Financial Planning and Management Concepts

Financial Planning and Management Concepts

Assessment

Interactive Video

Business, Life Skills

9th - 12th Grade

Hard

Created by

Olivia Brooks

Used 1+ times

FREE Resource

This video covers Unit 2 Topic 5 on financial planning, discussing its purposes, the planning process, features of effective planning, tools like budgets and cash flow forecasts, and financial products to meet goals. It emphasizes the importance of planning for life events, retirement, and passing wealth to the next generation. The video also includes a knowledge check with multiple choice questions to reinforce learning.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is financial planning important for life events such as buying a house or starting a family?

To ensure you have enough money for emergencies

To avoid paying taxes

To plan for unexpected expenses

To manage and allocate resources effectively

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first stage in the financial planning process?

Establishing realistic time scales

Reviewing progress

Documenting the plan

Deciding on aspirations

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which stage in the financial planning process involves writing down the plan?

Establishing priorities

Implementing the plan

Documenting the plan

Reviewing progress

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a feature of effective financial planning?

Complicated

Timely

Clear

Realistic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What tool is used to forecast future financial conditions?

Insurance policy

Budget

Cash flow forecast

Savings account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial product is suitable for long-term savings?

Personal loan

Authorized overdraft

Fixed term savings account

Instant access savings account

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of insurance is important for providing financial security to your family after your death?

Home insurance

Life insurance

Car insurance

Health insurance

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