Principles of Financial Planning

Question 1

Which of these outcomes become more likely for someone with strong personal finance skills? Check all that apply.A person can avoid opportunity cost.A person can be more prepared to meet basic needs.A person can avoid financial decision-making.A person can spend money thoughtfully to accumulate assets.A person can spend wisely to avoid financial problems.

Revolt · Accepted Answer

A person can be more prepared to meet basic needs.; A person can spend money thoughtfully to accumulate assets.; A person can spend wisely to avoid financial problems.

Question 2

If Mason wants to consider his short-term and long-term goals, which questions should he ask? Check all that apply.

Revolt · Accepted Answer

Do I want the bike this month, or should I wait and buy it during the summer?; Will buying the bike keep me from reaching another goal, like buying a car?; Do I really need the bike, or can I get by with my old one for a while longer?

Question 3

X riskreturn✔ needwant

Revolt · Accepted Answer

✔ need; Paying rent is a , while buying a new video game is a .: need; Paying rent is a , while buying a new video game is a .: want; If you buy a new video game, you cannot pay your cell phone bill. This is an example of .: realizing opportunity cost

Question 4

riskX returnneed✔ want

Revolt · Accepted Answer

✔ want

Question 5

setting a short-term goalsetting a long-term goal✔ realizing opportunity cost

Revolt · Accepted Answer

✔ realizing opportunity cost

Question 6

Question 6

Revolt · Accepted Answer

Paying rent is a , while buying a new video game is a .: need; Paying rent is a , while buying a new video game is a .: want; If you buy a new video game, you cannot pay your cell phone bill. This is an example of .: realizing opportunity cost

Principles of Financial Planning Answers

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