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Exam (elaborations)

FINP 235 EXAM 1 UPDATED QUESTIONS AND CORRECT ANSWERS

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FINP 235 EXAM 1 UPDATED QUESTIONS AND CORRECT ANSWERS

Institution
FINP 235
Course
FINP 235

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FINP 235 EXAM 1 UPDATED QUESTIONS
AND CORRECT ANSWERS.




Percentage of grade for each category - ANS quizzes 30
assignments 30
exams 30
reflection video 10



when are quizzes and assignments due - ANS sunday 11:59pm



which attempt of the quiz is kept - ANS first



what will material from the videos be included on - ANS exam



what does the exam consist of - ANS multiple choice and t/f



what are some common american solutions to debt - ANS marriage, lottery/gambling,
inheritance, sue



first step to financial well being - ANS financial skill



second step to financial well being - ANS financial behavior

1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED

,third step to financial well being - ANS financial situation



fourth step to financial well being - ANS financial well being



what is financial well being - ANS the ability to meet current and ongoing financial
obligations, feel secure in your financial future, and be able to make choices that allow
enjoyment in life



what are the four elements of financial well being - ANS security & freedom of choice,
present & future



first step of financial planning procress - ANS assess your wealth (scale)



second step of financial planning process - ANS set financial goals (the rock)



third step of financial planning progress - ANS budget income & expenses (calendar plan)



what is wealth made of - ANS assets-liabilities



what is an asset - ANS what you own



what is a liability - ANS what you owe



synonym for wealth - ANS net worth



what are the types of assets - ANS tangible and intangible


2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED

, examples of tangible assets - ANS car, house, cash



examples of intangible assets - ANS bank accounts, 401k, cash



what type of asset is more liquid - ANS intangible



what are the types of liabilities - ANS current or long term



examples of current liabilities - ANS credit card current balance



what is a current liability - ANS due in full in less than a year



what is a long term liability - ANS due in full in over a year



examples of long term liability - ANS student loan, home loan, auto loan



positive net wealth means you are - ANS solvent



negative net wealth means you are - ANS insolvent



how much is an aggie ring - ANS small 900, large 2000



how much is a house - ANS usa- 404k texas- 399k



how much is a child - ANS 314k, 0-18 no college


3 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED
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