Fp 101 Quiz Week 2

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University of Phoenix FP/101 Quiz Week 2

Week 2
Objectives

1. Identify social and economic influences on personal financial goals and decisions.(Chapter 1, Pg. 2-11)
2. Develop personal financial goals. (Chapter 1, Pg. 16-20)

2.3 Calculate time value of money situations associated with personal financial decisions. (Appendix 40-44)

1. Concept: Influences on financial goals and decisions

1. The Rule of 72 is a. A tool to determine the number of years until retirement for an employee b. Used to estimate how long it takes for prices to double using a given annual inflation rate c. The legal code for requiring companies to provide a match on retirement savings d. Used to calculate interest rates for savings

2. Which is NOT an identifiable financial goal? a. Retirement and estate planning b. Risk management c. Living on a fixed income d. Saving

2.2 Concept: Develop personal financial goals

3. SMART Goals contain all of the following EXCEPT a. Specific – knowing exactly what the goals are and how to attain them b. Action-oriented – the bases for the goals c. Resourceful – to be able to rely on information used to understand the written goals d. Time-based – the time frame needed to reach the goal

4. Short-term goals are: a. Goals to be attained within a year or so b. Contain college plans for children c. Creating an estate plan d. Making a big purchase

5. Long-term goals are: a. Goals to be attained within two years b. Uses short-term goals to attain certain goals in five or more years c. Create a Christmas fund d. Plan for summer vacation

6. Which of the following intermediate goals is stated most clearly? a. Buy a car for less than $17,000 within six months. b. Retire in ten years at age 65 with $2,000,000 in my 401(k) account. c. Purchase a home with a mortgage…...

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