Busn 380 Final Exam Personal Financial Planning

BUSN 380 Final Exam Personal Financial Planning

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BUSN 380 Final Exam Personal Financial Planning

(TCO 1) Marinda Smart is interested in purchasing new appliances for her kitchen that collectively will cost her approximately $5,000. She knows that she could obtain financing for her purchase, but recently heard rumors that there may be layoffs where she works and is concerned about her employment. What type of risk is Marinda concerned about? (Points : 4)

Inflation risk

Interest rate risk

Income risk

Personal risk

Liquidity risk

(TCO 1) The Zarnella family formulated a budget in which it would spend $450 a month on groceries. If the family spent $436 last month, then we could classify this difference as a (Points : 4)

Variance.

Deficit.

Fixed living expense.

Budget reduction.

Contribution to net worth.

(TCO 1) Which step in the financial planning process is demonstrated by a situation in which Royanne decides to stop traveling through Europe and return back to the States to seek a part-time job and take smaller, less costly trips? (Points : 4)

Developing her financial goals

Identifying alternative courses of action

Evaluating her alternatives

Implementing her financial plan

Reviewing and revising her financial plan

(TCO 1) When you only have to pay taxes on an investment at a future point in time, this is referred to as a(n) (Points : 4)

Cafeteria-style benefit.

Vesting.

Tax-deferred benefit.

Tax-exempt benefit.

Exclusion.

(TCO 1) When you take the time to review a variety of job search websites and find 10 potential employment opportunities that fit your skills and abilities, which step in the career planning process have you completed? (Points : 4)

Assess and research personal goals and abilities.

Evaluate the employment market to identify specific employment opportunities.

Develop a resume and cover letter to apply for specific positions....