Basics Beginner: Personal Finance Basics

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
You can find out where you are spending money needlessly by _______.
Choose wisely. There is only one correct answer.
Tracking your spending for a while. The value of tracking your spending is that you become aware of every expense you make.
2.
Which of the following goals is stated the most effectively for a financial plan?
Choose wisely. There is only one correct answer.
I want to pay off a $1000 balance on my credit card in 12 months. This goal is stated most effectively, and can be measured.
3.
To keep on track with your financial goals, you can measure them periodically.
Choose wisely. There is only one correct answer.
True. With a measurement system, you can adjust the way you are funding them.
4.
To encourage investors to take risks, the rewards for those investments must _______.
Choose wisely. There is only one correct answer.
Rise accordingly. Rewards generally must rise with the level of risk involved; otherwise, investors will not be attracted to them.
5.
At what point in the process of achieving a financial goal is the goal actually achieved?
Choose wisely. There is only one correct answer.
When you have the means to satisfy it. The other steps are just preparation.