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Question 1.1. (TCO 1) The danger of lost buying power during times of rising prices is referred to as (Points : 1)

inflation risk. economic risk. personal risk. interest-rate risk. money risk.

Question 2.2. (TCO 1) In financial planning, a major activity component involves the (Points : 1)

allocation of current resources for spending. evaluation of investment alternatives. evaluation of one's career. selection of insurance coverage. establishment of credit.

Question 3.3. (TCO 1) The Federal Reserve has the responsibility to (Points : 1)

monitor illegal business activities. approve spending by Congress. set federal income tax rates. maintain an adequate supply of money. maintain a balanced budget for the federal government.

Question 4.4. (TCO 1) The _____ refers to stages that an individual goes through based on age, financial needs, and family situation. (Points : 1)

financial planning process financial cycle adult life cycle personal economic cycle tax planning process

Question 5.5. (TCO 1) If you want your money to double in 12 years, what rate of return would you need to earn? (Points : 1)

6% 8% 9% 10% 12%

Question 6.6. (TCO 1) Higher employment levels can be attributed to (Points : 1)

lower consumer prices. reduced employment levels. lower interest rates. higher employment levels. increased consumer spending.

Question 7.7. (TCO 1) When it comes to the financial planning process, the first step is to (Points : 1)

develop financial goals. implement the financial plan. evaluate and revise your actions. analyze your current personal and financial situation. create a financial plan of action.

Question 8.8. (TCO 1) The simple calculation of interest can be performed by multiplying the amount in a savings account by the (Points : 1)

annual interest rate. annual interest rate and the time period. number of months in a year. time period and number of months. time period.

Question 9.9. (TCO 1) Which goal below would be the easiest to implement and measure in terms of accomplishment? (Points : 1)

"Reduce our debt payments." Save $100 a month to create a $4,000 emergency fund." "Save funds for an annual vacation." "Invest $2,000 a year for retirement."

Question 10.10. (TCO 1) _____ risk refers to the changing cost of money. (Points : 1)

Monetary Inflation Economic Personal Interest rate

Question 11.11. (TCO 1) In order to evaluate present value scenarios, _____ is/are needed. (Points : 1)

multiplication compounding simple interest calculations discounting payment information

Question 12.12. (TCO 1) Barb Hotchkins is in the 28% tax bracket. A tax-exempt employee benefit with a value of $600 would have a tax-equivalent value of (Points : 1)

$678. $628. $833. $300. $168.

Question 13.13. (TCO 1) In order to evaluate one's current financial position (including net worth), the best tool that can be used is a (Points : 1)

budget. cash flow statement. bank statement. time-value-of-money report. balance sheet.

Question 14.14. (TCO 1) A _____ résumé would best be used by an employee who has worked in many fields and has a variety of skills in a variety of work-related categories. (Points : 1)

targeted goal-oriented chronological functional career change

Question 15.15. (TCO 1) When a prospective employee presents a _____ résumé, this means that educational and work experiences are presented in a reverse time sequence. (Points : 1)

goal-oriented functional sequenced chronological database

Question 16.16. (TCO 1) A lack of _____ refers to a lack of willingness to accept a variety of employment positions and is a common career planning mistake. (Points : 1)

common sense flexibility training communication perseverance

Question 17.17. (TCO 1) The distinction between current liabilities and long-term liabilities can be made based upon the (Points : 1)

amount owed. due date of the debt. interest rate charged. financial situation of the creditor. current economic conditions.

Question 18.18. (TCO 1) Personal balance sheets can be used to analyze (Points : 1)

future income and expenses. the net worth of an organization. the cash flow of an individual or a family. debt payment activities. what an individual or family owes and owns.

Question 19.19. (TCO 1) A person's financial position can be improved if he or she experiences (Points : 1)

increased liabilities. reductions in earnings. additional credit purchases. an increase in investments and savings. lower amounts deposited in savings.

Question 20.20. (TCO 1) Which of the following situations best represents an individual facing insolvency? (Points : 1)

Assets $30,000; liabilities $37,000 Assets $78,000; net worth $22,000 Liabilities $45,000; net worth $6,000 Assets $56,000; annual expenses $60,000 Annual cash inflows $45,000; liabilities $50,000