Test Bank For Personal Finance 13th Edition by E. Thomas Garman

Test Bank For Personal Finance 13th Edition by E. Thomas Garman

Chapter 03—Financial Statements, Tools, and Budgets

1. Financial planning focuses primarily on spending wisely.a.  Trueb.  FalseANSWER:   FalsePOINTS:   1DIFFICULTY:   EasyREFERENCES:   Identify your financial values, goals and strategiesQUESTION TYPE:   True / FalseHAS VARIABLES:   FalseKEYWORDS:   Bloom’s: UnderstandingOTHER:   AnalyticNOTES:   financial planning also includes the management of risk and plans for capital accumulation 3.1DATE CREATED:   9/22/2017 12:59 AMDATE MODIFIED:   9/26/2017 1:24 AM 2. Financial planning begins by acquiring a good job that provides a person with enough extra income to manage.a.  Trueb.  FalseANSWER:   FalsePOINTS:   1DIFFICULTY:   ModerateREFERENCES:   Identify your financial values, goals and strategiesQUESTION TYPE:   True / FalseHAS VARIABLES:   FalseKEYWORDS:   Bloom’s: UnderstandingOTHER:   AnalyticNOTES:   financial planning begins by examining values and setting financial goals. 3.1DATE CREATED:   9/22/2017 1:00 AMDATE MODIFIED:   9/26/2017 1:27 AM 3. Financial planning is the process of developing and implementing short-term plans to achieve financial objectives.a.  Trueb.  FalseANSWER:   FalsePOINTS:   1DIFFICULTY:   EasyREFERENCES:   Identify your financial values, goals and strategiesQUESTION TYPE:   True / FalseHAS VARIABLES:   FalseKEYWORDS:   Bloom’s: RememberingOTHER:   AnalyticNOTES:   financial planning is long-term. 3.1DATE CREATED:   9/22/2017 1:01 AMDATE MODIFIED:   9/26/2017 1:27 AM 4. Financial planning is a single, customized plan regarding a person’s financial affairs.a.  Trueb.  FalseANSWER:   FalsePOINTS:   1DIFFICULTY:   EasyREFERENCES:   Identify your financial values, goals and strategiesQUESTION TYPE:   True / FalseHAS VARIABLES:   FalseKEYWORDS:   Bloom’s: UnderstandingOTHER:   AnalyticNOTES:   financial planning involves a series of plans. 3.1DATE CREATED:   9/22/2017 1:03 AMDATE MODIFIED:   9/26/2017 1:29 AM 5. Financial planning is only for the rich.a.  Trueb.  FalseANSWER:   FalsePOINTS:   1DIFFICULTY:   EasyREFERENCES:   Identify your financial values, goals and strategiesQUESTION TYPE:   True / FalseHAS VARIABLES:   FalseKEYWORDS:   Bloom’s: UnderstandingOTHER:   AnalyticNOTES:   people of all income and wealth levels benefit from doing financial planning. 3.1DATE CREATED:   9/22/2017 1:04 AMDATE MODIFIED:   9/26/2017 1:29 AM 6. Values have little impact on financial goals.a.  Trueb.  FalseANSWER:   FalsePOINTS:   1DIFFICULTY:   EasyREFERENCES:   Identify your financial values, goals and strategiesQUESTION TYPE:   True / FalseHAS VARIABLES:   FalseKEYWORDS:   Bloom’s: UnderstandingOTHER:   AnalyticNOTES:   personal values are the starting point for setting financial goals. 3.1DATE CREATED:   9/22/2017 1:05 AMDATE MODIFIED:   9/26/2017 1:30 AM 7. It is not necessary that your values be consistent with your financial and lifestyle goals.a.  Trueb.  FalseANSWER:   FalsePOINTS:   1DIFFICULTY:   EasyREFERENCES:   Identify your financial values, goals and strategiesQUESTION TYPE:   True / FalseHAS VARIABLES:   FalseKEYWORDS:   Bloom’s: UnderstandingOTHER:   AnalyticNOTES:   financial and lifestyle goals should be consistent with your valuesDATE CREATED:   9/22/2017 1:07 AMDATE MODIFIED:   9/26/2017 1:31 AM8. Values are fundamental beliefs regarding what consumer goods are worth.a.  Trueb.  FalseANSWER:   FalsePOINTS:   1DIFFICULTY:   EasyREFERENCES:   Identify your financial values, goals and strategiesQUESTION TYPE:   True / FalseHAS VARIABLES:   FalseKEYWORDS:   Bloom’s: UnderstandingOTHER:   AnalyticDATE CREATED:   9/22/2017 1:09 AMDATE MODIFIED:   9/26/2017 1:31 AM