FCS 340 Test 1 | Actual Exam Questions | 100% Correct Answers | Verified 2024 Version

Higher consumer prices are likely to be accompanied by _______ interest rate. - higher What is the definition of economics? - Study of how wealth is created and distributed What is the Fed? - Federal Reserves What is the main responsibility of the Fed? - Regulate national money supply The "obtaining" component of financial planning is defined - Foundation of financial planning, resources used for all financial activities What is liquidity refer to? - Be able to take financial resources and convert to cash What goals should be considered as a part of the saving component of financial planning? - Emergency fund of $1,000 minimum Define financial plan - Formalized report that summarizes your current financial situation, analyzes your financial needs and recommends future financial activities What determines the success or failure of a financial plan - Success- must coordinate various components through an organized plan and wise decision making Short term, intermediate, and long term goals -