Can someone review and tell me if these are correct?

Personal finance is a specialized area of study that focuses

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on financial management, household budgets, and investments

exclusively on investment management and household budgets.

exclusively on investments and retirement planning.

on individual and household financial decisions, such as budgeting, saving, spending, tax planning, insurance, and investments.

Critical to the success of building a comprehensive financial plan is that you approach its creation in a logical order. The steps to success, in the correct order, are as follows:

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Build and protect wealth, establish a firm foundation, and secure basic needs.

Secure basic needs, establish a firm foundation, and build and protect wealth.

Establish a firm foundation, secure basic needs, and build and protect wealth.

Secure basic needs, build and protect wealth, and establish a firm foundation.

An effective financial plan must be adaptable to changing circumstances. Which would not be a reason to take you back to Step 1 of the financial planning process?

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Changes in economic conditions

Marriage

Birth of a child

Purchase of life insurance

Which is not a necessary activity in securing your basic needs?

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Managing cash for liquidity and emergencies

Investing to achieve long-term goals

Making purchase and credit decisions

Selecting financial institutions for checking and savings accounts

As you build your financial plan, youll need to consider the unique characteristics of your household that may influence spending and saving. Which of these factors is not unique to your household?

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Inflation and interest rates

Family makeup

Values and attitudes

Life cycle stage

A persons fundamental beliefs concerning what is important in life are referred to as

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values.

attitudes.

opinions.

judgments.

Your salary was $32,000 in 2019. It increased to $35,000 in 2020. What was the percentage increase in your salary from 2019 to 2020?

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9.14%

33.5%

8.57%

9.38%

Which of the following is not one of the recommended SMART guidelines for personal financial goals?

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Manageable

Realistic

Specific

Attainable

Financial planners must have a

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willingness to provide financial advice.

college degree with an emphasis or major in business.

securities license from the state of federal government.

college degree and two years of experience in finance.

Which of the following has passed a comprehensive examination covering all the topic areas considered necessary in the practice of consumer financial planning and has at least three years of work experience in the field?

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Chartered Financial Consultant (ChFC)

Certified Financial Planner (CFP)

Accredited Financial Planner (AFC)

Certified Public Accountant (CPA)

In a __________ arrangement, the planner is compensated for every financial product sold but does not receive any payment for developing a personal financial plan.

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fee plus commission

Fee-only

fee offset by commission

Commission-only

In a fee-only arrangement, the planner is typically compensated with an annual fee that is based on the

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number of meetings with the client.

value of the clients assets being managed.

value of financial products purchased.

number of financial products purchased.

One of the biggest mistakes people make in their finances is that they are too _____ in their assumptions.

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conservative

pessimistic

optimistic

specific

Holly is uncomfortable with change. She spends a lot of time thinking over alternatives, even for relatively inconsequential decisions. She is a typical

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intuitive decision maker.

antagonizer.

agonizer.

analytical decision maker.

You are calculating your potential return on your stock investments. If you calculate different possible returns based on assuming a variety of interest rates and stock market conditions, this is an example of

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marginal analysis.

opportunity cost.

sensitivity analysis.

reasonable assumptions.

Why do interest rates on different types of borrowing, such as federal funds and mortgages, tend to track each other and the inflation rate?

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They are all affected similarly by economic conditions.

They are all long-term maturities.

They are all short-term maturities.

They all have the same risks.