Money is not merely, an economic concept, decisions regarding the spending of it now versus saving for the future are closely linked to our A)Values B) Prosperity C)Pride D) Dominance Presently you need only 75% of your pre-retirement Income to maintain a comfortable lifestyle after you retire. A) True B) False Financial advisers recommend unexpected financial difficulty." A) 1 to 3 B) 2 to 4 C) 3 to 6 D) 8 to 12 E) none of these Goals are more effective when you follow "Goal-Setting Guidelines" the book mentions several including. A) positive incentives B) negative incentives C) A&B D) a time frame (target dates). Our professor (Groeber) recommended that when we discuss our financial plans with our significant others, we gain their commitment to shared goals by communicating, negotiating and 1. emotion, and personality. 2. 3. months emergency funds to use in periods of 4. 5. A) Dominating, B) Coercing C) Cajoling D) None of these. 6. In the class lectures we talked about using a Balance Sheet and the income and expenses statement serve as tools to develop and A) Discover B) Monitor C) Plan D) none of these personal financial plans. vi 7. A personal balance sheet is a scorecard measuring the progress you have made in building up 8. Net worth Total Assets-Total Liabilities.vili 9. Which of the following would be included as assets in the calculation of what you own as Assets your A) Credit B) reputation C) Assets D) Net worth A) True B) False A) Liquid Assets B) Real Estate C) Personal possessions & Investments owned D) All of the above E) A & B only* 10. A person with a high Net Worth would definitely have enough liquidity to not have difficulties paying current bills. A) True B) False* 11. The inability to pay debts when due is A) Merely a Cash flow problem B) fraud 12. The borrowing of the Cash value of a Life Insurance policy is an example of a Liquid Asset. 13. Planning a budget should involve everyone who is affected by it, even the children who will 14. People who claim large and unusual deductions increase. A) the national debt B) their chances 15. The status of a qualifying widow or widower last for years after the spouse has died. 16. As taxable income moves from a lower to a higher bracket, the higher the rate applies only to C) insolvency D) vagrancy* A) True B) False. learn important money management lessons. A) True B) Falsel of being audited A)1 B)2 C)3 D)5 the additional taxable income in that bracket.i A) True B) false C) the fiscal deficit D) the social security shortfalliv