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EPF: Personal Financial Planning Assessment

Quiz by Pa'Trice Day Owens

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30 questions
Show answers
  • Q1
    In most cases, a new high price top of the line cell phone is an example of a need
    False
    True
    60s
  • Q2
    The first step in financial planning is to determine your current financial status.
    False
    True
    60s
  • Q3
    Saving money for the holidays is an example of a long-term goal.
    True
    False
    60s
  • Q4
    The main cause of inflation is an increase in demand without increase in supply.
    True
    False
    60s
  • Q5
    The time value of money is the amount your original deposit will be worth in the future, based on earning a specified interest rate over a set period of time.
    False
    True
    60s
  • Q6
    You can buy and touch intangible items.
    False
    True
    60s
  • Q7
    Supply and demand are examples of market forces.
    True
    False
    60s
  • Q8
    Interest rates provide an indicator of how well people are living.
    False
    True
    60s
  • Q9
    A series of equal, regular deposits is called annuity.
    True
    False
    60s
  • Q10
    The Federal Reserve System is the central banking system of the United States.
    True
    False
    60s
  • Q11
    The ways in which people make, distribute, and use their goods and services is called the
    Long term goals
    economy
    opportunity cost
    short-term goals
    60s
  • Q12
    Earning interest on previously earned interest is called
    inflation
    compounding
    economics
    doubling down
    60s
  • Q13
    Financial plans that are more than five years off are called
    long-term goals
    opportunity plans
    intermediate goals
    attainable goals
    60s
  • Q14
    The trade-off made by making one choice instead of another is commonly referred to as a(n)
    opportunity cost
    trade decision
    personal preference
    economic choice
    60s
  • Q15
    Saving for a vacation next summer or paying off small debts by the end of the year are examples of
    long-term goals
    opportunity planning
    opportunity results
    short-term goals
    60s

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