Test your knowledge

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

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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.
Which career or educational path is likely to pay the most money once you have a career?
Choose wisely. There is only one correct answer.
Bachelor's degree. As a rule, a bachelor's degree will pay the most. There are exceptions to this rule, however.
3.
You should consider revising your goals if _______.
Choose wisely. There is only one correct answer.
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.
4.
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.
5.
Defining your financial goals involves all of the following except:
Choose wisely. There is only one correct answer.
Knowing your tax bracket. Knowing your tax bracket is important but not necessary for calculating defining your goals.