Question 1

What are the total current assets?

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Question 2

What are the total liabilities?

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Question 3

What are the total assets?

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Question 4

Which of the following is the final step in creating a financial plan?

Accepted Answer

The final step in creating a financial plan is to formalize and implement your financial plan. This involves putting the plan into action and making the necessary adjustments to achieve your financial goals.

Question 5

Which of the following refers to having a financial score greater than 20?

Accepted Answer

A financial score greater than 20 typically indicates excellent management of financial behaviors, as higher scores often reflect better financial health and decision-making.

Question 6

What is the net worth?

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Question 7

Which of the following refers to having a financial score of 16−20?

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Question 8

What is the current ratio?

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Question 9

Which of the following is fluid over time?

Accepted Answer

Feelings of control and time horizon can change over time.

Question 10

What are the long-term liabilities?

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Question 11

Which of the following is the second step in creating a financial plan?

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Question 12

Which of the following refers to having a financial score less than 10?

Accepted Answer

A financial score less than 10 typically indicates some difficulty in managing financial behaviors, as higher scores are usually associated with better financial management.

Question 13

What is the total income?

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Question 14

What are the total current liabilities?

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Question 15

Which of the following refers to having a financial score of 11−15?

Accepted Answer

A financial score of 11-15 typically indicates an acceptable job of managing financial behaviors, suggesting that while there may be room for improvement, the individual is generally handling their finances in a satisfactory manner.

Question 16

Your financial document is a(n) ________ document.

Accepted Answer

Financial documents are considered flexible because they can be adjusted or updated based on changes in financial situations, goals, or market conditions.

Question 17

Which of the following is the fifth step in creating a financial plan?

Accepted Answer

The fifth step in creating a financial plan involves evaluating how realistic your time horizon is. This step comes after identifying your starting point, goals, and financial capacity, and before implementing and monitoring the plan. It's crucial to assess whether the timeframe you've set for achieving your financial goals is practical, considering your current financial situation and the nature of your goals.

Question 18

What are the total fixed expenses?

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Question 19

What is the debt ratio?

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Question 20

Which of the following is the fourth step in creating a financial plan?

Accepted Answer

The fourth step in creating a financial plan is to determine your financial capacity, which refers to your ability to generate income and manage your expenses.

Quiz 2: Tools for Your Financial Journey