Choose wisely. There is only one correct answer to each question.
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1.
In order for your personal financial plan to succeed, your life goals _______.
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 _______.
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?
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.
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?
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.