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Personal Financial Planning

7 Questions
Finance Quizzes & Trivia

This quiz will cover some key terms that are related to the chapter. This quiz will also will cover decisions and goals in personal finance.

Questions and Answers
  • 1. 
    The way in which people make, distribute, and use their goods and services is called?
    • A. 

      Opportunity cost

    • B. 

      Short-term goals

    • C. 

      Economics

    • D. 

      Wealth-watch

  • 2. 
    Financial plans that are more than five years off are called?
    • A. 

      Opportunity plans

    • B. 

      Long-term goals

    • C. 

      Intermediate goals

    • D. 

      Attainable goals

  • 3. 
    The amount of goods and services available for sale is called?
    • A. 

      Demand

    • B. 

      Reserve

    • C. 

      Supply

    • D. 

      Economy

  • 4. 
    Saving for vacation next summer or paying off small debts are examples of ?
    • A. 

      Opportunity planning

    • B. 

      Short-term goals

    • C. 

      Long-term goals

    • D. 

      Opportunity results

  • 5. 
    Spending, saving and investing to have the kind of life you want and financial security can be achieved by?
    • A. 

      Personal financial planning

    • B. 

      Paying interest

    • C. 

      Discussing your financial situation with a friend

    • D. 

      Regulating inflation

  • 6. 
    In detail, describe a long-term goal that you have.  Then explain what short-term and intermediate goals will help you achieve it.
  • 7. 
    Describe three opportunity costs that you might face as you work toward achieving the long-term goal you described in question 6.