Introduction to Business

Section 1: Personal Financial Planning

Self-Checks

1
Personal finance refers to all the things in your life that involve ________ .
A)financial goals
B)investments
C)money
D)savings
2
Planning your personal finances is important because it will help you ________ .
A)build wealth
B)reach your goals
C)save for your retirement
D)stay out of debt
3
The financial planning process has ________ steps.
A)four
B)five
C)six
D)seven
4
The first step in the financial planning process involves ________ .
A)determining your current situation
B)developing financial goals
C)paying down your debt
D)starting a savings plan
5
The last step in the financial planning process involves ________ .
A)identifying possible courses of action
B)monitoring your progress
C)putting the plan into action
D)reviewing and revising your plan
6
A general increase in the cost of goods and services is called ________ .
A)bloat
B)inflation
C)economic upturn
D)escalation
7
The ability to easily convert your financial resources into cash without loss in value is called ________ .
A)asset valuation
B)cash flow
C)flexibility
D)liquidity
8
Diversification of your assets is one way to ________ risk.
A)eliminate
B)evaluate
C)limit
D)maximize
9
What you give up when you make one choice instead of another is sometimes called a ________ .
A)trade down
B)trade in
C)tradeoff
D)trade up
10
Part of the ________ of going to college is the money you would have made at a full-time job.
A)alternative cost
B)differential cost
C)estimated cost
D)opportunity cost
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