Question 1

Maximizing your income and wealth means making more money.

Accepted Answer

Maximizing your income and wealth implies earning more money.

Question 2

The average length of employment in one job is ____ year(s).&#10;A) three&#10;B) seven&#10;C) five&#10;D) one

Accepted Answer

The average length of employment in one job is typically around five years, although this can vary by industry, role, and geographic location.

Question 3

The reward of good money management is an improved standard of living.

Accepted Answer

Proper money management involves creating a budget, saving money, eliminating debt, and investing for the future. By doing so, individuals can avoid financial stress, achieve their financial goals, and ultimately improve their standard of living.

Question 4

Your values influence how you spend your money.

Accepted Answer

Values are deeply held beliefs and principles that guide our choices and actions. How we spend our money reflects our values and priorities. If someone values experiences and time with family, they may prioritize spending money on vacations or family outings over material possessions. Similarly, if someone values health and wellness, they may allocate more money towards gym memberships, healthy food, and preventative healthcare.

Question 5

Your personal financial plan is influenced by your values.

Accepted Answer

Your personal financial plan involves making decisions about how to allocate and manage your resources based on your goals and priorities. Your values play a crucial role in shaping these goals and priorities, as they reflect your beliefs about what is important in life and how you want to spend your time, energy, and money. For example, if you value financial security, you may prioritize saving and investing for emergencies and retirement over spending on discretionary items. Alternatively, if you value experiences and relationships, you may prioritize spending on travel, entertainment, and gifts for loved ones over accumulating material possessions or saving for the future. Your values are unique to you and will influence your financial decisions in a way that aligns with your personal beliefs and objectives.

Question 6

Good financial planning is a lifelong activity.

Accepted Answer

Good financial planning involves setting goals, creating a budget, managing debt, saving for emergencies and retirement, and investing wisely. It requires ongoing monitoring and adjustments over the course of a person's life to ensure that their financial goals are met.

Question 7

A____is a guide to help you reach your targeted goals in the future.&#10;A) budget&#10;B) economic plan&#10;C) personal financial plan&#10;D) tax strategy

Accepted Answer

A personal financial plan is a guide that helps individuals reach their targeted financial goals in the future. It Includes strategies on how to save, invest, manage debt, and plan for retirement. A budget is a part of a personal financial plan, but it only focuses on tracking income and expenses. An economic plan is usually a government or organization's plan to improve the overall economy. A tax strategy is a plan to minimize tax liability.

Question 8

No factor has a strong influence on your personal finances than your career choice.

Accepted Answer

Your career choice can greatly impact your earning potential, job security, benefits, and overall financial stability. It determines your income level, retirement savings, and ability to pay off debts or afford certain expenses. Therefore, it is one of the most significant factors in your personal finances.

Question 9

Personal income in North America has grown rapidly in recent years.

Accepted Answer

The answer of Personal income in North America has grown...

Question 10

_____ is the study of the economic factors and personal decisions that affect a person's financial well-being.&#10;A) Personal finance&#10;B) Finance planning&#10;C) Financial success&#10;D) Standard of living

Accepted Answer

Personal finance is defined as the study of the economic factors and personal decisions that affect a person's financial well-being, including budgeting, saving, investing, and managing debt. Finance planning is a related concept but focuses more on creating a comprehensive plan to meet specific financial goals. Financial success and standard of living are also related to personal finance but are broader concepts that encompass a wider range of factors beyond just financial decision-making.

Deck 21: Developing a Business Plan