The __________ specifies the financial decisions that result from your personal financial planning.
(a) personal financial plan
(b) personal budget
(c) personal finance objective
(d) None of the above
Answer: a
Which of the following is the least likely way that you may benefit from having an understanding of personal finance?
(a) Assessing the advice of financial advisers
(b) Becoming the president of a large national bank
(c) Making your own financial decisions
(d) Becoming a financial adviser
Answer: b
A(n) __________ represents what you give up as a result of making an alternative decision.
(a) purchase price
(b) financing cost
(c) opportunity cost
(d) liquidity need
Answer: c
A __________ is not a key component of a complete financial plan.
(a) plan for working at a major brokerage firm
(b) plan to manage your liquidity
(c) budget plan
(d) plan for financing (managing your credit and loans)
Answer: a
Your __________ is (are) the value of what you own minus the value of what you owe.
(a) net assets
(b) budget
(c) net liabilities
(d) net worth
Answer: d