Quiz 9

Question 1

What serves as a checkpoint of progress in goal achievement

Answer 1

objectives

Question 2

Time frame for intermediate goals

Answer 2

more than three months, less than a year

Question 3

What does planning process begin with?

Answer 3

a decision

Question 4

Contingency plans

Answer 4

having alternative plans

Question 5

Variable expense

Answer 5

cost that change due to circumstances. Examples: gas, clothes, food, entertainment, etc.

Question 6

Characteristics of good financial plan

Answer 6

flexibility, liquidity, protection and tax efficiency

Question 7

Percentage of Americans who have crisis plan

Answer 7

16%

Question 8

Documents needed in case of emergencies

Answer 8

birth certificate, social security, financial statements and insurance identification

Question 9

Gross income versus net income

Answer 9

gross income is income before taxes are removed, net income is after taxes

Question 10

Proactive plans

Answer 10

plans that are designed with foresought

Question 11

Reactive plans

Answer 11

plans that are spontaneous

Question 12

Directional plans

Answer 12

a strategic plan that guides the future of decision making

Question 13

Interdependent activities

Answer 13

activities that dependent on eachother

Question 14

Independent activities

Answer 14

activities that are unrelated to eachother

Question 15

The planning process

Answer 15

Identification
Formulation
Implementation
Evaluation

Question 16

short term goals

Answer 16

less than three months

Question 17

long term

Answer 17

more than a year