Business Skills Exam 1 Questions and
Complete Solutions Graded A+
Financial Planning - Answer: the process of making informed money decisions based on its goals
a simple plan leads to - Answer: good financial health
Steps in the financial planning process - Answer: develop your goals, manage your budget, monitor and
review, repeat(DMMR)
Stages of the financial life cycle - Answer: wealth protection, wealth accumulation, wealth distribution
Lifestyle forces most likely to influence your financial decisions - Answer: age, marital status, education
level, employment status, income level, economic conditions, number of dependents, health, culture,
and values
SMART goals - Answer: Specific, Measurable, Achievable, relevant, and time-framed
The budgeting process - Answer: 5 steps- Estimate a 1 month budget, track an actual 1 month budget,
compare the budgets, create a 12 month budget, and adjust
Net Worth - Answer: the difference between what you own and what you owe
net worth can be - Answer: positive or negative
Factors that contribute to the failure of financial planning - Answer: (LIFE)listed expenses
underestimated, impulse buying, forgotten bills, and emergencies
factors that contribute to Financial planning success - Answer: (Spend)-Save for emergencies, plan your
purchases, establish your financial goals, never let others spend your money for you, and don't forget
non-monthly expenses
, Job - Answer: what you do to earn a pay check
career - Answer: What you will do throughout your lifetime
Explain how attitude affects your career - Answer: if you think you can, you can. A Positive attitude will
drive your success and advancement
describe the importance of your college degree to career planning - Answer: helps determine how much
money you will make.. a degree already brings income
Describe the 4 w's - Answer: What do you do, where do you want to do it, who do you want to do it for,
and where do you want to be in 5 years
Explain the importance of self evaluation - Answer: you can identify your personal strengths/
weaknesses and set an improvement process in place.. you are the product
List the ways you can gain job experience while in college - Answer: volunteering, internships, etc
describe the process of getting a job - Answer: (CRCPPF)
-Creating a professional presence on social media
-researching your company job targets
-Crafting a strong resume and cover letter
-preparing the job application
-performing well in the interview process
-following-up promptly
List the advantages of seeking a mentor - Answer: can provide experienced information and wisdom on
the given subject
Complete Solutions Graded A+
Financial Planning - Answer: the process of making informed money decisions based on its goals
a simple plan leads to - Answer: good financial health
Steps in the financial planning process - Answer: develop your goals, manage your budget, monitor and
review, repeat(DMMR)
Stages of the financial life cycle - Answer: wealth protection, wealth accumulation, wealth distribution
Lifestyle forces most likely to influence your financial decisions - Answer: age, marital status, education
level, employment status, income level, economic conditions, number of dependents, health, culture,
and values
SMART goals - Answer: Specific, Measurable, Achievable, relevant, and time-framed
The budgeting process - Answer: 5 steps- Estimate a 1 month budget, track an actual 1 month budget,
compare the budgets, create a 12 month budget, and adjust
Net Worth - Answer: the difference between what you own and what you owe
net worth can be - Answer: positive or negative
Factors that contribute to the failure of financial planning - Answer: (LIFE)listed expenses
underestimated, impulse buying, forgotten bills, and emergencies
factors that contribute to Financial planning success - Answer: (Spend)-Save for emergencies, plan your
purchases, establish your financial goals, never let others spend your money for you, and don't forget
non-monthly expenses
, Job - Answer: what you do to earn a pay check
career - Answer: What you will do throughout your lifetime
Explain how attitude affects your career - Answer: if you think you can, you can. A Positive attitude will
drive your success and advancement
describe the importance of your college degree to career planning - Answer: helps determine how much
money you will make.. a degree already brings income
Describe the 4 w's - Answer: What do you do, where do you want to do it, who do you want to do it for,
and where do you want to be in 5 years
Explain the importance of self evaluation - Answer: you can identify your personal strengths/
weaknesses and set an improvement process in place.. you are the product
List the ways you can gain job experience while in college - Answer: volunteering, internships, etc
describe the process of getting a job - Answer: (CRCPPF)
-Creating a professional presence on social media
-researching your company job targets
-Crafting a strong resume and cover letter
-preparing the job application
-performing well in the interview process
-following-up promptly
List the advantages of seeking a mentor - Answer: can provide experienced information and wisdom on
the given subject
