Planning Beginner: Lifestyle Planning

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.
The lifestyle financial plan is how you will acquire wealth over your lifetime.
Choose wisely. There is only one correct answer.
False. The lifestyle financial plan is how you will acquire the money necessary for each of your goals.
2.
Which of the following is not an expense associated with raising a family?
Choose wisely. There is only one correct answer.
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.
3.
"Keeping up with the Joneses" refers to _______.
Choose wisely. There is only one correct answer.
Achieving someone else's goals. Keeping up with the Joneses refers to trying to achieve someone else's goals rather than your own.
4.
Housing expenses generally consume what percentage of your income?
Choose wisely. There is only one correct answer.
25-40%. Housing will be your largest expense, consuming about 25-40% of your income.
5.
Lifestyle planning focuses on _______.
Choose wisely. There is only one correct answer.
Maximizing happiness. Lifestyle financial planning focuses on maximizing the individual's happiness.