Course Catalog > Financial Planning > Courses
Financial Planning Courses: Lifestyle Planning/Setting Financial Goals

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.
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.
The amount you should consider keeping in an emergency fund should cover _______.
Choose wisely. There is only one correct answer.
3-6 months of expenses. This is a good rule of thumb. If you lost your job this would give you an opportunity to find a new job and ensure you could cover your living expenses for 3-6 months.
3.
Two characteristics of a SMART goal are that they are _______.
Choose wisely. There is only one correct answer.
Measurable and time-bound. 'Specific' is a characteristic too.
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.
An apprenticeship program is a form of education generally associated with what industry?
Choose wisely. There is only one correct answer.
Skilled trades. Skilled trades include jobs like carpentry, electrical, plumbing, and masonry, just to name a few.