Test Bank For Personal Finance 10th Edition by Garman

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Name Chapter 1--Understanding Personal Finance
Description
Instructions



True/False 0 points

Question The level of financial literacy is high among Americans today.
Answer True
False
Correct Feedback financial literacy is low among most Americans.
Incorrect Feedback financial literacy is low among most Americans.



True/False 0 points

Question People today face the challenge of saving, investing, and managing their own retirement funds.
Answer True
False



True/False 0 points

Question Personal finance is the study of personal and family resources considered important in achieving finan
Answer True
False



True/False 0 points

Question Financial success is marked by having high wealth.
Answer True
False
Correct Feedback financial success is the achievement of financial aspirations.
Incorrect Feedback financial success is the achievement of financial aspirations.



True/False 0 points

Question By saving and investing, people are much more likely to have funds available for future consumption.
Answer True
False



True/False 0 points

Question One's standard of living comprises all his or her current consumption.
Answer True
False
Correct Feedback current consumption is one's level of living. Standard of living is what you aspire to achieve.

, Question The preferred stage of the economic cycle is the contraction phase.
Answer True
False
Correct Feedback it is the expansion phase.
Incorrect Feedback it is the expansion phase.



True/False 0 points

Question Since it is impossible to make precise forecasts about economic trends, indicators such as inflation an
when planning your finances.
Answer True
False
Correct Feedback a reasoned and informed estimate of these indicators must be included
Incorrect Feedback a reasoned and informed estimate of these indicators must be included



True/False 0 points

Question The typical U.S. recession is marked by an average economic decline of 4 percent.
Answer True
False
Correct Feedback the average decline has been 2 percent although the most recent has been higher illustratin
Incorrect Feedback the average decline has been 2 percent although the most recent has been higher illustratin



True/False 0 points

Question The sum total of all economic activity is measured by the gross domestic product.
Answer True
False



True/False 0 points

Question Procyclical economic indicators are those that predict a positive change in the economy.
Answer True
False
Correct Feedback procyclical indicators move in the same direction as the economy whether up or down
Incorrect Feedback procyclical indicators move in the same direction as the economy whether up or down



True/False 0 points

Question The index of leading economic indicators is a composite index that suggests the future direction of the
Answer True
False



True/False 0 points

Question The index of leading economic indicators includes eight components of growth.
Answer True
False
Correct Feedback it includes 10 components of growth.
Incorrect Feedback it includes 10 components of growth.