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1.
In order for your personal financial plan to succeed, your life goals _______.
Choose wisely. There is only one correct answer.
Should be allowed some flexibility. A good lifestyle financial plan allows your goals to change and keeps up with them.
2.
"Keeping up with the Joneses" refers to _______.
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Achieving someone else's goals. Keeping up with the Joneses refers to trying to achieve someone else's goals rather than your own.
3.
Which of the following is not a tax benefit of having children?
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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.
4.
It is _______ more financially advantageous to buy a home than to rent one.
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Often. It is normally only more financially advantageous if you are able to build equity. In some cases, it makes more financial sense to rent.
5.
Which of the following would be a "lifestyle planning" goal?
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All of the above are lifestyle goals. The types of things people typically save money for haven't changed, but the way they look at them has.