Chapter 1 - FINA 1307-002 PERSONAL FINANCE Chapter 1 Review...

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FINA 1307-002 PERSONAL FINANCE Chapter 1 Review Questions True/False 1. Current consumption is spending for the necessities of life. 2. The need for financial planning declines as your income increases. 3. Your mutual funds would be real assets. 4. Financial assets include investments such as stocks and bonds. 5. Utility refers to the amount of satisfaction a person gets from buying certain items. 6. The first step in the financial planning process is to develop financial plans and strategies to achieve goals. 7. Debt is another word for liability. 8. A personal computer can do your financial planning for you. 9. GDP refers to the total earnings of American workers during a year. 10. Inflation means price levels have declined. Multiple Choice 1. Personal financial management is important because it a. controls inflation. b. limits consumption. c. uses money as an end. d. makes personal financial goals easier to achieve. e. lessens economic differences among individuals.
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