Personal Finance Flashcards, test questions and answers

Question 1

Which of the following best explains why students should learn about personal finance?

Answer

Learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future.
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Question 2

What are the five steps in the personal finance process?

Answer

1. Decide 2. Educate 3. Commit 4. Believe 5. Achieve
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Question 3

How you benefit from knowing personal finance?

Answer

1. Make your own financial decisions (opportunity cost) 2. Judge the advice of financial advisors (informed decisions) 3. Become a financial advisor (career opportunities)
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Question 4

When it comes to personal finance, the math is easy. What’s challenging is managing your

Answer

behavior
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Question 5

How does tobacco use negatively impact personal finances?

Answer

Tobacco use can negatively impact personal finances through the cost of purchased tobacco products, loss of income due to missed work days, and increased healthcare costs due to the increased risk of illness associated with tobacco use.
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Question 6

Personal finance is the study of how growth-driven performance-focused, early-stage firms raise financial capital and manage operations and assets

Answer

F
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Question 7

Personal finance is the study of how individuals prepare for financial emergencies, protect against premature death and property losses, and accumulate wealth.

Answer

T
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Question 8

Because they are willing to take risks in the pursuit of new opportunities including risks in personal finance failure, ____ need the confidence to act decisively

Answer

Entrepreneurs
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Question 9

Personal Finance Planning

Answer

The process of describing your financial goals and planning your spending, investing and financing in order to help you reach those goals.
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Question 10

T or F? Handling personal finances and preparing meals are examples of activities of daily living (ADLs)

Answer

False
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Personal Finance Flashcards, test questions and answers

We've found 157 Personal Finance tests