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Planning Beginner:
Create a Financial Action Plan--Keep It Simple
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Choose wisely. There is only one correct answer to each question.
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1.
You can set and keep track of your financial goals on your cell phone.
Choose wisely. There is only one correct answer.
True
False
True. There are special goal-setting apps and financial planning apps that you can use right from your cell phone (or tablet, if you like).
2.
"Monitoring" your financial plan means _______.
Choose wisely. There is only one correct answer.
Setting reminders and checking in on it
Carrying out the steps in it
Writing down your financial goals
Setting reminders and checking in on it. This step exists to make sure you are on track.
3.
Which of the following goals is stated the most effectively for a financial plan?
Choose wisely. There is only one correct answer.
I want to pay off a $1000 balance on my credit card in 12 months.
I want to pay off my credit card as soon as possible.
I want to reduce my credit card balance by $500.
I want to pay off my credit card.
I want to pay off a $1000 balance on my credit card in 12 months. This goal is stated most effectively, and can be measured.
4.
What is in a typical financial action plan?
Choose wisely. There is only one correct answer.
A retirement plan
A set of goals and the steps needed to achieve them
Your income
None of the above
A set of goals and the steps needed to achieve them. At the barest minimum, this is what it includes.
5.
There are professional financial planning sources that can help you write a financial action plan. Which of the following do they include?
Choose wisely. There is only one correct answer.
Professional financial planners
Employee assistance programs
Your bank or credit union
All of the above
All of the above. You can find financial planners in many different capacities.
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