Deck 17: Financial Planning for Life

Question 1

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

Answer 1

Review and revise your budget

Question 2

When should you review your budget?

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

Answer 2

Once a week

Question 3

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

Answer 3

All of the options are correct

Question 4

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

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

Question 5

When is it a good time to reassess your investments?

A) Pretax returns
B) Post-tax returns
C) Every two months
D) All of the options are correct

Question 6

Jamil is being frugal if he _________________.

A) Wraps his girlfriend's present in newspaper because he doesn't want to buy wrapping paper
B) Uses coupons when he goes for ice cream
C) Doesn't use the heat during the winter to save on the electric bill
D) Buys expensive clothes to make people think he's successful

Question 7

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 8

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

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

Question 9

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 10

To be frugal is to _________________.

A) Be cheap
B) Not be wasteful
C) Be deprived
D) Be in drudgery

Question 11

Does money itself create peace of mind?

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

Question 12

Which is not a way to simplify your life?

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

Question 13

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

Question 14

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 15

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

Question 16

How often should someone that is new to budgeting review their budget?

A) Daily
B) Weekly
C) Monthly
D) Whenever they spend money

Question 17

Being _________________ should be approached as a fun challenge.

A) Smart
B) Stable
C) Frugal
D) Goal-driven

Question 18

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 19

You should create a _________________ and develop the discipline to stick with it.

A) Reward
B) Movie night
C) Routine
D) T-shirt time

Question 20

Sustainability is _________________.

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

Question 21

What is financial success?

Question 22

What is the purpose of reviewing your budget monthly?

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.

Question 24

When setting priorities,what are two important considerations?

Question 25

What should you do with your goals when your life doesn't track as you expected?

Question 26

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 27

Who is in control of your destination?

Question 28

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