Personal & Family Finance Unit 3

What should be left out of financial decisions whenever possible? Emotion
As we age, the number and complexity of the financial decisions that we make increases. True
What is the final step in personal financial planning? Reviewing and revising goals
What is a disadvantage of shared decision making? It can create competition between individuals who want to “win” the decision
Shared decision making is always a positive strategy to take. False
What is true about financial planning? Financial plans should be reviewed regularly
About what percentage of lottery winners end up with financial troubles? 70 percent
Making financial decisions is fairly rare; most people make only a few during their lifetime. False
The rise or fall in the price of an item is an example of which of the following? Inflation risk
Interest rate risks would be most relevant to what purchase? A house
There are two the means for achieving financial goals–you either need to increase your savings or reduce your spending. True
What is an example of an inflation risk? The price of an item can rise or fall
Although some families have more resources than other families, there is always a limited amount of resources that families have to work within. True
Experts recommend that you revisit your financial goals about how often? A few times a year
What is the first step in financial planning? Analyzing the current situation

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