NAME: ________________________

The Financial Planning Process Test

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5 Written Questions

5 Multiple Choice Questions

  1. 1. the time frame in which you want to achieve you goals
    2. the financial need that drives you goals
  2. -evaluate your alternatives
    1. know that your choice will always have consequences: opportunity cost and trade off
    2. there is always uncertainty in all choice; make sure to gather info from the correct source
  3. 1. consumer prices
    2. consumer spending
    3. interest reast
  4. S Specific
    M Measurable
    A Attainable
    R Realistic
    T Time-bound
  5. -forces of supply and demand and prices
    -study of how wealth is created and distributed
    -different institutions in the economy
    -federal reserve bank

4 True/False Questions

  1. What is step 6 of the financial planning process?-review and revise you plan;
    1. make to sure asses regularly at least once a year


  2. What are the 6 steps to the financial planning process?1.S
    2. G
    3. I
    4. E
    5. A
    6. R


  3. What are some goals for different financial needs?1. consumer product goals (used up relatively quick)?
    2. durable produce goals (infrequently used)
    3. intangible goals ( health, edu, personal liesure)


  4. What is step 2 of the financial planning process?-develop financial goals
    1. i.d. feelings about money and reasons for those feelings
    2. determine the effect of the economy on your goals and priorities
    3. make sure your goals are you own and specific to your situation


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