FIN 2114 Invest & Financial Literacy Questions and Answers Already Passed
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Course
FIN 2114 Invest & Financial Literacy
Institution
FIN 2114 Invest & Financial Literacy
FIN 2114 Invest & Financial Literacy
Questions and Answers Already Passed
What does an Income Statement provide? A financial report detailing revenue and expenses
for a specific period.
Is it true that a solid financial plan never needs to be adjusted? FALSE
Achieving financial stability...
1 FIN 2114 Invest & Financial Literacy Questions and Answers Already Passed What does an Income Statement provide? ✔✔A financial report detailing revenue and expenses for a specific period. Is it true that a solid financial plan never needs to be adjusted? ✔✔FALSE Achieving financial stability requires balancing your earnings wi th: A) your investments. B) your expenditures. C) your retirement savings. D) your existing debt. ✔✔B) your expenditures. What benefits does personal financial planning offer? A) Managing unexpected medical expenses. B) Reducing your tax oblig ations. C) Lowering the risk of bankruptcy. 2 D) Ensuring sufficient funds for a comfortable retirement. E) All of the above. ✔✔E) All of the above What features are essential in a robust financial plan? A) Adaptability to changes in circumstances. B) Adequate liquidity for unexpected needs. C) Insurance coverage for major risks. D) Strategies to legally minimize tax liability. E) All of the above. ✔✔E) All of the above What is a Balance Sheet? ✔✔A financial document that outlines assets, liabilities, and the owner's equity as of a specific date. What does assessing your financial health involve? A) Creating a perso nal balance sheet. B) Evaluating your net worth. C) Drafting an income statement. D) Tracking your income and expenses. 3 E) All of the above. ✔✔E) All of the above. If you find that your financial plan is unlikely to meet your long -term goals, what should you consider? A) Increasing your income. B) Reducing your expenses. C) Adjusting your financial goals. D) All of the above are valid steps. ✔✔D) All of the a bove are valid steps. Is it true that proper financial planning helps you use your current income to reach long -term financial goals? ✔✔TRUE What is the primary purpose of creating a financial plan? A) Tracking your spending. B) Identifying areas of overspending or underspending. C) Achieving your financial objectives. D) Ensuring a financial surplus. E) Acting as a tax planning tool. ✔✔C) Achieving your financial objectives. 4 What term describes an economic situation where rising prices decreas e the value of money? A) Deflation. B) Inflation. C) Stagflation. D) Cash erosion. E) None of the above. ✔✔B) Inflation. Is it true that, according to a resumedoctor.com survey, job candidates frequently make the error of talking too much during interviews? ✔✔TRUE What is the key takeaway regarding obtaining a college degree? A) They are costly and rarely result in increased earnings. B) There is no correlation between personal wealth and having a college degree. C) It could be the best investment you ever make. D) All of the above. ✔✔C) It could be the best investment you ever make. What process involves selecting a job that aligns with your values and desired lifestyle?
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