Principles of Financial Planning

Which of these outcomes become more likely for someone with strong personal finance skills? Check all that apply. A person can be more prepared to meet basic needs.A person can spend money thoughtfully to accumulate assets.A person can spend wisely to avoid financial problems.
When studying finance or economic, the cost of a decision is also known as a(n) opportunity cost.
How do short-term goals differ from long-term goals? Short-term goals are more immediate than long-term goals.
Did Dan stay on budget? Why or why not? No, Dan should reduce his discretionary spending.
Amanda wants to buy a new car. What questions should she ask before she makes the purchase? Check all that apply. Do I need this car or should I use my old car a little longer?Is this a reliable vehicle?Will buying this car prevent me from saving money to buy a house?
Personal finance skills have the most significant impact on an individual’s quality of life
A _______ is a plan in which an individual balances available resources and expenses. budget
In American society, which of these is an example of a want? video games
How do long-term goals differ from short-term goals? Long-term goals require more patience than short-term goals do.
Which best describes what financial planning skills ultimately enable an individual to do? to prepare for the future
What is included in an individual’s personal finances? Check all that apply. moneypropertyinvestment
Planning to finance higher education helps people prepare for their financial future because it teaches them about funds management and loans.
Which would be most helpful when considering a large expenditure that might require repeating payments? Check all that apply. creating a budget to consider future income and spendinglearning about opportunity cost

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