HDFS 2483 --- CHAPTER 1

Ace your homework & exams now with Quizwiz!

Spending 10% less money and saving 10% more for retirement is a good example of what goal setting guideline? Notice no specific amounts or time is mentioned here.

Creating a financial goal to guide action

Financial experts recommend saving at least _____ of your earnings each pay period for retirement and an emergency fund.

10%

According to Sonja Lyubomirsky, your genes contribute to about ___ % of your happiness.

50

Which of the following activities would be best suited for those in the Empty Nest Life Stage?

Consider moving to a smaller home Try to pay cash for everything Take less risk while investing as retirement nears

Which of the following activities would be best suited for those in the Dependent Life Stage?

Create a savings, spending and giving plan Develop money management skills Saving money for college

Which of the following activities would be best suited for people in the Independence Life Stage?

Buy/sell at consignment shops Track spending Research college grant and scholarships

One of the best resources for learning about different careers is the

Occupational Outlook Handbook

What is the typical time frame for an intermediate goal? This is taken directly from the text.

One to five years

Choose one of the following statements about SMART financial goals.

Specifying your goals will help you know your goals, create a plan to achieve them, & measure so you can see if you achieve them

Which of the following activities would be best suited for young couples in the Early Family Life Stage?

Start children's college savings Start investing for emergency fund account Initiate a retirement savings plan

Which of the following activities would be best suited for those in the Retirement Life Stage?

Start withdrawing retirement savings Start receiving Social Security Track spending

When your investments are increasing, you may only be concerned with any amount of growth. What is one way to ensure that you do not lose sight of your actual goal-taken from the SMART approach?

State your goals in specific and measurable terms.

What is an investor lacking in the SMART approach if their only goal is making more money for the rest of their life?

The investor is lacking a set time frame to meet.

Which of the following are examples of why one would chose a lifestyle of voluntary simplicity:

To increase time with family Reduce stress To live more environmentally friendly To increase spirituality

What should be included in your personal mission statement?

Your passions Your strengths Your gifts Your stakeholders

One method to help in paying yourself first is to set up ____transfers or withdrawals from a paycheck to a savings account.

automatic

A college ____center offers tools to help students learn about their passions and talents.

career

Which of the following investing methods can be utilized with an automatic investment plan?

dollar-cost averaging

Reducing your expenditures to help achieve financial independence is referred to as _____ in the text.

downshifting

Which of the following goals should be incorporated into your financial plan?

income, spending, investing, protection, and giving

Financial ___ is the ability to understand how money is earned, invested, spent and to understand the risks and rewards of investments.

literacy

A vision statement is related to your ____ goals.

long-term

When people first begin planning for retirement, saving for a child's college education, and planning the purchase of a vacation home, these are usually:

long-term goals

Wealthy families are creating ____ statements to reduce feuds and pass on the moral values of the family.

mission

Financial independence is when ____ income exceeds expenditures.

passive

Your money ______represents the style and habits of money management you are most comfortable with.

personality

When developing a SMART goal, the objective is that the goal should be specific, measurable, attainable, realistic, and ____-_____

time-bound

True or false: You should have a personal financial plan if you want to reach your financial goals.

true

Personal ___ are the ideas and principles that a person develops early in life and are influenced by family, religion, social groups and culture.

values


Related study sets

AMERICAN GOVERNMENT: L4 Colonial Governments

View Set

Ch 12: Conception and Fetal Development

View Set

Medical-Surgical Hesi Practice Quiz

View Set

Skip to main contentChapter 1 Homework

View Set