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Consumer Skills & Personal Financial Planning

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

_____ refers to planning your future income and expenses to ensure they balance.

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1. Why is it important to start saving money early in life?

2. Which of the following statements about credit is TRUE?

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About This Quiz & Worksheet

Personal finance and consumer skills are necessary for all who manage their own expenses, and this quiz and worksheet combo will allow you to test your understanding of these important life skills. On the quiz, you'll be tested on some basic terms and concepts related to financial planning, including the factors that banks take into account when deciding to extend credit.

Quiz & Worksheet Goals

These assessment tools will test your knowledge of:

  • The process of documenting future income and expenses
  • Principles of investing
  • Principles of credit
  • Difference between gross and net income

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the related lesson on personal finance and consumer skills
  • Critical thinking - apply relevant concepts to examine information about financial planning in a different light
  • Knowledge application - use your knowledge to answer questions about personal finance and consumer skills

Additional Learning

To learn more about personal finance, review the accompanying lesson, Consumer Skills & Personal Financial Planning. The lesson contains the following objectives:

  • Differentiate between cash and currency
  • Define cash flow
  • Learn how to breakdown income and plan for expenses
  • Describe reasons individuals seek credit
  • Evaluate the potential benefits of investing in a retirement account in one's 20s or early 30s
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