Test Bank & Solution manual for Personal Finance, Fourth Canadian Edition (4th Edition) by Jeff Mad 1 © 2019 Pearson Canada Inc. Personal Finance, Canadian Ed., 4e (Madura) Overview of a Financial Plan True/False 1) Many people who believe they have strong personal finance skills do not really understand some basic personal finance concepts. Answer: TRUE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type: Recall 2) The per capita debt of Canadians has multiplied by more than five times since 1981. Answer: FALSE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type: Recall 3) A good example of a personal financial goal would be planning to purchase a home one day. Answer: FALSE Diff: 2 Type: TF Categories: Developing a Financial Plan Financial Type: Qualitative Skill Type: Applied 4) The Financial Planning Standards Council (FPSC)sets out the steps needed to earn the Certified Financial Planner (CFP) designation. Answer: TRUE Diff: 2 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type: Recall 5) A car accident which is not fully covered by your insurance is an example of an unexpected expense you cannot plan for. Answer: FALSE Diff: 2 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type: Applied 2 © 2019 Pearson Canada Inc. 6) An understanding of personal finance is necessary to judge the quality of advice that a financial adviser may give. Answer: TRUE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type: Recall 7) The Financial Planning Standards Council (FPSC) is a profit-oriented organization created to benefit the public with regards to financial planning. Answer: FALSE Diff: 1 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type: Recall 8) Saving money for the downpayment on a house instead of saving for retirement is an example of an opportunity cost. Answer: TRUE Diff: 2 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type: Applied 9) Financial advisers are in demand because most people lack understanding or are not interested in making their own financial decisions. Answer: TRUE Diff: 2 Type: TF Categories: Developing a Financial Plan Financial Type: Qualitative Skill Type: Recall 10) Generally, savings in an emergency fund will tend to earn higher interest than savings in a retirement plan. Answer: FALSE Diff: 2 Type: TF Categories: Benefit From Understanding Personal Finance Financial Type: Qualitative Skill Type: Recall 11) A complete financial plan consists of budgeting, tax planning, financing, and investing. Answer: FALSE Diff: 2 Type: TF Categories: Components of a Financial Plan Financial Type: Qualitative Skill Type: Recall 3 © 2019 Pearson Canada Inc. 12) The first step in budgeting is to evaluate your current financial position by determining your total assets and total liabilities. Answer: FALSE Diff: 2 Type: TF Categories: Components of a Financial Plan Financial Type: Qualitative Skill Type: Recall 13) The value of what you own minus the value of what you owe is called y
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