of the following is one of the five basic steps in personal financial planning?
a. let an accountant review your plan
b. develop a plan of action
c. define you career goal
d. evaluate your personal health - ANSWER: b. develop a plan of action
Which basic step to personal financial planning should be considered when
establishing your personal financial goals?
a. step 1
b. step 2
c. step 3
d. step 4 - ANSWER: b. step 2
Evaluating your financial health consists of:
a. preparing a personal income statement
b. determining where your money comes from and where it goes
c. determining what you are worth
d. preparing a personal balance sheet
e. all of the above - ANSWER: e. all of the above
Step 3 of the personal financial planning process is "Develop a Plan of Action."
According to your text, which of the following is NOT one of the "common concerns"
that should guide all financial plans?
a. flexibility
b. long-term profitability
c. liquidity
d. minimization of taxes
e. protection - ANSWER: b. long-term profitability
,The term that considers having money readily available when you need it is the
concept of
a. equity
b. liquidity
c. flexibility
d. solvency
e. none of the above - ANSWER: b. liquidity
In the typical consumer's financial life cycle, one difference between stage 2 and
stage 3 is that in stage 3 you will earn more than you spend, whereas in stage 2 you
will spend more than you earn
True
False - ANSWER: False
Which of the following typically occur(s) during stage 1 of the financial life cycle?
a. insurance planning
b. saving for goals
c. home purchase
d. initial goal setting
e. all of the above - ANSWER: e. all of the above
Suppose that you a 21 year old college student. What stage of the financial life cycle
are you currently in?
a. stage 1: wealth accumulation
b. stage 2:the golden years
c. stage 3: the retirement years
d. stage 4: the formative years
e. stage 5: the educational years - ANSWER: a. stage 1: wealth accumulation
After retirement starts, which aspect of financial planning becomes imperative?
a. estate planning
b. long-term borrowing commitments
c. effects of inflation
d. maintaining a regular pattern of savings - ANSWER: a. estate planning
An economic condition in which rising prices reduce the purchasing power of money
is termed
a. inflation
b. stagflation
c. deflation
d. cash erosion
e. none of the above - ANSWER: a. inflation
On his goals worksheet, James has written down his short-term goals for the next
year. He has prioritized his goals and determined a feasible due date by which he
, wants to achieve his goals. According to the textbook, the final step James needs to
complete in the goals process is to
a. email himself a copy of the goals worksheet in case he loses the paper copy
b. post his goals worksheet on his refrigerator so that he can see it every day
c. determine an appropriate cost for each of his listed goals
d. contact his financial adviser for approval of his goals - ANSWER: c. determine an
appropriate cost for each of his listed goals
According to the Keown book, you might begin to think about estate planning during
this stage of the financial life cycle
a. stage 1: wealth accumulation
b. stage 2: the golden years
c. stage 3: the retirement years
d. stage 4: the formative years - ANSWER: b. stage 2: the golden years
What is the main factor in determining your potential income level?
a. your age and years of employment
b. education and skills that you have attained
c. the size of the company you work for
d. who you know in your company administration - ANSWER: b. education and skills
that you have attained
Which of the following statements applies to obtaining an undergraduate college
degree?
a. they are expensive and rarely pay off in increased earnings
b. there is no relationship between personal wealth and earning a college degree
c. it may be the single best investment you will ever make
d. all of the above - ANSWER: c. it may be the single best investment you will ever
make
One of the most important factors to remember when hunting for your first job is to
a. seize every opportunity
b. procrastinate
c. wait patiently
d. start early - ANSWER: d. start early
According to a recent recruiting survey, the most common mistake made by job
interviewees is
a. shaking hands softly
b. arriving late to an interview
c. talking too much
d. dressing inappropriately - ANSWER: c. talking too much
A study conducted by the Society for Human Research Management found what
percent of U.S. companies run credit background checks on potential employees
a. 47%
b. 15%
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kushboopatel6867. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84146 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now