MHA 706 FINANCIAL MANAGEMENT MIDTERM EXAM
AND STUDY GUIDE NEWEST 2024 ACTUAL EXAM 200
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Once a sound financial plan is in place, there should be no need to ever change it. -
ANSWER: FALSE
One purpose of financial planning is to help you legally reduce the amount of taxes
you have to pay on your earnings. - ANSWER: TRUE
When comparing two different investment opportunities the investor should always
choose the investment that minimizes the total amount of taxes paid. - ANSWER:
FALSE
Annual public school tuition and fees are three times more expensive than private
school tuition and fees. - ANSWER: FALSE
Being financially secure involves balancing what you earn with - ANSWER: what you
spend.
Financial planning might not help you earn more, but it can help you use the money
you do earn to achieve your - ANSWER: financial goals.
Which statement is true about managing personal finances? - ANSWER: Financial
difficulties can be a major cause of marital problems.
In order for your financial plan to be realistic and attainable it needs to be based
upon your - ANSWER: income level.
Personal financial planning can help you to - ANSWER: - deal with unplanned health
issues.
- minimize your tax payments to Uncle Sam.
- minimize your chances of personal bankruptcy.
- have enough money for a comfortable retirement.
What elements are found in an effective financial plan? - ANSWER: - Flexibility to
allow for changes in your situation
- Sufficient liquidity to meet unexpected needs
- Insurance protection from catastrophic events
- Helps you legally reduce the amount of taxes you owe
This course/text will assist you in accomplishing six financial objectives. What are
they? - ANSWER: Answer:
, 1. Manage the unplanned.
2. Accumulate wealth for special expenses.
3. Realistically save for retirement.
4. Cover your assets.
5. Invest intelligently.
6. Minimize your payments to Uncle Sam.
How will a financial plan help you save for retirement? - ANSWER: Answer:
A strong financial plan will help you forecast the costs of retirement and develop a
plan that will allow you to live a comfortable life after you retire.
Today, most Americans over the age of 65 have adequate savings and income
available to them during retirement. - ANSWER: FALSE
The amount of current income that you earn today isn't relevant to setting your long
term goals for the future. - ANSWER: FALSE
A financial plan is only concerned with your future earnings and expenses. An
examination of your current financial situation is not so important. - ANSWER: FALSE
While each person's financial plan is different, some common factors guide all sound
financial plans: flexibility, liquidity, protection, and minimization of taxes. - ANSWER:
TRUE
Financial planning is an ongoing process. As your financial situation and position in
life change, the plan changes. - ANSWER: TRUE
Which of the following is one of the five basic steps in personal financial planning? -
ANSWER: Develop a plan of action.
Which basic step to personal financial planning should be considered when
examining your current financial situation? - ANSWER: Step 1
Which basic step to personal financial planning should be considered when
establishing your personal financial goals? - ANSWER: Step 2
The personal financial planning process consists of ________ steps. - ANSWER: five
While each person's financial plan is different, some common factors guide all sound
financial plans. Which of the following is one of the common factors? - ANSWER:
Protection
Evaluating your financial health consists of - ANSWER: - preparing a personal balance
sheet.
- determining what you are worth.
- preparing a personal income statement.
- determining where your money comes from and where it goes.
AND STUDY GUIDE NEWEST 2024 ACTUAL EXAM 200
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
Once a sound financial plan is in place, there should be no need to ever change it. -
ANSWER: FALSE
One purpose of financial planning is to help you legally reduce the amount of taxes
you have to pay on your earnings. - ANSWER: TRUE
When comparing two different investment opportunities the investor should always
choose the investment that minimizes the total amount of taxes paid. - ANSWER:
FALSE
Annual public school tuition and fees are three times more expensive than private
school tuition and fees. - ANSWER: FALSE
Being financially secure involves balancing what you earn with - ANSWER: what you
spend.
Financial planning might not help you earn more, but it can help you use the money
you do earn to achieve your - ANSWER: financial goals.
Which statement is true about managing personal finances? - ANSWER: Financial
difficulties can be a major cause of marital problems.
In order for your financial plan to be realistic and attainable it needs to be based
upon your - ANSWER: income level.
Personal financial planning can help you to - ANSWER: - deal with unplanned health
issues.
- minimize your tax payments to Uncle Sam.
- minimize your chances of personal bankruptcy.
- have enough money for a comfortable retirement.
What elements are found in an effective financial plan? - ANSWER: - Flexibility to
allow for changes in your situation
- Sufficient liquidity to meet unexpected needs
- Insurance protection from catastrophic events
- Helps you legally reduce the amount of taxes you owe
This course/text will assist you in accomplishing six financial objectives. What are
they? - ANSWER: Answer:
, 1. Manage the unplanned.
2. Accumulate wealth for special expenses.
3. Realistically save for retirement.
4. Cover your assets.
5. Invest intelligently.
6. Minimize your payments to Uncle Sam.
How will a financial plan help you save for retirement? - ANSWER: Answer:
A strong financial plan will help you forecast the costs of retirement and develop a
plan that will allow you to live a comfortable life after you retire.
Today, most Americans over the age of 65 have adequate savings and income
available to them during retirement. - ANSWER: FALSE
The amount of current income that you earn today isn't relevant to setting your long
term goals for the future. - ANSWER: FALSE
A financial plan is only concerned with your future earnings and expenses. An
examination of your current financial situation is not so important. - ANSWER: FALSE
While each person's financial plan is different, some common factors guide all sound
financial plans: flexibility, liquidity, protection, and minimization of taxes. - ANSWER:
TRUE
Financial planning is an ongoing process. As your financial situation and position in
life change, the plan changes. - ANSWER: TRUE
Which of the following is one of the five basic steps in personal financial planning? -
ANSWER: Develop a plan of action.
Which basic step to personal financial planning should be considered when
examining your current financial situation? - ANSWER: Step 1
Which basic step to personal financial planning should be considered when
establishing your personal financial goals? - ANSWER: Step 2
The personal financial planning process consists of ________ steps. - ANSWER: five
While each person's financial plan is different, some common factors guide all sound
financial plans. Which of the following is one of the common factors? - ANSWER:
Protection
Evaluating your financial health consists of - ANSWER: - preparing a personal balance
sheet.
- determining what you are worth.
- preparing a personal income statement.
- determining where your money comes from and where it goes.
