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Financial Literacy Final Exam Review Questions with Latest Update
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  • Course
  • Financial Literacy
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  • Financial Literacy

The process of determining a person's financial needs or goals for the future and how to achieve them and to pursue personal economic satisfaction. - Answer-Personal financial planning The final step of the financial planning process is to... - Answer-Evaluate and revise your actions This ref...

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  • October 13, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy final exam review questions wit
  • the process of determining a persons financial ne

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  • Financial Literacy

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Financial Literacy Final Exam Review
Questions with Latest Update
The process of determining a person's financial needs or goals for the future and how to
achieve them and to pursue personal economic satisfaction. - Answer-Personal
financial planning

The final step of the financial planning process is to... - Answer-Evaluate and revise
your actions

This refer to time, money and other resources that are given up when a decision is
made. - Answer-Opportunity cost

This is an example of an opportunity cost. - Answer-Saving money instead of taking a
vacation

Goals which are usually achieved within the year. - Answer-Short-term goals

Goals which are usually achieved within 5 years. - Answer-Intermediate goals

This is the first step in the financial planning process. - Answer-Determine your current
financial situation

What is the second step in the financial planning process? - Answer-Develop your
financial goals

What is the third step in the financial planning process? - Answer-Identify alternative
courses of action

What is the fourth step in the financial planning process? - Answer-evaluate your
alternatives

What is the fifth step in the financial planning process? - Answer-create and implement
your financial action

This is the average amount of time an employer looks at an applicant's résumé . -
Answer-About 20 seconds

references are not commonly included on a resume(true or false) - Answer-true

These are needed to be made in the financial planning process once you have
implemented your financial action plan. - Answer-Revisions

,Dr. Scalfaro has a goal to "have $150 a month taken automatically out of his paycheck
to be saved in a bank account for vacation", but he is uncertain about when he will go
on vacation. His goal lacks: - Answer-A Time-Frame

SMART goal anagram - Answer-Is it Specific, Measurable, Achievable, Relevant, and
Timely?

One of the differences between a job and a career is that a job tends to have
_________ to a field than a career. - Answer-Less of a long-term commitment

A substantial amount of research indicates that a person's choice of employment
influences _________. - Answer-One's lifestyle

Certain careers _________ based on changes in personal and/or financial interest
rates. - Answer-Fluctuate in demand

As competition from Asia, Europe, and other regions has increased, demand for
American-made products has decreased. This is commonly referred to as... - Answer-
Globalization

Changes in _________ have affected the types of jobs that are in demand. - Answer-
Family size and marriage rates

This may include changes in the demand of goods and services reflective in the job
market. - Answer-Economic influences

An increase in this can result in a reduction of employment in one industry while
creating new jobs in other industries. - Answer-Technology

Education, training, and the demands for a person's skills are major influences on this. -
Answer-Salary

Compared to a job, a career demands regular updating of this. - Answer-Knowledge

This is an employment position that is obtained mainly to earn money. - Answer-A job

A commitment to a profession that requires continued training and offers a clear path for
occupational growth is this. - Answer-A career

The first step of this is to assess your interests, abilities, and goals. - Answer-The career
planning process

The last step of career planning is - Answer-to plan for career development

This is the natural ability one possesses. - Answer-Aptitude

, Ms. Lohman is concerned about the nature of work, job outlook, and earnings/salary for
various career fields. Which of the following sources would be most useful for this type
of information? - Answer-The Occupational Outlook Handbook

This type of degree would likely lead to the most added income over an individual's
working career. - Answer-Doctorate or professional degree

The Occupational Outlook Handbook would be most useful to determine _________ in
various career clusters. - Answer-Expected employment

-An ability to work well with others in a variety of settings
-A desire to do tasks better than they have to be done
-An ability to solve problems creatively in team settings
-Well-developed written and oral communication skills
These are all... - Answer-Common skills or traits of successful people

Dr. Scalfaro has done some research and has discovered that the states with the
largest population growth are Colorado and Arizona and he believes there will be more
jobs available there in the future. This is an example of _______________ influencing
jobs in the future. - Answer-Geographic trends

This is an example of an industrial trend that could affect the job market. - Answer-
Decreased use of computers in manufacturing

Ms. Lohman has done some research and has discovered that economists believe
interest rates will rise significantly over the next two years. She believes that this will
lead to fewer homes being sold and fewer jobs in the banking and mortgage industries.
This is an example of ________________ influencing jobs in the future. - Answer-
Economic Conditions

The education section of a resume should include _________. - Answer-Schools
attended

The length of an entry-level position, a person's résumé is likely to be. - Answer-One
page

Hard to replace items such as Birth, Marriage, & Death certificates; copy of a will, and
automobile titles should be kept here. - Answer-Safe Deposit Box

Current liabilities are amounts that must be paid within a short period of time, usually
less than _________. - Answer-A year

_________ is an attitude that can assure building savings for the future. - Answer-"Pay
yourself first"

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