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Liberty University - BUSI 352 > BUSI 352 Quiz 1 to 8 complete solutions Quiz-Bank (latest 2024/25) Every quiz grade verified.Download it for more and ace on your quizzes and exams!$9.89
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Liberty University - BUSI 352 > BUSI 352 Quiz 1 to 8 complete solutions Quiz-Bank (latest 2024/25) Every quiz grade verified.Download it for more and ace on your quizzes and exams!
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Liberty University - BUSI 352 > BUSI 352 Quiz 1 to 8 complete solutions Quiz-Bank (latest 2024/25) Every quiz grade verified.Download it for more and ace on your quizzes and exams!
Which of the following is generally NOT one of the basic goals of financial planning?
A. children's education
4 B. Parental issues
C. Divorce
D. estate planning
Don't know?
Terms in this set (177)
A good financial planning report must C. Why you failed previously
include an analysis of all the following
except:
A. where you are now
B. where you want to be
C. Why you failed previously
D. How to reach your goals
Usual financial planning goals include the C. Career Planning
following except:
A. retirement funding
B. Current lifestyle
C. Career planning
D. Estate planning
A client's formal Financial planning report B. Turnover - when and how the client will sell certain investments
that summarizes all of the following except:
A. strategy - how the client gets where he or
she wants
B. Turnover - when and how the client will
sell certain investments
C. Analysis - where the client is now
D. Objectives - where the client wants to be
All of the following is true regarding the A. taxes add to the cost of an investment and slow progress toward the client's goals
types of financial problems clients will face
in their lives?
A. taxes add to the cost of an investments
and slow progress toward the client's goals
B. The inability to quickly turn invested
capital into spendable cash is related to
inflation
C. Clients should not be concerned about
leaving to assets to children or young adults
D. Psychological comfort has no place in the
financial planning process
,Which of the following is true regarding the D. The plan should have a discussion of how to achieve goals
contends of the financial plan?
A. The length of the presentation of the plan
should always be the same, regardless of the
contents of the plan
B. once the plan is in place it should not be
changed
C. Checklists are usually a bad idea in the
plan
D. The plan should have a discussion of how
to achieve goals
The six steps in the financial management D. Establish living wills
process outlined by the authors include the
following except:
A. establish goals
B. collect data
C. measure performance
D. establish living wills
Which of the following is true regarding risk? C. Attitudes about risk are likely to change over a person's lifetime
A. attitudes towards risk are easy to measure
B. Defining the nature of risk is objective for
each person
C. Attitudes about risk are likely to change
over a person's lifetime
D. Risk attitudes are due to factors that are
relatively easy to deal with
Which of the following statements is true C. After they have been identified, they should be prioritized
regarding financial objectives?
A. Good financial objectives are stated in
aspirational terms
B. All financial objectives have short time
horizon
C. After they have been identified, they
should be prioritized
D. Once identified, they do not need to be
revisted
Which of the following is true regarding A. this involves budgeting income and expenses
developing a financial plan?
A. this involves budgeting income and
expenses
B. if a client needs an emergency fund, no
recommendations are needed
C. Estimating returns should not be needed
D. the planner should guard against
projections of the client's expected financial
position
, Which of the following is true regarding a B. income not allocated to maintain a person's standard of living should be allocated to
person's standard of living? other financial objectives
A. maintaining a person's lifestyle should
generally take a minority of a person's
resources
B. income not allocated to maintain a
person's standard of living should be
allocated to other financial objectives
C. It should be easy to accomplish financial
objectives even if almost all a person's
income is used to maintain lifestyle
D. Every person should spend the same
amount of income to maintain lifestyle
Which of the following is true regarding C. a pension plan left by a decedent to a grandchild may retain less than a quarter of its
financial security? value
A. financial security is based on absolute
wealth or income
B. taxes are not a consideration when
determining financial security
C. a pension plan left by a decedent to a
grandchild may retain less than a quarter of
its value
D. Wealth and income are diverted because
of inflation and slippage
Which of the following is true regarding A. high tax brackets indicate planning opportunities
taxes?
A. high tax brackets indicate planning
opportunities
B. it is not possible to shift income through
gifting
C. It is not really possible to save on taxes by
deferring income
D. It is not possible to transfer wealth
through generations' tax free
Which of the following is NOT part of the C. holds a CFP or series 7 license
definition of an Investment Advisor as
defined by the Investment Advisers Act of
1940 (the Act)?
A. provides advice regarding securities
B. is in the business of providing advice
C. holds a CFP or series 7 license
D. receives compensation for advice
The Act defines compensation as C. receipt of any economic benefit
A. commission only
B. fees only
C. receipt of any economic benefit
D. 12 (b) 1 fees only
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