Personal Finance Basics Quiz
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Questions and Answers

What is the primary focus of financial management?

  • Maximizing net income
  • Increasing sales revenue
  • Minimizing expenses
  • Managing money effectively (correct)
  • During which phase of an average person's cycle is he/she willing to take on higher risks and spend more money?

  • Consolidation Phase (correct)
  • Gifting Phase
  • Spending Phase
  • Accumulation Phase
  • What is the main purpose of budgeting?

  • Generating income from assets
  • Minimizing investments
  • Estimating revenue and expenses (correct)
  • Maximizing net loss
  • What does finance primarily concern itself with?

    <p>How to invest savings</p> Signup and view all the answers

    What characterizes an individual in the Spending Phase of the average person's cycle?

    <p>Preparing for future retirement</p> Signup and view all the answers

    In personal finance, what is considered when managing money?

    <p>Different financial risks and future life events</p> Signup and view all the answers

    What is the minimum number of years required to qualify for SSS pension?

    <p>10 years</p> Signup and view all the answers

    Which government agency requires 240 months (20 years) to qualify for their pension scheme?

    <p>PAG-IBIG</p> Signup and view all the answers

    What is the main principle emphasized in the text regarding personal finance management?

    <p>Conserving capital</p> Signup and view all the answers

    Why is it important to always have available cash?

    <p>In case of emergencies</p> Signup and view all the answers

    What is an essential aspect of financial literacy according to the text?

    <p>Knowing how to manage credit</p> Signup and view all the answers

    What is a key step in the financial planning process outlined in the text on page 335?

    <p>Gather data through surveys and questionnaires</p> Signup and view all the answers

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