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TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill Updated A+
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TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill Updated A+ TABLE OF CONTENTS Chapter 1 - Overview of a Financial Plan Chapter 2 - Applying Time Value Concepts Chapter 3 - Planning with Personal Financial Statements Chapter 4 - Using Tax Concepts f...

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  • October 30, 2023
  • 205
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • 9780134724713
  • 2023
  • test bank for personal finance canadian edition
  • test bank for personal finance by jeff madura ha
  • test bank for personal finance 5th edition by jef

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TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill




TEST BANK for Personal Finance, Canadian
Edition, 5th edition by Jeff Madura and
Hardeep Singh Gill




Test Bank Page 1

, TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill
Personal Finance, 5e (Madura)

Chapter 1 Overview of a Financial Plan



1.1 How You Benefit from Personal Finance



1) Most Americans will never be able to understand and develop a personal financial plan.

Answer: FALSE

Diff: 1

Question Status: Previous edition



2) The simple objective of financial planning is to make the best use of your resources to achieve your
financial goals.

Answer: TRUE

Diff: 2

Question Status: Previous edition



3) An understanding of personal finance is not necessary to judge the quality of advice that a financial
adviser may give.

Answer: FALSE

Diff: 1

Question Status: Previous edition



4) The first step in budgeting is to evaluate your current financial position by looking at just your income
and expenses.

Answer: FALSE

Diff: 2

Question Status: Previous edition



5) The value of what you own minus the value of what you owe is called your net worth.


Test Bank Page 2

, TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill
Answer: TRUE

Diff: 2

Question Status: Previous edition



6) An example of an opportunity cost is the wages that you could have earned but did not because you
were in class.

Answer: TRUE

Diff: 1

Question Status: Revised



7) Various government agencies have conducted surveys that show most people have a good understanding
of personal finance.

Answer: FALSE

Diff: 1

Question Status: New




8) A good understanding of the financial planning process will allow you to make informed decisions
without relying on the advice of financial advisers.

Answer: FALSE

Diff: 2

Question Status: Revised

9) A thorough understanding of this personal finance book qualifies you to become a financial adviser.

Answer: FALSE

Diff: 2

Question Status: Previous edition



10) In the United States many people

A) save about 50% of income earned.


Test Bank Page 3

, TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill
B) save about 25% of income earned.

C) save less than 3% of income earned.

D) have no savings.

Answer: C

Diff: 1

Question Status: Revised



11) Personal finance does not include the process of planning your

A) spending.

B) financing.

C) investing.

D) spirituality.

Answer: D

Diff: 1

Question Status: Previous edition



12) A personal financial plan specifies financial goals and describes

A) saving, investing, and asset valuation.

B) spending, saving, and credit card financing.

C) spending, financing, and investment plans.

D) saving and spending only.

Answer: C

Diff: 3

Question Status: Previous edition



13) Opportunity cost refers to

A) money needed for major consumer purchases.

B) what you give up or forego as a result of making a decision.

C) the amount paid for taxes when a purchase is made.

Test Bank Page 4

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