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Basics Beginner:
Personal Finance Basics
Test your knowledge
Choose wisely. There is only one correct answer to each question.
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1.
To encourage investors to take risks, the rewards for those investments must _______.
Choose wisely. There is only one correct answer.
Rise accordingly
Fall accordingly
Neither of the above
Rise accordingly. Rewards generally must rise with the level of risk involved; otherwise, investors will not be attracted to them.
2.
To keep on track with your financial goals, you can measure them periodically.
Choose wisely. There is only one correct answer.
True
False
True. With a measurement system, you can adjust the way you are funding them.
3.
Which of the following questions are essential to setting financial goals?
Choose wisely. There is only one correct answer.
How much will it cost?
When will you need the money?
Can you accumulate that much in that amount of time?
All of the above
All of the above. All are essential to setting realistic, clear, and concise financial goals.
4.
A financial goal that you set might fail because it was _______.
Choose wisely. There is only one correct answer.
Interrupted
Unrealistic
Not specific enough
Any of the above
Any of the above. These are all things that sabotage ones efforts. Thats why clear goal-setting is needed.
5.
If you find it difficult to make a habit of diverting small amounts of money into savings, it may help most if you establish _______ first.
Choose wisely. There is only one correct answer.
A preferred earnings rate
A goal
A new account
A goal. Having a goal gives you some direction for saving.
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DONE