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Test bank personal financial planning, 13th edition, by Gitman, Joehnk, and Billingsley. All chapters covered. Graded A+. 100% verified.

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This document contains a test bank for the 13th edition of the textbook "Personal Financial Planning" by Gitman, Joehnk, and Billingsley. It includes 30 multiple choice questions testing students' understanding of key concepts related to financial statements (including balance sheets, income statements, and budgets) from Chapter 2 of the textbook. The questions cover topics such as the definition and purpose of various financial statements, how to classify different types of assets and liabilities, and how to calculate key financial metrics like net worth and equity.

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Personal Financial Planning, 13th Editio

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Personal financial planning, 13th editio

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Institution: Personal financial planning, 13th editio
Course: Personal financial planning, 13th editio

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Uploaded on: September 12, 2025
Number of pages: 716
Written in: 2025/2026
Type: Exam (elaborations)
Contains: Questions & answers

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test bank personal financial planning 13th editio
personal financial planning 13th editio
personal financial planning 13th edition

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Test Bank for Personal Financial Planning, 13th Edition,
Y Y Y Y Y Y Y Y

by J. Gitman, Michael D. Joehnk, and R Billingsley.
Y Y Y Y Y Y Y Y

Chapter 1—Understanding the Financial Planning Process
Y Y Y Y Y

TRUE/FALSE

1. StandardYofYlivingYisYdefinedYasYtheYnecessities,Ycomforts,YandYluxuriesYdesiredYbyYanYindividualYorYgroup.

ANS:Y T PTS:YYY 1 DIF: Easy OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YKnowledge

2. YourYaverageYpropensityYtoYconsumeYisYtheYpercentageYofYeachYdollarYofYincome,YonYtheYaverage,Yth
atYisYspentYforYcurrentYneedsYratherYthanYsavings.

ANS:Y T PTS:YYY 1 DIF: Easy OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YKnowledge

3. AYgoodYfinancialYplanYcompletedYwhenYoneYisYinYtheirY30sYwillYtypicallyYlastYaYlifetime.

ANS:Y F PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-2
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YSynthesis

4. FinancialYplanningYisYaYcontinuing,Ylife-longYprocess.

ANS:Y T PTS:YYY 1 DIF: Easy OBJ:Y LO:Y1-2
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YComprehension

5. FinancialYplanningYcanYimproveYyourYstandardYofYliving.

ANS:Y T PTS:YYY 1 DIF: Easy OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YComprehension

6. CurrentYconsumptionYisYinverselyYrelatedYtoYsavingYforYtheYfuture.

ANS:Y T PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YAnalysis

7. AboutY20%YofYAmericansYsayYretirementYplanningYisYtheirYmostYpressingYfinancialYconcern.

, ANS:Y F PTS:YYY 1 DIF: Moderate OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YKnowledge

8. TheYmostYeffectiveYwayYtoYachieveYfinancialYobjectivesYisYthroughYfinancialYplanning.

ANS:Y T PTS:YYY 1 DIF: Moderate OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YComprehension

9. DefiningYfinancialYgoalsYisYanYimportantYfirstYstepYinYpersonalYfinancialYplanningYprocess.

ANS:Y T PTS:YYY 1 DIF: Easy OBJ:Y LO:Y1-2
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YComprehension

10. TwoYpersonsYwithYequalYaverageYpropensitiesYtoYconsumeYwillYnotYnecessarilyYhaveYequalYstandards
YofY
livingYbecauseYofYdifferencesYinYincome.

ANS:Y T PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YEvaluation

11. TheYneedYforYfinancialYplanningYdeclinesYasYyourYincomeYincreases.

ANS:Y F PTS:YYY 1 DIF: Moderate OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YSynthesis

12. CurrentYconsumptionYeffectsYfutureYconsumption.

ANS:Y T PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YAnalysis

13. AYpersonYwhoYhasY$2,000YmonthlyYincomeYandYspendsY$1,800YmonthlyYhasYanYaverageYpropensity
YtoY
consumeYofY90%.

ANS:Y T PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YEvaluation

14. AYpersonYmakingY$35,000YandYspendingY$30,800YhasYanYaverageYpropensityYtoYconsumeYofY80%.

ANS:Y F PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YEvaluation

,15. MostYfamiliesYfindYitYdifficultYtoYdiscussYmoneyYmatters.

ANS:Y T PTS:YYY 1 DIF: Easy OBJ:Y LO:Y1-2

, NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YKnowledge

16. AverageYpropensityYtoYconsumeYrefersYtoYhowYmuchYofYyourYmoneyYyouYplanYtoYsaveYinYyourYfinan
cialYplan.

ANS:Y F PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YComprehension

17. TangibleYassetsYareYearningYassetsYthatYareYheldYforYtheYreturnsYtheyYpromise.

ANS:Y F PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YComprehension

18. FinancialYassetsYareYpaperYassets,YsuchYasYsavingsYaccountsYandYsecurities.

ANS:Y T PTS:YYY 1 DIF: Moderate OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YComprehension

19. MutualYfundsYareYexamplesYofYfinancialYassets.

ANS:Y T PTS:YYY 1 DIF: Easy OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YApplication

20. SpendingYforYyourYchild'sYprivate-schoolYeducationYisYanYexampleYofYdeferredYconsumption.

ANS:Y F PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YApplication

21. WealthYcanYbeYdefinedYasYtheYtotalYvalueYofYallYtheYthingsYyouYown.

ANS:Y T PTS:YYY 1 DIF: Easy OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YKnowledge

22. WealthYisYtheYkeyYconsiderationYisYestablishingYfinancialYgoalsYasYitYisYtheYmeasureYofYvalueYinYfinan
cialYtransactions.

ANS:Y F PTS:YYY 1 DIF: Challenging OBJ:Y LO:Y1-1
NAT:Y BUSPROG:YReflectiveYthinking
STA:Y DISC:YFinancialYMarketsYandYInterestYRate
sYKEY:Y Bloom's:YComprehension

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Test bank personal financial planning, 13th edition, by Gitman, Joehnk, and Billingsley. All chapters covered. Graded A+. 100% verified.

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