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Test Bank for Personal Finance, 9th Canadian Edition by Jack R. Kapoor

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Test Bank for Personal Finance 9ce 9th Canadian Edition by Jack R. Kapoor, Les R. Dlabay, Robert J. Hughes, Lewis Stevenson, Ernest J. Kerst. Full Chapters test bank are included with answers - Chapter 1 to 15 Part 1 PLANNING YOUR PERSONAL FINANCES Chapter 1 Personal Financial Planning: An Intr...

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Chap 01 9ce Kapoor
1) Risks associated with most financial decisions are fairly easy to measure.
⊚ true
⊚ false

2) The financial planning process is complete once you implement your financial plan.
⊚ true
⊚ false

3) Intermediate goals are usually achieved within the next year or so.
⊚ true
⊚ false

4) Planning to buy a car is an example of a durable product goal.
⊚ true
⊚ false

5) Household size is a major influence on personal financial planning decisions.
⊚ true
⊚ false

6) Increased demand for a product or service will usually result in lower prices for the item.
⊚ true
⊚ false

7) Lenders benefit less than borrowers in times of high inflation.
⊚ true
⊚ false

1

,8) When prices are increasing at a rate of 6 percent, the cost of products would double in about
12 years.
⊚ true
⊚ false

9) A decrease in the demand for a product or service may result in a decrease in wages for
people producing that item.
⊚ true
⊚ false

10) Higher inflation usually results in lower interest rates.
⊚ true
⊚ false

11) Opportunity costs refer to time, money, and other resources that are given up when a decision
is made.
⊚ true
⊚ false

12) Time value of money refers to changes in consumer spending when inflation occurs.
⊚ true
⊚ false

13) Gross domestic product (GDP) can be described as the difference between a country's
exports and its imports.
⊚ true
⊚ false

14) Present value is also referred to as compounding.
⊚ true
⊚ false

2

,15) Liquidity is the ability to convert financial resources into usable cash with ease.
⊚ true
⊚ false

16) Risks associated with most financial decisions are difficult to measure.
⊚ true
⊚ false

17) Personal financial planning has the main goal of:
A) Savings and investing for future needs.
B) Reducing a person's tax liability.
C) Managing money to achieve personal economic satisfaction.
D) Spending to achieve financial objectives.
E) Savings, spending, and borrowing based on current needs.

18) The first step of the financial planning process is to
A) develop financial goals.
B) implement the financial plan.
C) determine your current personal and financial situation.
D) evaluate and revise your actions.
E) create a financial plan of action.

19) Opportunity cost refers to:
A) money needed for major consumer purchases.
B) something that you must give up as a result of making a decision
C) the amount paid for taxes when a purchase is made.
D) current interest rates.
E) evaluating different alternatives for financial decisions.

3

, 20) The uncertainty associated with decision making is referred to as:
A) opportunity cost.
B) selection of alternatives.
C) financial goals.
D) personal values.
E) risk.

21) Some savings and investment choices have the potential for higher earnings. However, these
may also be difficult to convert to cash when you need the funds. This problem refers to:
A) Inflation risk
B) Interest rate risk
C) Income risk
D) Personal risk
E) Liquidity risk

22) Which one the following is a personal risk?
A) Interest rates may fall
B) Assets may be stolen
C) Inflation made erode your capital
D) You may be locked into an investment when you need the funds
E) A product might be defective

23) Changes in income, values, and family situation make it necessary to:
A) develop financial goals
B) implement the financial plan.
C) evaluate and revise your actions.
D) analyze your current personal and financial situation.
E) create a financial plan of action.

4

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