01 - 01 Student 1 Personal financial planning has the main...

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01 Student: ___________________________________________________________________________ 1. 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. 2. 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. 3. Opportunity cost refers to: A. money needed for major consumer purchases. B. the trade-off of a decision. C. the amount paid for taxes when a purchase is made. D. current interest rates. E. evaluating different alternatives for financial decisions. 4. Increased consumer spending will usually cause: 5. The uncertainty associated with decision making is referred to as: 6. 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: 7. The financial planning process concludes with efforts to: A. develop financial goals. B. create a financial plan of action. C. analyze your current personal and financial situation. D. implement the financial plan. E. revaluate and revise your actions.
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8. Changes in income, values, and family situation make it necessary to: 9. As Jeanne Taillefer plans to set aside funds for her young children's college education, she is setting a(n) ____________ goal. 10. ____________ goals relate to personal relationships, health, and education. 11. Brad Opper has a goal of "saving $50 a month for vacation." Brad's goal lacks A. measurable terms. B. a realistic perspective. C. specific actions. D. a tangible end. E. a time frame.
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