BUS 2204 – PERSONAL FINANCE 2
COMPREHENSIVE STUDY SHEET 2026 SOLVED
QUESTIONS PREMIUM BUNDLE
◉ The goal of purchasing a long-term care insurance policy would
be most appropriate for
Select one:
a. An extremely wealthy executive.
b. A single adult nearing retirement age.
c. A single mother with a preschool daughter.
d. A young couple without children.
e. A recent college graduate.
Answer: b. A single adult nearing retirement age.
◉ Rebecca Gladyn plans to attend graduate school in 5 years. She
thinks that she will need a total of $32,000 to pay for school and she
wants to save money each month to reach her goal. What type of
computation should she use?
Select one:
a. Present value of a single amount
b. Present value of an annuity
c. Future value of a single amount
,d. Future value of an annuity
e. Simple interest.
Answer: d. Future value of an annuity
◉ A question associated with the saving component of financial
planning is:
Select one:
a. Are your transportation expenses minimized through careful
planning?
b. Is your investment program appropriate to your income and tax
situation?
c. Do you have an adequate emergency fund?
d. Is your will current?
e. Do you have a realistic budget for your current financial
situation?.
Answer: c. Do you have an adequate emergency fund?
◉ Attempts to increase income are part of the _____________
component of financial planning.
Select one:
a. Planning
b. Saving
c. Spending
,d. Obtaining
e. Borrowing.
Answer: d. Obtaining
◉ An example of a personal opportunity cost would be
Select one:
a. Time comparing several brands of personal computers.
b. Interest lost by using savings to make a purchase
c. Having to pay a tax penalty due to not having enough withheld
from your monthly salary.
d. Lost wages due to continuing as a full-time student.
e. Higher earnings on savings that must be kept on deposit a
minimum of six months.
Answer: a. Time comparing several brands of personal computers.
◉ Using the services of financial institutions or specialists (such as
insurance agents or investment brokers) will be most evident in
your effort to
Select one:
a. Analyze your current personal and financial situation.
b. Develop financial goals.
c. Evaluate and revise your actions.
d. Create a financial plan of action.
, e. Implement the financial plan.
Answer: e. Implement the financial plan
◉ An advantage of personal financial planning is:
Select one:
a. The use of low-interest savings
b. Increased control of financial affairs
c. More credit card debt
d. Increased impulse spending
e. Less monitoring of investments.
Answer: b. Increased control of financial affairs
◉ If inflation is expected to be 8 percent, how long will it take for
prices to double?
Select one:
a. 18 years
b. 8 years
c. 6 years
d. 12 years
e. 9 years.
Answer: e. 9 years
COMPREHENSIVE STUDY SHEET 2026 SOLVED
QUESTIONS PREMIUM BUNDLE
◉ The goal of purchasing a long-term care insurance policy would
be most appropriate for
Select one:
a. An extremely wealthy executive.
b. A single adult nearing retirement age.
c. A single mother with a preschool daughter.
d. A young couple without children.
e. A recent college graduate.
Answer: b. A single adult nearing retirement age.
◉ Rebecca Gladyn plans to attend graduate school in 5 years. She
thinks that she will need a total of $32,000 to pay for school and she
wants to save money each month to reach her goal. What type of
computation should she use?
Select one:
a. Present value of a single amount
b. Present value of an annuity
c. Future value of a single amount
,d. Future value of an annuity
e. Simple interest.
Answer: d. Future value of an annuity
◉ A question associated with the saving component of financial
planning is:
Select one:
a. Are your transportation expenses minimized through careful
planning?
b. Is your investment program appropriate to your income and tax
situation?
c. Do you have an adequate emergency fund?
d. Is your will current?
e. Do you have a realistic budget for your current financial
situation?.
Answer: c. Do you have an adequate emergency fund?
◉ Attempts to increase income are part of the _____________
component of financial planning.
Select one:
a. Planning
b. Saving
c. Spending
,d. Obtaining
e. Borrowing.
Answer: d. Obtaining
◉ An example of a personal opportunity cost would be
Select one:
a. Time comparing several brands of personal computers.
b. Interest lost by using savings to make a purchase
c. Having to pay a tax penalty due to not having enough withheld
from your monthly salary.
d. Lost wages due to continuing as a full-time student.
e. Higher earnings on savings that must be kept on deposit a
minimum of six months.
Answer: a. Time comparing several brands of personal computers.
◉ Using the services of financial institutions or specialists (such as
insurance agents or investment brokers) will be most evident in
your effort to
Select one:
a. Analyze your current personal and financial situation.
b. Develop financial goals.
c. Evaluate and revise your actions.
d. Create a financial plan of action.
, e. Implement the financial plan.
Answer: e. Implement the financial plan
◉ An advantage of personal financial planning is:
Select one:
a. The use of low-interest savings
b. Increased control of financial affairs
c. More credit card debt
d. Increased impulse spending
e. Less monitoring of investments.
Answer: b. Increased control of financial affairs
◉ If inflation is expected to be 8 percent, how long will it take for
prices to double?
Select one:
a. 18 years
b. 8 years
c. 6 years
d. 12 years
e. 9 years.
Answer: e. 9 years
