100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Solution Manual for Personal Financial Planning 15th Edition by Randy Billingsley, Lawrence J. Gitman | Complete Verified Chapter's | $21.49   Add to cart

Exam (elaborations)

Solution Manual for Personal Financial Planning 15th Edition by Randy Billingsley, Lawrence J. Gitman | Complete Verified Chapter's |

 0 view  0 purchase
  • Course
  • Personal Financial Planning 15th Edition
  • Institution
  • Personal Financial Planning 15th Edition

Solution Manual for Personal Financial Planning 15th Edition by Randy Billingsley, Lawrence J. Gitman | Complete Verified Chapter's |

Preview 4 out of 672  pages

  • November 28, 2024
  • 672
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • 9781305887725
  • solution manual pdf
book image

Book Title:

Author(s):

  • Edition:
  • ISBN:
  • Edition:
  • Personal Financial Planning 15th Edition
  • Personal Financial Planning 15th Edition
avatar-seller
Smartdove
TEST BANK
Personal Financial Planning, 13th Edition,
by Gitman, Joehnk, and Billingsley.
All chapters covered.

,Chapter 1—Understanding the Financial Planning Process
YT YT YT YT YT




TRUE/FALSE

1. Standard of living is defined as the necessities, comforts, and luxuries desired by an individual or gr
YT YT YT YT YT YT YT YT YT YT YT YT YT YT YT YT




oup. ANS: T
Y T PTS: 1 YTY T YTYTY T DIF: Easy OBJ: LO: 1-1 YTYTY T YT



NAT: BUSPROG: Reflective thinking
YTYT YT YT STA: DISC: Financial Markets and Interest Rates
YTY T YT YT YT YT YT


KEY: Bloom's: Knowledge
YTYT YT




2. Your average propensity to consume is the percentage of each dollar of income, on the average, th
YT YT YT YT YT YT YT YT YT YT YT YT YT YT YT YT



at is spent for current needs rather than savings.
YT Y T YT YT YT YT YT YT




ANS: T PTS: 1
YTY T YTYTY T DIF: Easy OBJ: YTYTY T LO: 1-1YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Rat
YT YT YT YT YT



es KEY: Bloom's: Knowledge
Y T YTYT YT




3. A good financial plan completed when one is in their 30s will typically last a lifeti
YT YT YT YT YT YT YT YT YT YT YT YT YT YT YT




me. ANS: F
Y T PTS: 1 YTY T YTYTY T DIF: Challenging OBJ: YTYTY T LO: 1-2YT



NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Rat
YT YT YT YT YT



es KEY: Bloom's: Synthesis
Y T YTYT YT




4. Financial planning is a continuing, life-long process.
YT YT YT YT YT YT




ANS: T PTS: 1
YTY T YTYTY T DIF: Easy OBJ: YTYTY T LO: 1-2YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Rat
YT YT YT YT YT



es KEY: Bloom's: Comprehension
Y T YTYT YT




5. Financial planning can improve your standard of living.
YT YT YT YT YT YT YT




ANS: T PTS: 1
YTY T YTYTY T DIF: Easy OBJ: YTYTY T LO: 1-1YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Rat
YT YT YT YT YT



es KEY: Bloom's: Comprehension
Y T YTYT YT




6. Current consumption is inversely related to saving for the future.
YT YT YT YT YT YT YT YT YT




ANS: T PTS: 1
YTY T YTYTY T DIF: Challenging OBJ: YTYTY T LO: 1-1YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Rat
YT YT YT YT YT



es KEY: Bloom's: Analysis
Y T YTYT YT




7. About 20% of Americans say retirement planning is their most pressing financial concern.
YT YT YT YT YT YT YT YT YT YT YT YT

, ANS: F PTS: 1
YTY T YTYTY T DIF: Moderate OBJ: YTYTY T LO: 1-1 YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Ra
YT YT YT YT YT



tes KEY: Bloom's: Knowledge
Y T YTYT YT




8. The most effective way to achieve financial objectives is through financial planni
YT YT YT YT YT YT YT YT YT YT YT




ng. ANS: T
Y T PTS: 1 YTY T YTYTY T DIF: Moderate OBJ: YTYTY T LO: 1-1 YT



NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Ra
YT YT YT YT YT



tes KEY: Bloom's: Comprehension
Y T YTYT YT




9. Defining financial goals is an important first step in personal financial planning proce
YT YT YT YT YT YT YT YT YT YT YT YT




ss. ANS: T
Y T PTS: 1 YTY T YTYTY T DIF: Easy OBJ: LO: 1-2 YTYTY T YT



NAT: BUSPROG: Reflective thinking
YTYT YT YT STA: DISC: Financial Markets and Interest Rates
YTY T YT YT YT YT YT


KEY: Bloom's: Comprehension
YTYT YT




10. Two persons with equal average propensities to consume will not necessarily have equal standard
YT YT YT YT YT YT YT YT YT YT YT YT YT



s of living because of differences in income.
YT Y T YT YT YT YT YT




ANS: T PTS: 1
YTY T YTYTY T DIF: Challenging OBJ: YTYTY T LO: 1-1 YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Ra
YT YT YT YT YT



tes KEY: Bloom's: Evaluation
Y T YTYT YT




11. The need for financial planning declines as your income increases.
YT YT YT YT YT YT YT YT YT




ANS: F PTS: 1
YTY T YTYTY T DIF: Moderate OBJ: YTYTY T LO: 1-1 YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Ra
YT YT YT YT YT



tes KEY: Bloom's: Synthesis
Y T YTYT YT




12. Current consumption effects future consumption.
YT YT YT YT




ANS: T PTS: 1
YTY T YTYTY T DIF: Challenging OBJ: YTYTY T LO: 1-1 YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Ra
YT YT YT YT YT



tes KEY: Bloom's: Analysis
Y T YTYT YT




13. A person who has $2,000 monthly income and spends $1,800 monthly has an average propensit
YT YT YT YT YT YT YT YT YT YT YT YT YT YT



y to consume of 90%.
YT Y T YT YT




ANS: T PTS: 1
YTY T YTYTY T DIF: Challenging OBJ: YTYTY T LO: 1-1 YT


NAT: BUSPROG: Reflective thinking
YTYT YT YT



STA: YTY T DISC: Financial Markets and Interest Ra
YT YT YT YT YT



tes KEY: Bloom's: Evaluation
Y T YTYT YT




14. A person making $35,000 and spending $30,800 has an average propensity to consume of 8
YT YT YT YT YT YT YT YT YT YT YT YT YT YT




0%. ANS: F Y T PTS: 1 YTY T YTYTY T DIF: Challenging OBJ: LO: 1-1 YTYTY T YT



NAT: BUSPROG: Reflective thinking
YTYT YT YT STA: DISC: Financial Markets and Interest Rates
YTY T YT YT YT YT YT


KEY: Bloom's: Evaluation
YTYT YT




15. Most families find it difficult to discuss money matters.
YT YT YT YT YT YT YT YT

, ANS: T
YTY T PTS:
YTYTY T 1 DIF: Easy OBJ:
YTYTY T LO: 1-2
YT

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Smartdove. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $21.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

62890 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$21.49
  • (0)
  Add to cart