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

TESTs4 BANKs 4 FORs4Introductions4tos4Personals4Finances4Beginnings4Yours4Fina
Journey,
ncial s42nds4Editions4Johns4E.s4Grable,s4Lances4Palmer


Chapters41 Beginnings4Yours4Financials4Journey:s4Thes4Interiors4Finances4Points4ofs4View

1) Whichs4ofs4thes4followings4referss4tos4one'ss4abilitys4tos4understands4ands4uses4person
als4finances4information?
A) Financials4risks4tolerance.
B) Financials4well-being.
C) Financials4knowledge.
D) Financials4ability
.s4Answer:s 4 C
Explanation:s 4 Financials4knowledges4iss4thes4abilitys4tos4understands4personals4finances4information
.s4Knowings4whos4yous4are,s4wheres4yous4wants4tos4go,s4ands4whats4skillss4yous4currentlys4possesss4ares
4essentials4factorss4shapings4yours4financials4journey.
Diff:s41
LO:s 4 1.1,s4Sections4
1.1s4Bloom:s 4 K
AACSBs4/s4IMA:s 4 none;s4nones4
AICPA:s 4 FC:s4none
Min:s 4 s 4 1

2) Peoples4whos4believes4thats4whats4happenss4tos4thems4iss4baseds4ons4fates4ors4lucks4mights4views4th
eirs4financials4journeys4ass4beings4uncertain.s4Thiss4iss4ans4examples4of
A) financials4risks4tolerance.
B) financials4literacy.
C) feelingss4ofs4control.
D) financials4ability
.s4Answer:s 4 C
Explanation:s 4 Feelingss4ofs4controls4iss4thes4amounts4ofs4controls4yous4feels4yous4haves4whens4
makings4financials4decisions.s4Peoples4whos4believes4thats4whats4happenss4tos4thems4iss4baseds4ons
4lucks4ors4fates4mights4views4theirs4financials4journeys4ass4uncertain.
Diff:s41
LO:s 4 1.1,s4Sections4
1.1s4Bloom:s 4 C
AACSBs4/s4IMA:s 4 none;s4nones4
AICPA:s 4 FC:s4none
Min:s 4 s 4 1




1

,3) Internals4finances4includess4your
A) financials4knowledge.
B) financials4risks4tolerance.
C) feelingss4ofs4control.
D) Alls4ofs4thes4choicess4ares4corr
ect.s4Answer:s 4 D
Explanation:s 4 Internals4finances4iss4essentiallys4thes4combinations4ofs4financials4knowledge,s4fin
ancials4risks4tolerance,s4ands4feelingss4ofs4control.
Diff:s41
LO:s 4 1.1,s4Sections4
1.1s4Bloom:s 4 K
AACSBs4/s4IMA:s 4 none;s4nones4
AICPA:s 4 FC:s4none
Min:s 4 s 4 1

4) Whichs4ofs4thes4followings4referss4tos4yours4confidences4ands4peaces4ofs4minds4regardings4you
rs4financials4situation?
A) Financials4literacy.
B) Financials4well-being.
C) Financials4knowledge.
D) Financials4ability
.s4Answer:s 4 B
Explanation:s 4 Financials4well-
beings4iss4yours4confidences4ands4peaces4ofs4minds4regardings4yours4financials4situation.s4Yours4fin
ancials4well-
beings4wills4increases4ass4yous4applys4yours4financials4knowledge,s4develops4skills,s4ands4organize
s4yours4financess4tos4achieves4yours4personals4goals.
Diff:s42
LO:s41.1,s4Sections41.
1s4Bloom:s 4 C
AACSBs4/s4IMA:s 4 none;s4nones4
AICPA:s 4 FC:s4none
Min:s 4 s 4 1

5) Ins4additions4tos4financials4knowledge,s4whichs4ofs4thes4followings4iss4importants4ins4shapings4yo
urs4views4ofs4thes4financials4world?
A) Financials4risks4tolerance,s4only.
B) Feelingss4ofs4control,s4only.
C) Financials4well-beings4only.
D) Financials4risks4tolerances4ands4feelingss4ofs4con
trol.s4Answer:s 4 D
Explanation:s 4 Ours4financials4decisionss4cans4bes4baseds4ons4as4biaseds4views4ofs4thes4financials4w
orld,s4whichs4iss4baseds4ons4thes4combinations4ofs4ours4financials4knowledge,s4financials4risks4tol
erance,s4ands4feelingss4ofs4s4control.
Diff:s42
LO:s 4 1.1,s4Sections4
1.1s4Bloom:s 4 C
AACSBs4/s4IMA:s 4 none;s4nones4
2

,AICPA:s 4 FC:s4none
Min:s 4 s 4 1




3

, 6) Whichs4ofs4thes4followings4referss4tos4yours4willingnesss4tos4engages4ins4financials4endeavors
s4thats4haves4uncertains4outcomes?
A) Financials4literacy.
B) Financials4risks4tolerance.
C) Financials4knowledge.
D) Financials4ability
.s4Answer:s 4 B
Explanation:s 4 Yours4financials4risks4tolerances4iss4yours4willingnesss4tos4engages4ins4financials4e
ndeavorss4thats4haves4uncertains4outcomes.
Diff:s41
LO:s 4 1.1,s4Sections4
1.1s4Bloom:s 4 K
AACSBs4/s4IMA:s 4 none;s4nones4
AICPA:s 4 FC:s4none
Min:s 4 s 4 1

7) Whichs4ofs4thes4followings4iss4measureds4bys4addings4ups4hows4muchs4thes4Uniteds4Statess4
producess4ins4goodss4ands4servicess4ins4as4year?
A) Grosss4domestics4product.
B) Thes4costs4ofs4goodss4sold.
C) Financials4literacy.
D) Financials4risks4toleranc
e.s4Answer:s 4 A
Explanation:s 4 Grosss4domestics4products4(GDP)s4iss4measureds4bys4addings4ups4hows4muchs4as4c
ountrys4producess4ins4goodss4ands4servicess4ins4as4year.
Diff:s41
LO:s 4 1.1,s4Sections4
1.1s4Bloom:s 4 K
AACSBs4/s4IMA:s 4 none;s4nones4
AICPA:s 4 FC:s4none
Min:s 4 s 4 1

8) Hows4muchs4ofs4GDPs4consistss4ofs4consumers4spending?
A) 46%.
B) 50%.
C) 60%.
D) 66%.
Answer:s 4 s 4 D
Explanation:s 4 Ins42020,s4thes4U.S.s4GDPs4wass4$19.80s4trillions4ands4nearlys4two-
thirdss4(66%)s4ofs4GDPs4consistss4ofs4consumers4spending.
Diff:s41
LO:s 4 1.1,s4Sections4
1.1s4Bloom:s 4 K
AACSBs4/s4IMA:s 4 none;s4nones4
AICPA:s 4 FC:s4none
Min:s 4 s 4 1

4