Personal Financial Planning Quiz

Personal Financial Planning Quiz

University

15 Qs

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Personal Financial Planning Quiz

Personal Financial Planning Quiz

Assessment

Quiz

Business

University

Easy

Created by

Prabhjot BBA

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of personal financial planning?

To spend money without any restrictions

To achieve financial goals and secure financial future

To rely on others for financial decisions

To ignore financial responsibilities

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to regularly review and revise a financial plan?

To stick to the same plan forever

To adapt to changing financial circumstances and goals

To ignore financial responsibilities

To rely on others for financial decisions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of insurance in personal financial planning?

To increase debt

To protect against financial risks and uncertainties

To overspend on unnecessary items

To ignore financial responsibilities

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can inflation impact personal financial planning?

Increase the value of savings

Decrease the purchasing power of money over time

Encourage saving and investing

Have no effect on financial decisions

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a benefit of creating a budget as part of personal financial planning?

Overspending and going into debt

Tracking income and expenses

Ignoring financial goals

Relying on others for financial decisions

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a common financial goal for individuals?

Accumulating debt

Living paycheck to paycheck

Saving for retirement

Overspending on unnecessary items

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What role does risk tolerance play in personal financial planning?

Ignoring financial goals

Determining how much risk an individual is willing to take with investments

Borrowing excessively

Spending without any restrictions

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