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TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill. ISBN-13: 9780136662877. All Chapters 1-16.€29,99
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TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill. ISBN-13: 9780136662877. All Chapters 1-16.
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Personal Finance
TEST BANK for Personal Finance, Canadian Edition, 5th edition by Jeff Madura and Hardeep Singh Gill. ISBN-13: 2877. TABLE OF CONTENTS Chapter 1 - Overview of a Financial Plan Chapter 2 - Applying Time Value Concepts Chapter 3 - Planning with Personal Financial Statements Chapter 4 - Using Tax Conce...
5th edition by jeff madura and hardeep singh gill isbn 13 9780136662877 all chapters 1 16
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,Personal Finance, Canadian Ed., 5e (Madura)
Chapter 1 - Overview of a Financial Plan
How You Benefit from an Understanding of Personal Finance
1) Many people who believe they have strong personal finance skills do not really understand
some basic personal finance concepts.
Answer: TRUE
Diff: 1 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
2) FP Canada sets out the steps needed to earn the Certified Financial Planner (CFP) designation.
Answer: TRUE
Diff: 2 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
3) A car accident which is not fully covered by your insurance is an example of an unexpected
expense you cannot plan for.
Answer: FALSE
Diff: 2 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Applied
4) An understanding of personal finance is necessary to judge the quality of advice that a
financial adviser may give.
Answer: TRUE
Diff: 1 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
5) FP Canada is a profit-oriented organization created to benefit the public with regards to
financial planning.
Answer: FALSE
Diff: 1 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
,6) Saving money for the downpayment on a house instead of saving for retirement is an example
of an opportunity cost.
Answer: TRUE
Diff: 2 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Applied
7) Generally, savings in an emergency fund will tend to earn higher interest than savings in a
retirement plan.
Answer: FALSE
Diff: 2 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
8) If you have sufficient available credit there is no reason to consider holding liquid cash in an
emergency fund.
Answer: FALSE
Diff: 2 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Applied
9) As long as you stay within your budget of spending $100 per month on eating out, there is no
opportunity cost.
Answer: FALSE
Diff: 2 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Applied
10) Taxes should have a minimal impact on your financial choices.
Answer: FALSE
Diff: 1 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
11) Risk management may include deciding not to protect yourself against a given risk.
Answer: TRUE
Diff: 2 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
, 12) The historical average for the household savings rate is 3.2 percent.
Answer: FALSE
Diff: 1 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
13) From 2000 to 2018, the level of household debt relative to disposable income has decreased
from 174.9 percent to 106.9 percent.
Answer: FALSE
Diff: 1 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
14) The delinquency rate on 90-day non-mortgage debt rose 3.5 percent to 1.12 percent in the
first quarter of 2019.
Answer: TRUE
Diff: 1 Type: TF
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
15) Which of the following best describes the level of debt for Canadians?
A) The outstanding balance on credit cards has never exceeded $100 billion.
B) The household savings rate has been above the historical average since late 2015.
C) From 2000 to 2018 household debt relative to disposable income has increased from 106.9
percent to 174.9 percent.
D) As of January 2020 the per capita debt of Canadians is $48,829.
Answer: C
Diff: 2 Type: MC
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
16) Which of the following life stages involves the fewest objectives and milestones?
A) Late retirement
B) Prime earning
C) Early career
D) Education
Answer: D
Diff: 1 Type: MC
Categories: Benefit From Understanding Personal Finance
Financial Type: Qualitative
Skill Type: Recall
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