FHCE 3200 EVALUATION EXAM 2026 QUESTIONS AND
SOLUTIONS RATED A+
✔✔Long Term Goal Length - ✔✔More than 10 years
✔✔Past-Oriented - ✔✔Based on memories, whether good or bad
✔✔Hedonistic Perspective - ✔✔Doing things for pleasure, the experience, and
excitement of the action
✔✔Fatalistic Perspective - ✔✔Unable to visualize a meaningful future
✔✔Future Oriented - ✔✔Based on a calculation of the consequences of actions in
terms of a future payoff
✔✔External Factors to Increase Importance of Goal - ✔✔Financial bonuses if you reach
your goal
Sharing your goal with others (in person or via social media)
✔✔Internal Factors to Increase Importance of Goal - ✔✔Self-improvement
Visualizing attainment of your goal
✔✔Self-Efficacy - ✔✔How well you believe you can do something
✔✔Procrastination - ✔✔Placing more value on the present at the expense of the future
✔✔Hyperbolic Discounting - ✔✔When the value of future benefits is perceived to be
lower than that of an alternative available right now
An inconsistent preference across time leading to procrastination
✔✔Heuristics - ✔✔Based on past experiences
Automatic and rarely used with forethought
Can help you make quick decisions, however, they sometimes lead to problematic
choices and outcomes
✔✔Status Quo Bias - ✔✔A personal preference for keeping things the same
Overemphasizes the good aspects of a current situation
Underestimates the benefits that come from making a change
Creates fear of making a wrong decision regarding a new situation
✔✔Loss-averse - ✔✔Most people dislike losing, especially money
The tendency of people to fail to focus on gains, because they seek to escape loses
, ✔✔Optimism Bias - ✔✔Some people think that they will rarely, if ever, experience
painful losses during their lifetime
✔✔Confirmation Bias - ✔✔A tendency to search for information that confirms one's
preconceptions
Leads to overconfidence in the future
Erroneously contributing attributions to skill rather than chance while ignoring
indications that would undermine perceptions of skills
✔✔Using Heuristics - ✔✔Identify the problem or issue
Gather appropriate facts and data about the situation
Analyze the data you have collected
List the viable alternatives and select the best one
Implement the decision
Monitor outcomes
✔✔Exterior Finance - ✔✔Observable actions you take with money and the associated
outcomes, such as your loan payment amounts, savings rates, cash flow management,
and your net worth
✔✔Interior Finance - ✔✔Refers to your knowledge, attitudes, perceptions, and abilities
✔✔Interest - ✔✔The price paid for the use of borrowed money
✔✔FDIC/NCUA Insurance - ✔✔Protect deposits up to $250,000
✔✔Annual Percentage Rate (APR) - ✔✔Cost of borrowing money on an annual basis
Takes into account the interest rate and other related fees on a loan
Periodic Interest Rate x Number of Periods
✔✔Annual Percentage Yield (APY) - ✔✔Accounts for compound growth, or the
additional interest that your interest earns
[(1 + periodic interest rate)^number of periods] - 1
✔✔Future Value - ✔✔How much current savings and investments will be worth at a
certain date in the future
✔✔Present Value - ✔✔The current value of a future amount
✔✔Annuity - ✔✔A series of equal regular deposits
✔✔Rule of 72 - ✔✔The number of years it takes for a certain amount to double in value
is equal to 72 divided by its annual rate of interest
SOLUTIONS RATED A+
✔✔Long Term Goal Length - ✔✔More than 10 years
✔✔Past-Oriented - ✔✔Based on memories, whether good or bad
✔✔Hedonistic Perspective - ✔✔Doing things for pleasure, the experience, and
excitement of the action
✔✔Fatalistic Perspective - ✔✔Unable to visualize a meaningful future
✔✔Future Oriented - ✔✔Based on a calculation of the consequences of actions in
terms of a future payoff
✔✔External Factors to Increase Importance of Goal - ✔✔Financial bonuses if you reach
your goal
Sharing your goal with others (in person or via social media)
✔✔Internal Factors to Increase Importance of Goal - ✔✔Self-improvement
Visualizing attainment of your goal
✔✔Self-Efficacy - ✔✔How well you believe you can do something
✔✔Procrastination - ✔✔Placing more value on the present at the expense of the future
✔✔Hyperbolic Discounting - ✔✔When the value of future benefits is perceived to be
lower than that of an alternative available right now
An inconsistent preference across time leading to procrastination
✔✔Heuristics - ✔✔Based on past experiences
Automatic and rarely used with forethought
Can help you make quick decisions, however, they sometimes lead to problematic
choices and outcomes
✔✔Status Quo Bias - ✔✔A personal preference for keeping things the same
Overemphasizes the good aspects of a current situation
Underestimates the benefits that come from making a change
Creates fear of making a wrong decision regarding a new situation
✔✔Loss-averse - ✔✔Most people dislike losing, especially money
The tendency of people to fail to focus on gains, because they seek to escape loses
, ✔✔Optimism Bias - ✔✔Some people think that they will rarely, if ever, experience
painful losses during their lifetime
✔✔Confirmation Bias - ✔✔A tendency to search for information that confirms one's
preconceptions
Leads to overconfidence in the future
Erroneously contributing attributions to skill rather than chance while ignoring
indications that would undermine perceptions of skills
✔✔Using Heuristics - ✔✔Identify the problem or issue
Gather appropriate facts and data about the situation
Analyze the data you have collected
List the viable alternatives and select the best one
Implement the decision
Monitor outcomes
✔✔Exterior Finance - ✔✔Observable actions you take with money and the associated
outcomes, such as your loan payment amounts, savings rates, cash flow management,
and your net worth
✔✔Interior Finance - ✔✔Refers to your knowledge, attitudes, perceptions, and abilities
✔✔Interest - ✔✔The price paid for the use of borrowed money
✔✔FDIC/NCUA Insurance - ✔✔Protect deposits up to $250,000
✔✔Annual Percentage Rate (APR) - ✔✔Cost of borrowing money on an annual basis
Takes into account the interest rate and other related fees on a loan
Periodic Interest Rate x Number of Periods
✔✔Annual Percentage Yield (APY) - ✔✔Accounts for compound growth, or the
additional interest that your interest earns
[(1 + periodic interest rate)^number of periods] - 1
✔✔Future Value - ✔✔How much current savings and investments will be worth at a
certain date in the future
✔✔Present Value - ✔✔The current value of a future amount
✔✔Annuity - ✔✔A series of equal regular deposits
✔✔Rule of 72 - ✔✔The number of years it takes for a certain amount to double in value
is equal to 72 divided by its annual rate of interest
