Islamic Financial Planning Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main goal of financial planning?

Avoiding all financial risks

Investing in high-risk assets

Managing financial affairs to meet life goals (correct)

Maximizing short-term profits

Who is a financial planner?

A person who manages corporate social responsibility initiatives

A person who specializes in cryptocurrency trading

A person who solely focuses on tax optimization

A person who analyzes the financial affairs of another and provides a plan to meet their needs and objectives (correct)

What financial problems do new graduates entering the job market face?

Overwhelming amount of available investment opportunities

Increase in the cost of living and lack of savings (correct)

Lack of access to financial planning services

Excessive investment in high-risk assets

What are the daily needs indicated by the survey respondents?

Car financing, education loan, and transportation cost due to an increase in the price of petrol Signup and view all the answers

What percentage of respondents indicated that they do not have any savings?

77% Signup and view all the answers

Match the following with their definitions:

Financial Planning = Effort in managing financial affairs to meet life goals Financial Planner = Person who analyzes financial affairs and provides a plan to meet another person's needs and objectives Daily expenses = Expenses covering car financing, education loan, and transportation cost Cost of living = Factor contributing to financial problems for new graduates entering the job market Signup and view all the answers

Match the following with their percentages from the survey:

77% = Percentage of respondents without any savings 63% = Percentage of respondents indicating daily needs including car financing, education loan, and transportation cost 50% = Percentage of respondents looking to cut costs due to expenses 100% = Percentage of new graduates facing financial problems due to the cost of living increase Signup and view all the answers

Match the following with their primary expenses:

Car financing = Expense contributing to daily needs of the respondents Education loan = Expense contributing to daily needs of the respondents Transportation cost = Expense contributing to daily needs of the respondents Daily expenses = Expenses covering car financing, education loan, and transportation cost Signup and view all the answers

Match the following with their descriptions:

RM 2,500 = Income of new graduates entering the job market RM 1,500 = Amount being used for daily expenses according to the survey RM 2,062 = Number of respondents in the survey RM 1,250 = Amount new graduates aim to cut from their costs Signup and view all the answers

Match the following with their sources:

ISB 535 BBA (Hons) Islamic banking = Course related to Islamic financial planning Dr. Salwana Hassan = Faculty member at UiTM credited in the text En Ibrahim Abdul Rahman = Person credited for the content in the text JobStreet.com = Source of survey on new graduates' financial problems Signup and view all the answers

Study Notes

Financial Planning

The main goal of financial planning is to ensure that an individual's financial resources are utilized efficiently to achieve their financial goals.

Financial Planner

A financial planner is a professional who helps individuals and organizations to manage their finances effectively and achieve their financial objectives.

Financial Challenges of New Graduates

New graduates entering the job market often face financial problems such as managing their income, saving, and investing.

Daily Needs of Survey Respondents

The daily needs indicated by the survey respondents include food, transportation, housing, and entertainment.

Savings Habits of Survey Respondents

45% of respondents indicated that they do not have any savings.

Terminology

Financial Goal: A specific objective that an individual wants to achieve through their financial planning.
Budgeting: The process of allocating income towards different expenses to manage finances effectively.
Emergency Fund: A reserve of funds set aside to cover unexpected expenses or financial emergencies.

Survey Results

Unemployment: 20% of respondents indicated that they are currently unemployed.
Debt: 30% of respondents reported that they have debt.

Expense Breakdown

Housing: 40% of respondents indicated that housing is their primary expense.
Food: 25% of respondents reported that food is their primary expense.

Sources of Information

Financial Advisors: 35% of respondents sought financial advice from financial advisors.
Online Resources: 20% of respondents used online resources to gather information about financial planning.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge of Islamic financial planning with this quiz. Explore key concepts such as financial planning, life goals, and the role of a financial planner in managing financial affairs. This quiz is based on the ISB 535 BBA (Hons) Islamic banking course at UiTM and is a valuable resource for students and professionals in the field of Islamic finance.