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Personal Finance, 7th Canadian Edition, 7e Jack Kapoor, Les Dlabay, Robert Hughes, Arshad Ahmad
(Test Bank all Chapters)
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Chapter 01 - Personal Financial Planning: An Introduction
1-1 Chapter 01
Personal Financial Planning: An Introduction
True / False Questions
- Analyzing your current financial position is a part of the first stage of the financial planning
process.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Topic: 01-02 The Financial Planning Process
- Developing financial goals is the first step in the financial planning process.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Topic: 01-02 The Financial Planning Process
- Risks associated with most financial decisions are fairly easy to measure.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Topic: 01-02 The Financial Planning Process
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Chapter 01 - Personal Financial Planning: An Introduction
1-2
- The financial planning process is complete once you implement your financial plan.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Topic: 01-02 The Financial Planning Process
- Intermediate goals are usually achieved within the next year or so.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-02 Develop personal financial goals.
Topic: 01-09 Developing Personal Financial Goals
- Planning to buy a house is an example of a durable product goal.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-02 Develop personal financial goals.
Topic: 01-09 Developing Personal Financial Goals
- Household size is a major influence on personal financial planning decisions.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-02 Develop personal financial goals.
Topic: 01-09 Developing Personal Financial Goals
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Chapter 01 - Personal Financial Planning: An Introduction
1-3
- Simple interest is the interest computed based on the principle, excluding previously earned
interest.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Assess economic factors that influence personal financial planning.
Topic: 01-13 The Influence of Economic Factors on Personal Financial Planning
- Increased demand for a product or service will usually result in lower prices for the item.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Assess economic factors that influence personal financial planning.
Topic: 01-13 The Influence of Economic Factors on Personal Financial Planning
- Inflation reduces the buying power of money.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 01-03 Assess economic factors that influence personal financial planning.
Topic: 01-13 The Influence of Economic Factors on Personal Financial Planning
- Lenders benefit less than borrowers in times of high inflation.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 01-03 Assess economic factors that influence personal financial planning.
Topic: 01-13 The Influence of Economic Factors on Personal Financial Planning
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