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1.
Which of the following is not an expense associated with raising a family?
All of the above are expenses associated with raising a family. Children are expensive and require increased expenses for housing, medical, food, clothing, and all other costs in a budget.
2.
Lifestyle planning focuses on _______.
Maximizing happiness. Lifestyle financial planning focuses on maximizing the individual's happiness.
3.
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.
4.
"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.
5.
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.