BUSINESS SKILLS EXAM QUESTIONS
WITH CORRECT ANSWERS 2026-2027
What is financial planning? - CORRECT ANSWER -
the continuous process of making decisions based on achieving you own stated goals
What does financial planning lead to? - CORRECT ANSWER -good financial health
what is the financial lifecycle? - CORRECT ANSWER -stage 1: Wealth production
stage 2: wealth accumulation
stage 3: wealth distribution
how many stages are in the financial lifecycle? - CORRECT ANSWER -3
What happens during stage 1 of financial lifecycle? - CORRECT ANSWER -
wealth protection : start full time job, start family, advanced degrees, start retirement fund
what happens during stage 2 of the financial lifecycle? - CORRECT ANSWER -
wealth accumulation: peak earnings, educating children, maximize retirement $$
what happens during stage 3 of the financial lifecycle? - CORRECT ANSWER -
wealth distribution: retired, how much money you need each year, distribution after death
what two things should a budget be? - CORRECT ANSWER -simple and relevant
what are the four steps of the financial planning process - CORRECT ANSWER -1. develop a goal
2. manage budget
3. monitor
, 4. repeat
what is a budget? - CORRECT ANSWER -
an estimate of income and expenditure for a set period of time.
what are time budgets normally used for? - CORRECT ANSWER -
a amount of time you are investing
What is a time budget? - CORRECT ANSWER -
how many times and how long; frequency and duration
how should you arrange your expenses? - CORRECT ANSWER -by relevance, priorities
What is a job? - CORRECT ANSWER -What you are doing right now for money
What is a career? - CORRECT ANSWER -an occupation for the duration of your lifetime
how can you gain experience in college? - CORRECT ANSWER -
part time job, internship or course credit opportunities
how should your social media look when job hunting? - CORRECT ANSWER -
appropriate, professional
four ways to be exceptional at work? - CORRECT ANSWER -seek a mentor
show up early & stay late
be the go to person
act like the owner
WITH CORRECT ANSWERS 2026-2027
What is financial planning? - CORRECT ANSWER -
the continuous process of making decisions based on achieving you own stated goals
What does financial planning lead to? - CORRECT ANSWER -good financial health
what is the financial lifecycle? - CORRECT ANSWER -stage 1: Wealth production
stage 2: wealth accumulation
stage 3: wealth distribution
how many stages are in the financial lifecycle? - CORRECT ANSWER -3
What happens during stage 1 of financial lifecycle? - CORRECT ANSWER -
wealth protection : start full time job, start family, advanced degrees, start retirement fund
what happens during stage 2 of the financial lifecycle? - CORRECT ANSWER -
wealth accumulation: peak earnings, educating children, maximize retirement $$
what happens during stage 3 of the financial lifecycle? - CORRECT ANSWER -
wealth distribution: retired, how much money you need each year, distribution after death
what two things should a budget be? - CORRECT ANSWER -simple and relevant
what are the four steps of the financial planning process - CORRECT ANSWER -1. develop a goal
2. manage budget
3. monitor
, 4. repeat
what is a budget? - CORRECT ANSWER -
an estimate of income and expenditure for a set period of time.
what are time budgets normally used for? - CORRECT ANSWER -
a amount of time you are investing
What is a time budget? - CORRECT ANSWER -
how many times and how long; frequency and duration
how should you arrange your expenses? - CORRECT ANSWER -by relevance, priorities
What is a job? - CORRECT ANSWER -What you are doing right now for money
What is a career? - CORRECT ANSWER -an occupation for the duration of your lifetime
how can you gain experience in college? - CORRECT ANSWER -
part time job, internship or course credit opportunities
how should your social media look when job hunting? - CORRECT ANSWER -
appropriate, professional
four ways to be exceptional at work? - CORRECT ANSWER -seek a mentor
show up early & stay late
be the go to person
act like the owner
