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Personal Finance Building your Future By Robert Walker - Test Bank
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,Personal Finance, 2e (Walker)Chapter 1 Money Matters: Values, Vision, Mission, and You
1) Identify the importance of a financial plan.
A) You may discover your passion and a sense of purpose in your life.
B) You establish priorities in your life.
C) You gain control over your time and your money.
D) All of the options are correct.
Answer: D
Difficulty: 1 Easy
Topic: Financial plan development
Learning Objective: 01-01 Evaluate your spending and saving habits and define what financial
success means to you.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
2) The rule for allocating your money that takes into account community responsibility and
retirement is called the ________ rule.
A) 90-5-5
B) 82-8-10
C) 60-20-20
D) 80-10-10
Answer: D
Difficulty: 1 Easy
Topic: Personal values
Learning Objective: 01-01 Evaluate your spending and saving habits and define what financial
success means to you.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
1
Copyright © 2018 McGraw-Hill
,3) Which term best describes Ben Franklin's adage: "Waste not, want not."?
A) Greedy
B) Envious
C) Cheap
D) Frugal
Answer: D
Difficulty: 1 Easy
Topic: Personal values
Learning Objective: 01-01 Evaluate your spending and saving habits and define what financial
success means to you.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
4) Which of the following plans is not incorporated in a financial plan?
A) Budget plan
B) Investment plan
C) Estate plan
D) Education plan
Answer: D
Difficulty: 1 Easy
Topic: Components of financial planning
Learning Objective: 01-01 Evaluate your spending and saving habits and define what financial
success means to you.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
5) To be frugal includes all of the following except
A) being resourceful when satisfying your need for goods and services.
B) buying all the things you want.
C) using already-owned items.
D) practicing restraint in how you consume goods and services.
Answer: B
Difficulty: 1 Easy
Topic: Personal values
Learning Objective: 01-01 Evaluate your spending and saving habits and define what financial
success means to you.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
2
Copyright © 2018 McGraw-Hill
, 6) All the following are examples of being frugal except
A) using coupons.
B) spending 100% of your paycheck.
C) shopping for gently-used items on Craigslist.
D) buying items you need of value.
Answer: B
Difficulty: 3 Hard
Topic: Personal values
Learning Objective: 01-01 Evaluate your spending and saving habits and define what financial
success means to you.
Bloom's: Apply
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
7) Money personality is
A) the point at which spending more money has a diminishing rate of fulfillment.
B) sufficient means to support oneself.
C) your style and habits of money management.
D) income from your investments.
Answer: C
Difficulty: 1 Easy
Topic: Personal values
Learning Objective: 01-01 Evaluate your spending and saving habits and define what financial
success means to you.
Bloom's: Remember
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
8) Which is not an example of being frugal?
A) Buying a used car
B) Hiring someone to paint your living room
C) Buying the things you need
D) All of the options are correct.
Answer: B
Difficulty: 3 Hard
Topic: Personal values
Learning Objective: 01-01 Evaluate your spending and saving habits and define what financial
success means to you.
Bloom's: Apply
AACSB: Analytical Thinking
Accessibility: Keyboard Navigation
3
Copyright © 2018 McGraw-Hill
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