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. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Identify your financial values, goals and strategies
QUESTION TYPE: True / False
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: financial planning also includes the management of risk and plans for capital accumulation 3.1
DATE CREATED: 9/22/2017 12:59 AM
DATE 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. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Identify your financial values, goals and strategies
QUESTION TYPE: True / False
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: financial planning begins by examining values and setting financial goals. 3.1
DATE CREATED: 9/22/2017 1:00 AM
DATE 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. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Identify your financial values, goals and strategies
QUESTION TYPE: True / False
HAS VARIABLES: False
KEYWORDS: Bloom’s: Remembering
OTHER: Analytic
NOTES: financial planning is long-term. 3.1
DATE CREATED: 9/22/2017 1:01 AM
DATE MODIFIED: 9/26/2017 1:27 AM
4. Financial planning is a single, customized plan regarding a person’s financial affairs.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Identify your financial values, goals and strategies
QUESTION TYPE: True / False
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: financial planning involves a series of plans. 3.1
DATE CREATED: 9/22/2017 1:03 AM
DATE MODIFIED: 9/26/2017 1:29 AM
5. Financial planning is only for the rich.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Identify your financial values, goals and strategies
QUESTION TYPE: True / False
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: people of all income and wealth levels benefit from doing financial planning. 3.1
DATE CREATED: 9/22/2017 1:04 AM
DATE MODIFIED: 9/26/2017 1:29 AM
6. Values have little impact on financial goals.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Identify your financial values, goals and strategies
QUESTION TYPE: True / False
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: personal values are the starting point for setting financial goals. 3.1
DATE CREATED: 9/22/2017 1:05 AM
DATE MODIFIED: 9/26/2017 1:30 AM
7. It is not necessary that your values be consistent with your financial and lifestyle goals.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Identify your financial values, goals and strategies
QUESTION TYPE: True / False
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: financial and lifestyle goals should be consistent with your values
DATE CREATED: 9/22/2017 1:07 AM
DATE MODIFIED: 9/26/2017 1:31 AM
8. Values are fundamental beliefs regarding what consumer goods are worth.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Identify your financial values, goals and strategies
QUESTION TYPE: True / False
HAS VARIABLES: False
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
DATE CREATED: 9/22/2017 1:09 AM
DATE MODIFIED: 9/26/2017 1:31 AM
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