Exam (elaborations)
Personal Finance 13th Edition By Garman - Test Bank
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- Personal Finance
- Institution
- Personal Finance
Personal Finance 13th Edition By Garman - Test Bank
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,Chapter 01—Understanding Personal Finance1. Financial literacy is your knowledge of facts, concepts, principles, and technological tools that are fundamental to be
smart about money.
a. True
b. False
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Recognize the keys to achieving financial success
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
KEYWORDS: Bloom’s: Remembering
OTHER: Analytic
DATE CREATED: 1/17/2017 12:41 AM
DATE MODIFIED: 1/31/2017 11:55 AM
2. Being financially responsible is being knowledgeable about facts, concepts, principles, and technological tools that are
fundamental to be smart about money.
a. True
b. False
ANSWER: b
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Recognize the keys to achieving financial success
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
KEYWORDS: Bloom’s: Remembering
OTHER: Analytic
NOTES: being fFinanciallly responsibleility means that you are accountable for your financial well-
being and strive to make good financial decisions 1.1
DATE CREATED: 1/17/2017 12:51 AM
DATE MODIFIED: 2/8/2017 11:11 PM
3. Personal finance is the study of personal and family resources considered important in achieving financial success.
a. True
b. False
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Recognize the keys to achieving financial success
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
KEYWORDS: Bloom’s: Remembering
OTHER: Analytic
NOTES: NOTES: 1.1
Copyright Cengage Learning. Powered by Cognero. Page 1
,Chapter 01—Understanding Personal Finance
DATE CREATED: 1/17/2017 1:03 AM
DATE MODIFIED: 1/17/2017 1:08 AM
4. Financial success is marked by having high wealth.
a. True
b. False
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Recognize the keys to achieving financial success
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: financial success is the achievement of financial aspirations that are desired, planned, or
attempted. 1.1
DATE CREATED: 1/17/2017 1:08 AM
DATE MODIFIED: 1/17/2017 1:11 AM
5. Financial security is marked by having high income.
a. True
b. False
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Recognize the keys to achieving financial success
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: financial security provides the comfortable feeling that your financial resources will be
adequate to fulfill any needs you have as well as most of your wants. 1.1
DATE CREATED: 1/17/2017 1:11 AM
DATE MODIFIED: 1/17/2017 1:13 AM
6. By saving and investing, people are much more likely to have funds available for future consumption.
a. True
b. False
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Recognize the keys to achieving financial success
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
Copyright Cengage Learning. Powered by Cognero. Page 2
, Chapter 01—Understanding Personal Finance
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 1.1
DATE CREATED: 1/17/2017 1:27 AM
DATE MODIFIED: 1/17/2017 1:29 AM
7. One's standard of living comprises all his or her current consumption.
a. True
b. False
ANSWER: b
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Recognize the keys to achieving financial success
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: current consumption is one's level of living. Standard of living is what you aspire to
achieve. 1.1
DATE CREATED: 1/17/2017 1:47 AM
DATE MODIFIED: 1/17/2017 1:49 AM
8. Your standard of living is where you would like to be and your level of living is where you actually are.
a. True
b. False
ANSWER: a
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Recognize the keys to achieving financial success
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
KEYWORDS: Bloom’s: Remembering
OTHER: Analytic
NOTES: 1.1
DATE CREATED: 1/17/2017 1:49 AM
DATE MODIFIED: 1/17/2017 1:50 AM
9. You cannot build financial security or wealth unless you spend less than you earn.
a. True
b. False
ANSWER: a
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Recognize the keys to achieving financial success
Copyright Cengage Learning. Powered by Cognero. Page 3
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