Page |1
FHCE Exam 3 Questions and Correct
Answers/ Latest Update / Already Graded
More than ______________ teens are unable to make simple,
everyday choices about spending
Ans: 1 in 6
Only ____________ teens can solve complex financial tasks.
Ans: 1 in 10
______________ percent of US students do not even reach the baseline
level of financial proficiency
Ans: 17.8
Financial Literacy and Education Commission
Ans: established under the Fair and Accurate Credit
Transactions Act of 2003
What was the Financial Literacy and Education Committee tasked to
do?
Ans: develop a national financial education website and a
national strategy on financial education
All rights reserved © 2025/ 2026 |
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What do FLEC plans help you do?
Ans: -achieve your financial goals
-achieve financial independence
-invest intelligently
-minimize your payments to Uncle Sam (the government)
-cover your assets (insurance)
3 stages of financial planning
Ans: 1. the early years
2. the golden years (approaching retirement)
3. the retirement years
Stage 1 of financial planning
Ans: -Develop your savings plan
-Set your initial goals of all lengths
-Establish your long-range investment strategy
-Through age 54
Stage 2 of financial planning
Ans: -Realize immediate term goals
All rights reserved © 2025/ 2026 |
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-Reevaluate the plan to match current goals
-Plan for retirement
-Ages 55 to 64
Stage 3 of financial planning
Ans: -Reduce investment risk
-Concentrate on preservation rather than growth of assets
-Plan your will (transfer of estate
-Ages 65+
Personal Financial Planning Process
Ans: Step 1: Evaluate financial health
Step 2: Define your financial goals
Step 3: Develop a plan of action
Step 4: Implement your plan
Step 5: Review your progress, reevaluate, and revise your plan
Step 1 of Personal Financial Planning
Ans: -Evaluate your current spending, income, and wealth
-Assess your whole financial picture
All rights reserved © 2025/ 2026 |
, Page |4
Step 2 of Personal Financial Planning
Ans: -Define financial goals
-Attach a cost to each goal
-Set a date for when the money is needed to accomplish the
goal
-Goals are the CORNERSTONE of a financial plan
-Goals entice you to keep the plan in effect and answer the
WHY question
Step 3 of Personal Financial Planning
Ans: -Develop a plan of action
Step 4 of Personal Financial Planning
Ans: -Implement your plan
-Your plan is your road map
-Remain positive and stay on track after detours
Step 5 of Personal Financial Planning
Ans: -Revise your plan
-Review your progress
All rights reserved © 2025/ 2026 |
FHCE Exam 3 Questions and Correct
Answers/ Latest Update / Already Graded
More than ______________ teens are unable to make simple,
everyday choices about spending
Ans: 1 in 6
Only ____________ teens can solve complex financial tasks.
Ans: 1 in 10
______________ percent of US students do not even reach the baseline
level of financial proficiency
Ans: 17.8
Financial Literacy and Education Commission
Ans: established under the Fair and Accurate Credit
Transactions Act of 2003
What was the Financial Literacy and Education Committee tasked to
do?
Ans: develop a national financial education website and a
national strategy on financial education
All rights reserved © 2025/ 2026 |
, Page |2
What do FLEC plans help you do?
Ans: -achieve your financial goals
-achieve financial independence
-invest intelligently
-minimize your payments to Uncle Sam (the government)
-cover your assets (insurance)
3 stages of financial planning
Ans: 1. the early years
2. the golden years (approaching retirement)
3. the retirement years
Stage 1 of financial planning
Ans: -Develop your savings plan
-Set your initial goals of all lengths
-Establish your long-range investment strategy
-Through age 54
Stage 2 of financial planning
Ans: -Realize immediate term goals
All rights reserved © 2025/ 2026 |
, Page |3
-Reevaluate the plan to match current goals
-Plan for retirement
-Ages 55 to 64
Stage 3 of financial planning
Ans: -Reduce investment risk
-Concentrate on preservation rather than growth of assets
-Plan your will (transfer of estate
-Ages 65+
Personal Financial Planning Process
Ans: Step 1: Evaluate financial health
Step 2: Define your financial goals
Step 3: Develop a plan of action
Step 4: Implement your plan
Step 5: Review your progress, reevaluate, and revise your plan
Step 1 of Personal Financial Planning
Ans: -Evaluate your current spending, income, and wealth
-Assess your whole financial picture
All rights reserved © 2025/ 2026 |
, Page |4
Step 2 of Personal Financial Planning
Ans: -Define financial goals
-Attach a cost to each goal
-Set a date for when the money is needed to accomplish the
goal
-Goals are the CORNERSTONE of a financial plan
-Goals entice you to keep the plan in effect and answer the
WHY question
Step 3 of Personal Financial Planning
Ans: -Develop a plan of action
Step 4 of Personal Financial Planning
Ans: -Implement your plan
-Your plan is your road map
-Remain positive and stay on track after detours
Step 5 of Personal Financial Planning
Ans: -Revise your plan
-Review your progress
All rights reserved © 2025/ 2026 |
