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1.
When planning your financial lifestyle, you should begin by taking stock of your life's goals.
Choose wisely. There is only one correct answer.
True. Your goals, along with your needs, dreams, and personal strengths, are a good starting point.
2.
Lifestyle planning focuses on _______.
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Maximizing happiness. Lifestyle financial planning focuses on maximizing the individual's happiness.
3.
In order for your personal financial plan to succeed, your life goals need to stay the same.
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False. A good lifestyle financial plan allows your goals to change and keeps up with them.
4.
When choosing housing on a budget, all are important considerations except _______.
Choose wisely. There is only one correct answer.
Prestige. While prestige might be important for social reasons (keeping up with the Joneses), it is less important for budgetary concerns.
5.
Which of the following is not a tax benefit of having children?
Choose wisely. There is only one correct answer.
Household employer status. As a household employer, you are responsible for paying withholding, Social Security, and unemployment taxes on caregivers who work in your home.