Test Bank for Focus on Personal Finance, 7th Edition by Jack Kapoor
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FINC - Finance
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FINC - Finance
Test Bank for Focus on Personal Finance, 7th Edition 7e by Jack Kapoor, Les Dlabay, Robert J. Hughes and Melissa Hart. Full Chapters test bank are included. Chapter 1 to 14
CHAPTER 1: Personal Financial Planning in Action
CHAPTER 1: APPENDIX Time Value of Money
CHAPTER 2: Money Managemen...
Test Bank for Focus on Personal Finance, 7th Edition Kapoor
Full Chapters are included - Chapter 1 to 14 (Answers given)
Chap 01 7e Kapoor
1) Personal financial planning is the process of managing your money to achieve personal
economic satisfaction.
⊚ true
⊚ false
2) A financial plan is an informal report that analyzes past financial decisions.
⊚ true
⊚ false
3) A financial plan can only be created using a money management software package.
⊚ true
⊚ false
4) Financial plans are only created by financial planners.
⊚ true
⊚ false
5) The life situation of a household includes a combination of personal factors such as age,
income, household size, and personal beliefs.
⊚ true
⊚ false
6) The financial activities for a young, single person will probably be the same as those for an
older couple with no dependent children at home.
⊚ true
⊚ false
7) Inflation is most harmful to people with incomes that are expected to increase.
⊚ true
⊚ false
1
,8) Inflation is a rise in the general level of prices and it reduces the buying power of the dollar.
⊚ true
⊚ false
9) When prices are increasing at a rate of 4 percent, the cost of products will double in about 18
years.
⊚ true
⊚ false
10) As borrowing by consumers and businesses increases, interest rates are likely to decrease.
⊚ true
⊚ false
11) Planned spending through budgeting is part of the "investing" component of financial
planning activities.
⊚ true
⊚ false
12) Retirement planning includes thinking about your housing situation, recreational activities,
and possible volunteer or part-time work.
⊚ true
⊚ false
13) Short-term goals are usually achieved within the next year or so.
⊚ true
⊚ false
14) Intermediate goals are usually achieved within the next year or so.
⊚ true
⊚ false
2
,15) Purchasing an appliance is an example of a consumable-product goal.
⊚ true
⊚ false
16) Purchasing a car is an example of a durable-product goal.
⊚ true
⊚ false
18) Personal opportunity costs refer to resources, such as time, health, and energy that are given
up when a choice is made.
⊚ true
⊚ false
19) Interest earned is calculated by multiplying the principal times the time value of money.
⊚ true
⊚ false
20) Risks associated with many financial decisions are easy to identify and evaluate.
⊚ true
⊚ false
21) $500 on deposit at 6 percent for 6 months would earn $20.
⊚ true
⊚ false
22) There are only three methods of calculating time value of money.
⊚ true
⊚ false
3
, 23) There are only three possible courses of action when developing alternatives for decision
making.
⊚ true
⊚ false
24) Financial plans are created by individuals as well as by financial planners or by using a
money management software package.
⊚ true
⊚ false
25) Inflation is most harmful to people with fixed incomes.
⊚ true
⊚ false
26) An opportunity cost is what a person gives up when a choice is made.
⊚ true
⊚ false
27) Short-term goals are usually achieved within three years.
⊚ true
⊚ false
28) Risks associated with many financial decisions are difficult to identify and evaluate.
⊚ true
⊚ false
29) A formalized report that summarizes your current financial situation, analyzes your financial
needs, and recommends future financial activities is a(n):
A) Insurance prospectus.
B) Financial plan.
C) Budget.
D) Investment forecast.
E) Bank Statement.
4
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