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12 Questions

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Importance of Financial Planning

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Questions and Answers

What is the main objective of Personal Financial Planning?

To avoid opportunity cost

To minimize liquid assets

To maximize bankruptcy

To understand the relationship between education and potential future earnings (correct)

Why are informed decisions vital to future success?

Because they increase bankruptcy

Because they reduce liquid assets

Because they eliminate opportunity cost

Because all decisions have an opportunity cost (correct)

What is the purpose of setting goals in personal finance?

To provide a pathway for making choices about earning an income and being financially prepared for the future (correct)

To plan for making purchases

To maximize bankruptcy

To minimize liquid assets

Which of the following is NOT a key term related to personal finance?

Rational Decision Making Signup and view all the answers

What is the relationship between education and potential future earnings?

Higher education can lead to higher potential future earnings Signup and view all the answers

What does the term 'Opportunity Cost' refer to in personal finance?

The cost of missed opportunities when a choice is made Signup and view all the answers

What is the impact of taking personal responsibility for your financial actions?

It leads to better financial decision-making Signup and view all the answers

Why is it important to understand the benefits of good financial decision-making?

Because all decisions have an opportunity cost Signup and view all the answers

What does 'Wants Versus Needs' help in distinguishing?

Distinguishing between desires and necessities Signup and view all the answers

What is the purpose of having a plan in personal finance?

To provide a pathway for making choices about earning an income, making purchases, and being financially prepared for the future Signup and view all the answers

What are the Steps to Personal Financial Planning primarily aimed at achieving?

Aiding in making informed financial decisions Signup and view all the answers

What is the primary importance of understanding personal finances?

To make informed decisions about finances Signup and view all the answers