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FHCE 3200 Module 1 Questions and Correct Answers/ Latest Update / Already Graded

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FHCE 3200 Module 1 Questions and Correct Answers/ Latest Update / Already Graded

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FHCE 3200 Module 1 Questions and
Correct Answers/ Latest Update / Already
Graded
Perceived Competence

Ans: how well someone can access, understand, and apply
financial information


Measured Competence

Ans: A person's ability to access, understand, and apply
financial information when measured on a scale


Financial Capability

Ans: an individual's capacity based on knowledge, skills, and
access, to manage financial resources effectively


The Concept of 'Lenses' in the financial world:

Ans: -risk tolerance
-knowledge (edu., training, experience)
-current environment
-recent events



All rights reserved © 2025/ 2026 |

, Page |2

Why is financial literacy important?

Ans: -babyboomers approaching retirement
-increased responsibility in saving for one's
retirement/managing finances
-increasing longevity
-mandatory auto insurance, health insurance, etc.
-complex financial decisions are more individualized than
institutionalized.


Characteristics of Financially Capable Individuals:

Ans: -self regulation (includes self-efficacy, self control)
-experience
-education
-interest
-involvement in decisions
-altruism


Pathways to wealth:

Ans: -keep good records
-spend less than earned
-maintain appropriate risk management strategies
-save money regularly

All rights reserved © 2025/ 2026 |

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