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Post Test
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1
When prices are increasing at a rate of 12 percent, the cost of products would double in about 6 years.
A)True
B)False
2
The potential interest earned for every dollar you save and invest is referred to as the time value of investment savings.
A)True
B)False
3
Financial planning involves a set of specific techniques that are effective for every individual and household.
A)True
B)False
4
The higher the liquidity, the easier and faster it is for you to have access to your money.
A)True
B)False
5
If you want to withdraw $100 each year from an investment account drawing 8% annual interest, you should calculate the required deposit using the 'future value of a series of deposits' calculation.
A)True
B)False
6
Personal financial planning has the main goal of
A)saving and investing for future needs.
B)reducing tax liability in a given year.
C)putting money to work and living within your means.
D)spending strategically so as to get richer sooner.
E)saving, spending, and borrowing to meet your current needs.
7
The use of financial institution services will be most evident in your efforts to
A)develop your finances.
B)evaluate and revise your financial actions.
C)analyze your current personal and financial situation.
D)implement a financial plan.
E)calculate your net worth.
8
If Jeanne Taillefer plans to set aside funds for her young children's college education, she is setting a(n) ____________ goal.
A)intermediate
B)long-term
C)short-term
D)optimistic
E)durable
9
The major purpose of a financial plan is to
A)reduce taxes as much as possible.
B)increase savings so as to invest.
C)achieve financial goals.
D)improve your credit rating.
E)assure a comfortable retirement.
10
A declaration of bankruptcy is often associated with poor decision-making in the ______________ component of financial planning.
A)short-term
B)saving
C)consumption
D)borrowing
E)insurance





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