FULL TEST BANK For Introduction to Personal Finance: Beginning Your Financial Journey 2nd Edition by John E. Grable Latest Update Graded A+

TESTs2 BANKs 2 FORs2Introductions2tos2Personals2Finances2Beginnings2Yours2Financ
Journey,
ial s22nds2Editions2Johns2E.s2Grable,s2Lances2Palmer


Chapters21 Beginnings2Yours2Financials2Journey:s2Thes2Interiors2Finances2Points2ofs2View

1) Whichs2ofs2thes2followings2referss2tos2one'ss2abilitys2tos2understands2ands2uses2person
als2finances2information?
A) Financials2risks2tolerance.
B) Financials2well-being.
C) Financials2knowledge.
D) Financials2ability
.s2Answer:s 2 C
Explanation:s 2 Financials2knowledges2iss2thes2abilitys2tos2understands2personals2finances2information
.s2Knowings2whos2yous2are,s2wheres2yous2wants2tos2go,s2ands2whats2skillss2yous2currentlys2possesss2ares
2essentials2factorss2shapings2yours2financials2journey.
Diff:s21
LO:s 2 1.1,s2Sections2
1.1s2Bloom:s 2 K
AACSBs2/s2IMA:s 2 none;s2nones2
AICPA:s 2 FC:s2none
Min:s 2 s 2 1

2) Peoples2whos2believes2thats2whats2happenss2tos2thems2iss2baseds2ons2fates2ors2lucks2mights2views2th
eirs2financials2journeys2ass2beings2uncertain.s2Thiss2iss2ans2examples2of
A) financials2risks2tolerance.
B) financials2literacy.
C) feelingss2ofs2control.
D) financials2ability
.s2Answer:s 2 C
Explanation:s 2 Feelingss2ofs2controls2iss2thes2amounts2ofs2controls2yous2feels2yous2haves2whens2
makings2financials2decisions.s2Peoples2whos2believes2thats2whats2happenss2tos2thems2iss2baseds2ons
2lucks2ors2fates2mights2views2theirs2financials2journeys2ass2uncertain.
Diff:s21
LO:s 2 1.1,s2Sections2
1.1s2Bloom:s 2 C
AACSBs2/s2IMA:s 2 none;s2nones2
AICPA:s 2 FC:s2none
Min:s 2 s 2 1




1

,3) Internals2finances2includess2your
A) financials2knowledge.
B) financials2risks2tolerance.
C) feelingss2ofs2control.
D) Alls2ofs2thes2choicess2ares2corr
ect.s2Answer:s 2 D
Explanation:s 2 Internals2finances2iss2essentiallys2thes2combinations2ofs2financials2knowledge,s2fin
ancials2risks2tolerance,s2ands2feelingss2ofs2control.
Diff:s21
LO:s 2 1.1,s2Sections2
1.1s2Bloom:s 2 K
AACSBs2/s2IMA:s 2 none;s2nones2
AICPA:s 2 FC:s2none
Min:s 2 s 2 1

4) Whichs2ofs2thes2followings2referss2tos2yours2confidences2ands2peaces2ofs2minds2regardings2you
rs2financials2situation?
A) Financials2literacy.
B) Financials2well-being.
C) Financials2knowledge.
D) Financials2ability
.s2Answer:s 2 B
Explanation:s 2 Financials2well-
beings2iss2yours2confidences2ands2peaces2ofs2minds2regardings2yours2financials2situation.s2Yours2fin
ancials2well-
beings2wills2increases2ass2yous2applys2yours2financials2knowledge,s2develops2skills,s2ands2organize
s2yours2financess2tos2achieves2yours2personals2goals.
Diff:s22
LO:s21.1,s2Sections21.
1s2Bloom:s 2 C
AACSBs2/s2IMA:s 2 none;s2nones2
AICPA:s 2 FC:s2none
Min:s 2 s 2 1

5) Ins2additions2tos2financials2knowledge,s2whichs2ofs2thes2followings2iss2importants2ins2shapings2yo
urs2views2ofs2thes2financials2world?
A) Financials2risks2tolerance,s2only.
B) Feelingss2ofs2control,s2only.
C) Financials2well-beings2only.
D) Financials2risks2tolerances2ands2feelingss2ofs2con
trol.s2Answer:s 2 D
Explanation:s 2 Ours2financials2decisionss2cans2bes2baseds2ons2as2biaseds2views2ofs2thes2financials2w
orld,s2whichs2iss2baseds2ons2thes2combinations2ofs2ours2financials2knowledge,s2financials2risks2tol
erance,s2ands2feelingss2ofs2s2control.
Diff:s22
LO:s 2 1.1,s2Sections2
1.1s2Bloom:s 2 C
AACSBs2/s2IMA:s 2 none;s2nones2
2

,AICPA:s 2 FC:s2none
Min:s 2 s 2 1




3

, 6) Whichs2ofs2thes2followings2referss2tos2yours2willingnesss2tos2engages2ins2financials2endeavors
s2thats2haves2uncertains2outcomes?
A) Financials2literacy.
B) Financials2risks2tolerance.
C) Financials2knowledge.
D) Financials2ability
.s2Answer:s 2 B
Explanation:s 2 Yours2financials2risks2tolerances2iss2yours2willingnesss2tos2engages2ins2financials2e
ndeavorss2thats2haves2uncertains2outcomes.
Diff:s21
LO:s 2 1.1,s2Sections2
1.1s2Bloom:s 2 K
AACSBs2/s2IMA:s 2 none;s2nones2
AICPA:s 2 FC:s2none
Min:s 2 s 2 1

7) Whichs2ofs2thes2followings2iss2measureds2bys2addings2ups2hows2muchs2thes2Uniteds2Statess2
producess2ins2goodss2ands2servicess2ins2as2year?
A) Grosss2domestics2product.
B) Thes2costs2ofs2goodss2sold.
C) Financials2literacy.
D) Financials2risks2toleranc
e.s2Answer:s 2 A
Explanation:s 2 Grosss2domestics2products2(GDP)s2iss2measureds2bys2addings2ups2hows2muchs2as2c
ountrys2producess2ins2goodss2ands2servicess2ins2as2year.
Diff:s21
LO:s 2 1.1,s2Sections2
1.1s2Bloom:s 2 K
AACSBs2/s2IMA:s 2 none;s2nones2
AICPA:s 2 FC:s2none
Min:s 2 s 2 1

8) Hows2muchs2ofs2GDPs2consistss2ofs2consumers2spending?
A) 46%.
B) 50%.
C) 60%.
D) 66%.
Answer:s 2 s 2 D
Explanation:s 2 Ins22020,s2thes2U.S.s2GDPs2wass2$19.80s2trillions2ands2nearlys2two-
thirdss2(66%)s2ofs2GDPs2consistss2ofs2consumers2spending.
Diff:s21
LO:s 2 1.1,s2Sections2
1.1s2Bloom:s 2 K
AACSBs2/s2IMA:s 2 none;s2nones2
AICPA:s 2 FC:s2none
Min:s 2 s 2 1

4