Financial Literacy Chapter 10 Personal
Financial Planning UPDATED ACTUAL
Questions and CORRECT Answers
Personal Financial Planning - CORRECT ANSWER - Arranging to spend, save and invest
money to live comfortably, have financial security and achieve goals
Goals - CORRECT ANSWER - The things you want to accomplish
Values - CORRECT ANSWER - The beliefs and principles you consider important,
correct, and desirable
Need - CORRECT ANSWER - Something you must have to survive
Want - CORRECT ANSWER - Something you desire or would like to have or do.
Liquidity - CORRECT ANSWER - Ability to easily convert financial assets into cash
without loss in value
Take home income - CORRECT ANSWER - The difference between your wages and
deductions
Variable expenses - CORRECT ANSWER - Expenses that change each month
Short term goals - CORRECT ANSWER - Goals that take one year or less to achiev
Intermediate goals - CORRECT ANSWER - Goals that take two to five years to achieve
Financial Planning UPDATED ACTUAL
Questions and CORRECT Answers
Personal Financial Planning - CORRECT ANSWER - Arranging to spend, save and invest
money to live comfortably, have financial security and achieve goals
Goals - CORRECT ANSWER - The things you want to accomplish
Values - CORRECT ANSWER - The beliefs and principles you consider important,
correct, and desirable
Need - CORRECT ANSWER - Something you must have to survive
Want - CORRECT ANSWER - Something you desire or would like to have or do.
Liquidity - CORRECT ANSWER - Ability to easily convert financial assets into cash
without loss in value
Take home income - CORRECT ANSWER - The difference between your wages and
deductions
Variable expenses - CORRECT ANSWER - Expenses that change each month
Short term goals - CORRECT ANSWER - Goals that take one year or less to achiev
Intermediate goals - CORRECT ANSWER - Goals that take two to five years to achieve
