FPWeek1Quiz.doc - Luis Travieso FP/120 WEEK 1 QUIZ o 1.The...

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Luis Travieso o FP/120 WEEK 1 QUIZ 1.The stages that an individual goes through based on family and financial needs is called the 1. Financial planning process 2. Budgeting procedure 3. Adult life cycle 4. Personal economic cycle 2. The Rule of 72 is 1. A tool to determine the number of years until retirement for an employee 2. Used to estimate how long it takes for prices to double using a given annual inflation rate 3. The legal code for requiring companies to provide a match on retirement savings 4. Used to calculate interest rates for savings 3. Short-term goals are: 1. Goals to be attained within a year or so 2. Contain college plans for children 3. Creating an estate plan 4. Making a big purchase 4. To calculate the time value of money, we need to consider all of the following except the 1. Amount of the savings
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