Deck 17: Financial Planning for Life

Question 1

Which of the following is not a way to assess your financial plan against your values,vision,and life?

A)Prioritize
B)Minimize
C)Organize
D)Monopolize

Answer 1

Monopolize

Question 2

How many times a year should you review your monthly budget?

A)At least 10 times a year
B)At least 12 times a year
C)Once a year
D)Twice a year

Answer 2

At least 12 times a year

Question 3

To be frugal is to ________.

A)be cheap
B)not be wasteful
C)be deprived
D)be in drudgery

Answer 3

not be wasteful

Question 4

When should you review your budget?

A)Once a week
B)Once a month
C)Once a year
D)Whenever you can

Question 5

Which is not a way to create balance in your life?

A)Reduce your obligations
B)Eliminate the nonessentials
C)Think back to your values
D)Get more money

Question 6

When finding a balance with your own financial wellness,which aspect involves eliminating the nonessentials?

A)Minimize
B)Organize
C)Economizes
D)Energize

Question 7

To achieve balance,it is important to minimize,organize,economize,and energize.All but which of the following tips fall under minimizing?

A)Pursue only the activities you enjoy and/or allow you to be productive
B)Eliminate the nonessential
C)Reduce clutter
D)Make sure everything has a place

Question 8

How often should someone assess their insurance coverage,wills,etc.?

A)Monthly
B)Annually,or whenever major life changes occur
C)Quarterly
D)Whenever they spend money

Question 9

Which is not a way to simplify your life?

A)Prioritize
B)Minimize
C)Organize
D)Procrastinate

Question 10

Which of the following will not help you achieve clarity,balance,and energy?

A)Prioritize
B)Minimize
C)Maximize
D)Organize

Question 11

Sustainability is ________.

A)the capacity to endure
B)the ability to keep a lavish lifestyle
C)being frugal
D)Squeaking by

Question 12

To simplify material things that are physically and mentally exhausting,you should

A)prioritize,minimize,and socialize.
B)balance,prioritize,and minimize.
C)organize,energize,and economize.
D)prioritize,spiritualize,and minimize.

Question 13

Being ________ should be approached as a fun challenge.

A)smart
B)stable
C)frugal
D)goal-driven

Question 14

To be successful in executing your financial plan,set aside specific times to reassess where you are and where you want to go,such as ________.

A)schedule an annual budget review
B)when you complete your taxes,reassess your investments
C)on your birthday and at major life events,review your car,life,and health insurance needs
D)All of the options are correct.

Question 15

At the end of each year,as part of a yearly review,you should ________.

A)review and revise your budget
B)treat yourself to one luxury
C)refinance your home
D)All of the options are correct.

Question 16

To reach financial success,you should create a(n)________ and develop the discipline to stick with it.

A)reward
B)movie night
C)routine
D)celebratory attitude

Question 17

What is frugality?

A)Spending your money according to your priorities and vision for the future
B)Being creative and finding savings and more efficient ways to achieve your objectives
C)Being in control of your income and expenses
D)All of the options are correct.

Question 18

According to your authors,you start down the road to financial success by "planning the work; now you must ________."

A)work till you drop
B)strive for excellence
C)define the task
D)work the plan

Question 19

Rahul is NOT being frugal if he

A)wraps his girlfriend's present in newspaper because he doesn't want to pay for wrapping paper.
B)means to use coupons when he goes for ice cream but leaves them at home.
C)doesn't use the heat during the winter to save on the electric bill.
D)"maps out" where he is shopping prior to leaving his dorm and downloads e-coupons for each location.

Question 20

Does money itself create peace of mind?

A)Yes
B)No
C)Sometimes
D)It depends

Question 21

At the end of the year or with major events such as buying a new home,getting a new job,having a baby,or getting a raise,it is always a good idea to sit down and reassess your overall annual budget.

Question 22

It is important to prioritize,minimize,organize,and economize things that exhaust you in your life.

Question 23

Frugality is not about being cheap or about deprivation; instead it is about being creative and finding savings and more efficient ways to achieve your objectives.