1.1
1.2
1.2-1.3
1.4
1.5
100

Define Financial Knowledge

Possessing awareness of important information needed to understand and apply personal finance concepts.

100

Define Informal Network

Family & Friends

100

  1. Financial risk tolerance refers to your

    1. perception of the riskiness of a situation or investment.

    2. preference when choosing between two or more investments.

    3. willingness to engage in a risk in which an outcome is uncertain.

    4. capacity to sustain an expected loss.

willingness to engage in a risk in which an outcome is uncertain.

100

  1. What are the parts of S-M-A-R-T goal?


    1. Specific,Attachment,Money, & Time

    2. Spring,Monopoly,Applelossu,Realistic, & Timely

    3. Specific,Measurable,Attainable,Relevant & Timely

    4. Soronian,Michigan,Attainable,Realistic, & Timely

Specific,Measurable,Attainable,Relevant & Timely

100

  1. How does procrastination affect meeting your goals? 

Procrastination affects meeting your goals because you are putting more value on the present rather than the future

200

Define Risk Tolerance



Your willingness to engage in a risky behavior that entails the possibility of a financial loss.


200

Define Formal Network

Those connects you have that are professional 

200

  1. The ____________________  the risk the____________________  the wealth earned. 

higher ; higher

200

Define Goal time horizon 

It is the how it is going to take you to complete your goal start to finish 

200

  1. What can lead to becoming over confident in future decisions?

  2. Confirmatory bias.

  3. Status quo bias.

  4. Optimism bias.

  5. Procrastinating.

Confirmatory Bias

300

  1. An action item that should be a part of everyone’s journey to financial well-being include which of the following?

    1. Keep good records.

    2. Spend less than you earn.

    3. Maintain appropriate insurance.

    4. All of these answer choices are correct.

All of the above are correct.

300

  1. Which of the following can both help and seriously deplete your social capital?

  2. Informal networks.

  3. Formal networks.

  4. Social media sites.

  5. Human capital

Social Media Sites

300

  1. The relationship between wealth accumulation and risk tolerance is referred to as what?

  2. Positive.

  3. Negative.

  4. Equal.

  5. No association

Positive

300

  1. What is the time range for short term goals?

    1. 8 months to 5 years

    2. 9 months to 2.5 years

    3.  3 to 6 weeks

    4. 2 to 3 weeks

9 months to 2.5 years

300

  1. Which of the following is an example of precommitting to decisions using heuristics as a decision-making tool?

  2. Using deadlines.

  3. Focusing on small steps.

  4. Paying bills automatically.

  5. Defining where you want to be financially.

Using deadlines

400

  1. Financial literacy takes more than financial knowledge. You must also have some key personal behavior(s) including which of the following?

    1. Self-control.

    2. A desire to apply financial information to the management of your household financial situation.

    3. An interest in personal finance topics.

    4. All of these answer choices are correct.

All of the above are correct. 

400

  1. Besides education, what are other ways to increase your human capital?(Please provide one example).

Willingness to Relocate 

Skill Development

Health

400

  1. All of these below are a form of human capital expect….

    1. On the job training 

    2. College degree 

    3. Reading about a new way to complete your job 

    4. Reference from your coach

Reference from your coach

400

  1. What is the time range for long term goals? 


    1. 8 months to 5 years

    2. 9 months to 2.5 years

    3.  more than 10 years

    4. 2 to 3 weeks

More than 10 years

400

  1. What is said to occur when the value of future benefits is perceived to be lower than that of an alternative available right now?

  2. Procrastination.

  3. Hyperbolic discounting.

  4. Financial capability.

  5. Goal setting.

Hyperbolic discounting

500

What makes up your financial internal view?

Feelings of Control 

Financial Risk Tolerance

Financial Knowledge

500

Generally, healthy people work ______ hours and for a longer period of years over their life span compared to those with impaired health histories.

  1. less.

  2. more.

  3. the same.

  4. longer.

Longer

500

  1. Which of the following is the point where returns through job placements, income, and human capital outweigh the costs of attendance?

  2. Informal networks.

  3. Formal networks.

  4. Financial capability.

  5. Educational value.

Educational Value

500

  1. What is the time perspective associated with the future?

    1. Goal-Oriented

    2. Hedonistic 

    3. Fatalistic 

    4. Past-Oriented

Goal-Oriented

500

  1. When people make financial decisions they rely on…

    1. cognitive evaluations

    2. Feelings

    3. Mental short cuts

    4. All of the above

All of the above

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