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LPF – Course UPDATED Actual Exam Questions and CORRECT Answers
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LPF – Course UPDATED Actual Exam Questions and CORRECT Answers Which of the following is not one of the five basic steps in personal financial planning? - CORRECT ANSWER- Let an accountant review your plan (T or F) A well educated and trained employee is virtually guaranteed job security in ...

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  • September 14, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • lpf cours
  • lpf course
  • lpf

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  • LPF Course

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LPF – Course UPDATED Actual Exam
Questions and CORRECT Answers
Which of the following is not one of the five basic steps in personal financial planning? -
CORRECT ANSWER✔✔- Let an accountant review your plan


(T or F) A well educated and trained employee is virtually guaranteed job security in today's
corporations. Therefore he or she doesn't need to worry about keeping his or her skills
updated and current - CORRECT ANSWER✔✔- False


(T or F) Proper financial planning can help you use your current income to achieve your long
term financial goals - CORRECT ANSWER✔✔- True


(T or F) When comparing two different investment opportunities the investor should always
choose the investment that minimizes the total amount of taxes paid - CORRECT
ANSWER✔✔- False


Suppose you are a 20-year-old college student. What stage of the financial life cycle are you
currently in? - CORRECT ANSWER✔✔- Stage 1: wealth accumulation



Being financially secure involves balancing what you earn with - CORRECT ANSWER✔✔-
What you spend


Which of the following statement applies to obtaining an undergraduate college degree? -
CORRECT ANSWER✔✔- It may be the single best investment you will ever make


Suppose that you just completed your first year of college with $11,000 in loans and plan to
borrow the maximum each year from now until graduation. You have never accounted for the
way you spend your money, do not have a budget, and want to insure that you will be able to
repay your loans after college. What is the most important thing you can do right now? -
CORRECT ANSWER✔✔- Immediately begin to develop a personal financial plan


When you are involved in _____ planning, you are planning for your eventual death and the
distribution of your wealth to your heirs - CORRECT ANSWER✔✔- Estate

, (T or F) A financial plan is only concerned with your future earnings and expenses. An
examination of your current financial situation is not so important - CORRECT
ANSWER✔✔- False



Fair market value refers to - CORRECT ANSWER✔✔- What an asset could be sold for
today


Liabilities are best described as - CORRECT ANSWER✔✔- Financial debts and obligations
that you owe


An expenditure over which you have no control and are obligated to make is a - CORRECT
ANSWER✔✔- Fixed expenditure


Assets that you purchase for the purpose of accumulating wealth to satisfy your financial
goals are called - CORRECT ANSWER✔✔- Investment assets


Which financial planning document should you use to measure your current financial
position? - CORRECT ANSWER✔✔- Balance sheet


One of the following items would NOT go on a balance sheet. Which one is it? - CORRECT
ANSWER✔✔- Mortgage payment paid


Your net worth, or your general level of financial worth, is found by - CORRECT
ANSWER✔✔- Subtracting your liabilities from your assets



A physical asset, such as furniture or a car, is called a(n) - CORRECT ANSWER✔✔-
Tangible asset


Which type of expenditure would probably be the hardest for an individual to track? -
CORRECT ANSWER✔✔- Cash



You know you are insolvent when - CORRECT ANSWER✔✔- Both B and C:

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