Test your knowledge

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Keep studying!

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What is the purpose of financial psychology?

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To help people earn more money

To understand the emotions, values, and behaviors that influence financial decisions

To teach people how to avoid emotions when dealing with money

None of the above

To understand the emotions, values, and behaviors that influence financial decisions.

You should consider revising your goals if _______.

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Your income increases

Your income decreases

You have a new want you need money for

Your income increases or your income decreases

Your income increases or your income decreases. If your income changes at all, you may need to cut the amount you are saving or have the opportunity to save more.

What is one reason why it is helpful to understand your personal values in financial planning?

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Values ensure you never take financial risks

Values are fixed and never change

Values help predict your future financial behavior

Values eliminate the need for a financial plan

Values help predict your future financial behavior.

An apprenticeship is typically done for _______.

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College

A skilled trade

A job right out of high school

A skilled trade. Apprenticeships are associated with skilled trades, though in some cases they can be done in college.

Your financial goals should be specific. Which of the following is the most specific goal?

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I will save $1,000 for a Chevy Malibu.

I will save money for a car.

I will save $1,000.

I will save money for a Chevy Malibu.

I will save $1,000 for a Chevy Malibu. Of all the choices, this one is the most specific.

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