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Financial Planning Courses: Lifestyle Planning/Setting Financial Goals

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1.
Financial _______ occur when you choose to spend money on a want versus a need.
Choose wisely. There is only one correct answer.
Tradeoffs. Tradeoffs occur because you forego the opportunity to take care of other financial needs you have when you spend money on wants.
2.
Student loans are a form of free financial aid.
Choose wisely. There is only one correct answer.
False. This is money you borrowed and you're required to pay this back. You should try to and keep the amount borrowed at a level your future income can support.
3.
Your monthly budget should be adjusted _______.
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As needed to meet your needs and life situation. Budgets are rarely stable; they can and do change as your life situation changes.
4.
When you are young and just starting out, it is wiser to spend your money on _______.
Choose wisely. There is only one correct answer.
Needs. Needs tend to be less expensive. Wants tend to be more luxurious and are perhaps best purchased when you are more settled.
5.
Your financial goals should be specific. Which of the following is the most specific goal?
Choose wisely. There is only one correct answer.
I will save $1,000 for a Chevy Malibu. Of all the choices, this one is the most specific.