BUSINESS SKILLS EXAM QUESTIONS WITH CORRECT ANSWERS 2026

BUSINESS SKILLS EXAM QUESTIONS
WITH CORRECT ANSWERS 2026
What is financial planning? - CORRECT ANSWER -
the continuous process of making decisions based on achieving you own stated goals



What does financial planning lead to? - CORRECT ANSWER -good financial health



what is the financial lifecycle? - CORRECT ANSWER -stage 1: Wealth production

stage 2: wealth accumulation

stage 3: wealth distribution



how many stages are in the financial lifecycle? - CORRECT ANSWER -3



What happens during stage 1 of financial lifecycle? - CORRECT ANSWER -
wealth protection : start full time job, start family, advanced degrees, start retirement fund



what happens during stage 2 of the financial lifecycle? - CORRECT ANSWER -
wealth accumulation: peak earnings, educating children, maximize retirement $$



what happens during stage 3 of the financial lifecycle? - CORRECT ANSWER -
wealth distribution: retired, how much money you need each year, distribution after death



what two things should a budget be? - CORRECT ANSWER -simple and relevant



what are the four steps of the financial planning process - CORRECT ANSWER -1. develop a goal

2. manage budget

3. monitor

, 4. repeat



what is a budget? - CORRECT ANSWER -
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an estimate of income and expenditure for a set period of time.
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what are time budgets normally used for? - CORRECT ANSWER -
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a amount of time you are investing
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What is a time budget? - CORRECT ANSWER -
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how many times and how long; frequency and duration
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how should you arrange your expenses? - CORRECT ANSWER -by relevance, priorities
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What is a job? - CORRECT ANSWER -What you are doing right now for money
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What is a career? - CORRECT ANSWER -an occupation for the duration of your lifetime
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how can you gain experience in college? - CORRECT ANSWER -
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part time job, internship or course credit opportunities
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how should your social media look when job hunting? - CORRECT ANSWER -
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appropriate, professional
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four ways to be exceptional at work? - CORRECT ANSWER -
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seek a mentor show up early & stay late
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be the go to person act
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X2 like the owner
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