Bus 110 Exam 1 2026 Questions and
Answers
Financial Plan - Correct answer-Goal-based activity related to future income,
spending, investment, protection, and giving
Money Personality - Correct answer-Style and habits of money management
Personal Values - Correct answer-Those things that are most important to you and
to which you must be true to lead a happy fulfilled life
Voluntary Simplicity - Correct answer-A simplified lifestyle, where unvalued
consumption and clutter are reduced
Frugal - Correct answer-Avoiding waste; To be resourceful when fulfilling one's
need for goods and services
Enough - Correct answer-Point at which increased spending has a diminishing rate
of fulfillment
90-10 Rule - Correct answer-Saving 10% of income and living on 90%
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, 80-10-10 Rule - Correct answer-Living on 80% of income, and saving 10%, and
giving away 10%
Personal Financial Success - Correct answer-Achieving financial goals and living
life in accordance with your values, visions, and mission
Financial Independence - Correct answer-Sufficient means to support oneself
Passive Income - Correct answer-Income received from investments and savings
Non-Earned Income - Correct answer-Defined by the IRS as income from
investments
Financial Literacy - Correct answer-Ability to understand finances
401(k) Retirement Plan - Correct answer-Money set aside to be used after the
worker retires
Downshifting - Correct answer-Giving up all or part of one's work commitment
and income in exchange for an improved quality of life
Dollar Cost Averaging - Correct answer-Investing a fixed dollar amount at regular
intervals
Investment Account - Correct answer-Outlay of money in a bank or stock with the
objective of making a profit
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Answers
Financial Plan - Correct answer-Goal-based activity related to future income,
spending, investment, protection, and giving
Money Personality - Correct answer-Style and habits of money management
Personal Values - Correct answer-Those things that are most important to you and
to which you must be true to lead a happy fulfilled life
Voluntary Simplicity - Correct answer-A simplified lifestyle, where unvalued
consumption and clutter are reduced
Frugal - Correct answer-Avoiding waste; To be resourceful when fulfilling one's
need for goods and services
Enough - Correct answer-Point at which increased spending has a diminishing rate
of fulfillment
90-10 Rule - Correct answer-Saving 10% of income and living on 90%
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, 80-10-10 Rule - Correct answer-Living on 80% of income, and saving 10%, and
giving away 10%
Personal Financial Success - Correct answer-Achieving financial goals and living
life in accordance with your values, visions, and mission
Financial Independence - Correct answer-Sufficient means to support oneself
Passive Income - Correct answer-Income received from investments and savings
Non-Earned Income - Correct answer-Defined by the IRS as income from
investments
Financial Literacy - Correct answer-Ability to understand finances
401(k) Retirement Plan - Correct answer-Money set aside to be used after the
worker retires
Downshifting - Correct answer-Giving up all or part of one's work commitment
and income in exchange for an improved quality of life
Dollar Cost Averaging - Correct answer-Investing a fixed dollar amount at regular
intervals
Investment Account - Correct answer-Outlay of money in a bank or stock with the
objective of making a profit
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
