EPF.17 QUIZ
Financial Planning and Goal Setting Quiz
Test your knowledge on financial planning concepts and goal-setting principles with this engaging quiz. Perfect for anyone looking to improve their understanding of personal finance!
- Explore key terms like net worth and anticipated income
- Understand the importance of budgeting and personal property records
- Learn about long-term financial goals and economic influences
A person (or business) desires to obtain something over a period of time is considered a _____________
A want
A short-term goal
A need
A long-term goal
Goal setting consists of five parts that include
Something, measurable, attainable, redundant and timely
Specific, measurable, attainable, relevant and timely
Specific, massive, attainable, relevant and tight
Significant, movable, affordable, risky and timely
Anticipated income consists of all the following; salary, allowance, wages and bonuses
TRUE
FALSE
The definition of net worth is the difference between the ________ and the ___________ of an individual or a company
Inventory, theft
Shortages, liabilities
Assets, consumables
Assets, liabilities
It is important to take and keep a record of your personal property
TRUE
FALSE
A budget should account for discretionary spending
TRUE
FALSE
The three things that influence financial planning are_____________
Inflation, deregulation and stagflation
One nation, indivisible and liberyt for all
Inflation, deflation and stagflation
Creation, destination and donation
Economics concepts affect financial planning including all but WHICH of the following principles
People have little choice in decision-making
All choices have consequences
Every choice has an opportunity cost
People make choices because of scarcity
Because of principles in finanicl planning, there is a tradeoff between ______________ now and ___________
Losing, winning
Sorting, saving
Spending, saving
Buying, selling
A long-term financial goal anticipates to make major purchases that requires savings, whichof the following is NOT an example of a long-term financial goal
Home ownership
Buying groceries
Retirement
Post-secondary education
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