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1、1 Copyright 2010 Pearson Education, Inc. Publishing as Prentice HallChapter 1 The Financial Planning Process1.1 Facing Financial Challenges1) Once a sound financial plan is in place , there should be no need to ever change it. Answer: FALSE Diff: 1 Topic: The Financial Planning Process2) When compar
2、ing two different investment opportunities the investor should always choose the investment that minimizes the total amount of taxes paid. Answer: FALSE Diff: 2 Topic: Minimization of Taxes3) Being financially secure involves balancing what you earn with A) your investments. B) what you spend. C) yo
3、ur retirement plans. D) your current level of debt. Answer: B Diff: 1 Topic: Financial Planning4) In order for your financial plan to be realistic and attainable it needs to be based upon your A) budget. B) income level. C) number of tax deductions, exemption, exclusions, and credits. D) balance she
4、et. E) none of the above Answer: B Diff: 2 Topic: Financial Planning5) Which of the following could one accomplish with personal financial planning as outlined in the text? A) minimize the chances of personal bankruptcy B) having enough money for a comfortable retirement C) being able to deal with u
5、nplanned health issues or an early death D) minimizing your tax payments to Uncle Sam E) all of the above Answer: E Diff: 2 Topic: Financial Planning2 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall6) What are common factors found in an effective financial plan? A) effective finan
6、cial plans should be flexible to allow for changes in your situation B) effective financial plans should provide sufficient liquidity to meet unexpected needs C) effective financial plans should provide insurance protection from catastrophic events D) effective financial plans should help you minimi
7、ze paying taxes E) all of the above are necessary in an effective financial plan Answer: E Diff: 1 Topic: Financial Planning7) This course/text will assist you in accomplishing six financial objectives. What are they? Answer: 1. Manage the unplanned. 2. Accumulate wealth for special expenses. 3. Rea
8、listically save for retirement. 4. Cover your assets. 5. Invest intelligently. 6. Minimize your payments to Uncle Sam. Diff: 2 Topic: Financial Planning1.2 The Personal Financial Planning Process1) Today, most Americans over the age of 65 have adequate savings and income available to them during ret
9、irement. Answer: FALSE Diff: 1 Topic: Financial Planning Life Cycle2) The amount of current income that you earn today isnt relevant to setting your long term goals for the future. Answer: FALSE Diff: 1 Topic: Financial Planning3) A financial plan is only concerned with your future earnings and expe
10、nses. An examination of your current financial situation is not so important. Answer: FALSE Diff: 1 Topic: The Financial Planning Process3 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall4) Which one of the following is not one of the five basic steps in personal financial planning
11、? A) Evaluate your financial health. B) Define your financial goals. C) Develop a plan of action. D) Let an accountant review your plan. E) Implement your plan. Answer: D Diff: 2 Topic: The Financial Planning Process5) The first step in evaluating your financial health consists of A) preparing a per
12、sonal balance sheet. B) determining what you are worth. C) preparing a personal income statement. D) determining where your money comes from and where it goes. E) all of the above Answer: E Diff: 1 Topic: The Financial Planning Process6) The purpose of reviewing your progress, reevaluating, and revi
13、sing your plan (step 5) is to A) your financial needs change over your lifecycle. B) your employment situation changes from time to time C) your net worth will change over time D) your family situation may change from time to time E) all of the above are good reasons to periodically review your fina
14、ncial plan Answer: E Diff: 3 Topic: The Financial Planning Process7) Which of the following step(s) are not considered to be part of the personal financial planning process as outlined in the text? A) Evaluate your financial health. B) Define your financial goals. C) Develop a plan of action. D) Imp
15、lement your plan. E) none of the above Answer: E Diff: 2 Topic: The Financial Planning Process4 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall8) Suppose that you just completed your first year of college with $11,000 in loans and plan to borrow the maximum each year from now unti
16、l graduation. You have never accounted for the way you spend your money, do not have a budget, and want to insure that you will be able to repay your loans after college. What is the most important thing you can do right now? A) Talk to your parents about an allowance. B) Visit your career counselor at school. C) Ask a friend who took the Personal Finance course for advice. D) Immediately begin to develop a personal financial plan. Answer: D