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Exam (elaborations)

FCS340 Concept Check Questions and answers

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FCS340 Concept Check Questions and answers

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  • October 14, 2024
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  • 2024/2025
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  • FCS340
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FCS340 Concept Check
Questions and answers
Distinguish among financial success, financial security, and financial
happiness. - answer Financial Success:
Achievement of financial aspirations. It is defined by the person who seeks
it.


Financial Security:
Feeling that your financial resources will be adequate to fulfill any needs.


Financial Happiness:
Experience you have when you are satisfied with your finances. Results
from practicing good financial behaviors.


Explain the five fundamental steps in the financial planning process. -
answer (1) Evaluate your financial condition relative to your education
and career choice


(2) Define your financial goals


(3) Develop a plan of action to achieve your goals


(4) Implement your plan


(5) Review your financial progress and make changes as appropriate


What are the building blocks to achieving financial success? - answer
Foundation: regular income

, Base: Checking account, savings account, insurance protection, employee
benefits


Establish: Long-term goals, short-term goals, financial records, budget,
emergency savings


Manage: Housing expenses, transportation expenses, insurance,
expenses, income taxes


Handle: Credit cards, saving accounts, education costs


Invest: Mutual funds, stocks and bonds, real estate, retirement plans


Achieve: Financial Success


Summarize the phases of the business cycle (economic cycle). - answer
Expansion: when the economy is increasing


Peak: the end of an expansion and the beginning of a contraction


Contraction: when the economy is falling


Through: the end of a contraction and the beginning of an expansion


Describe two statistics that help predict the future direction of the
economy. - answer Procyclic Indicators:
Examples: retail sales, industrial prodcution, number of employees, GDP
(gross domestic product)


Countercyclic Indicators:
Moves in the opposite direction from the economy

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