Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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1.
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There
are Five Steps in the Financial Planning Process. What is the first step in the
process? a. | Create a
plan | d. | Set
goals | b. | Analyze information | e. | Make a decision and take action | c. | Monitor and
modify | | | | |
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2.
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What
is the purpose of goal setting in the financial planning process? a. | To provide
direction for planning and action | c. | To differentiate between needs and
wants | b. | To clarify goal ranges | d. | To facilitate decision-making | | | | |
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3.
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There
are Five Steps in the Financial Planning Process. What is fifth step in the
process? a. | Create a
plan | d. | Set
goals | b. | Analyze information | e. | Make a decision and take action | c. | Monitor and
modify | | | | |
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4.
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In
Step Two (2) of the Financial Planning Process, you would analyze information. What option
below would need to be considered to analyze information? a. | Review your
plan | c. | Needs and
wants | b. | Take action | d. | Income/Saving and Spending Log | | | | |
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Matching
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Choose from the list below, the correct choice that BEST completes the
question.. There are 11 matching questions, so be sure the answer any questions on the back of
this page.
a. | Establish your
criteria | j. | Financial
Planning | b. | Evaluate the results | k. | Short-term Financial Goal | c. | Identify your
goal | l. | Delayed
Gratification | d. | Make your decision | m. | Long-term Financial Goal | e. | Examine your
options | n. | Prioritize | f. | Weigh your pros and cons | o. | Needs | g. | Intermediate
Financial Goal | p. | Cash
Flow | h. | Wants | q. | Values | i. | Opportunity Costs | r. | Satellite Decision | | | | |
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5.
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A
financial goal that you want to achieve in a time-frame of 3 months to 1 year.
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6.
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A
process of setting goals, developing a plan to achieve them and putting the plan into
action.
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7.
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A
financial goal that you want to achieve in a time-frame of longer than one-year.
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8.
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Smaller decisions that result from the major decision.
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9.
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When
you give up the choice of using a resource in one manner for use in an alternative manner; a
trade-off.
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10.
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A
choice to give up something you want now to get something even better in the future.
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11.
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The
basic items that we must have to survive (food, shelter, etc.)
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12.
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Our
beliefs and practices in our life that are important to us.
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13.
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The
things that make life more interesting, fun, and or pleasurable; you could live without these
items.
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14.
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A
financial goal that you want to achieve in a time-frame of one day to three months.
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15.
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To
list or rate in order.
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