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EPF.17 QUIZ

An educational illustration depicting financial planning elements like budgeting, goal setting, and savings in a vibrant and engaging style.

Financial Planning and Goal Setting Quiz

Test your knowledge on financial planning concepts and goal-setting principles with this engaging quiz. Perfect for anyone looking to improve their understanding of personal finance!

Explore key terms like net worth and anticipated income
Understand the importance of budgeting and personal property records
Learn about long-term financial goals and economic influences

10 Questions2 MinutesCreated by BudgetingWizard725

A person (or business) desires to obtain something over a period of time is considered a _____________

A want

A short-term goal

A need

A long-term goal

Goal setting consists of five parts that include

Something, measurable, attainable, redundant and timely

Specific, measurable, attainable, relevant and timely

Specific, massive, attainable, relevant and tight

Significant, movable, affordable, risky and timely

Anticipated income consists of all the following; salary, allowance, wages and bonuses

TRUE

FALSE

The definition of net worth is the difference between the ________ and the ___________ of an individual or a company

Inventory, theft

Shortages, liabilities

Assets, consumables

Assets, liabilities

It is important to take and keep a record of your personal property

TRUE

FALSE

A budget should account for discretionary spending

TRUE

FALSE

The three things that influence financial planning are_____________

Inflation, deregulation and stagflation

One nation, indivisible and liberyt for all

Inflation, deflation and stagflation

Creation, destination and donation

Economics concepts affect financial planning including all but WHICH of the following principles

People have little choice in decision-making

All choices have consequences

Every choice has an opportunity cost

People make choices because of scarcity

Because of principles in finanicl planning, there is a tradeoff between ______________ now and ___________

Losing, winning

Sorting, saving

Spending, saving

Buying, selling

A long-term financial goal anticipates to make major purchases that requires savings, whichof the following is NOT an example of a long-term financial goal

Home ownership

Buying groceries

Retirement

Post-secondary education

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