Choose wisely. There is only one correct answer to each question.
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1.
When planning your financial lifestyle, you should begin by taking stock of your life's goals.
True. Your goals, along with your needs, dreams, and personal strengths, are a good starting point.
2.
Lifestyle planning focuses on _______.
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.
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 _______.
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?
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.