Test Bank for Personal Financial Planning, 13th Edition, by J. Gitman, Michael D. Joehnk, and R Billingsley.

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Test Bank for Personal Financial Planning, 13th Edition, by J. Gitman, Michael D. Joehnk, and R Billingsley. Chapter 1—Understanding the Financial Planning Process TRUE/FALSE 1. Standard of living is defined as the necessities, comforts, and luxuries desired by an individual or group. ANS: T PTS: 1 DIF: Easy OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Knowledge 2. Your average propensity to consume is the percentage of each dollar of income, on the average, that is spent for current needs rather than savings. ANS: T PTS: 1 DIF: Easy OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Knowledge 3. A good financial plan completed when one is in their 30s will typically last a lifetime. ANS: F PTS: 1 DIF: Challenging OBJ: LO: 1-2 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Synthesis 4. Financial planning is a continuing, life-long process. ANS: T PTS: 1 DIF: Easy OBJ: LO: 1-2 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Comprehension 5. Financial planning can improve your standard of living. ANS: T PTS: 1 DIF: Easy OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Comprehension 6. Current consumption is inversely related to saving for the future. ANS: T PTS: 1 DIF: Challenging OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Analysis 7. About 20% of Americans say retirement planning is their most pressing financial concern. ANS: F PTS: 1 DIF: Moderate OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Knowledge 8. The most effective way to achieve financial objectives is through financial planning. ANS: T PTS: 1 DIF: Moderate OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Comprehension 9. Defining financial goals is an important first step in personal financial planning process. ANS: T PTS: 1 DIF: Easy OBJ: LO: 1-2 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Comprehension 10. Two persons with equal average propensities to consume will not necessarily have equal standards of living because of differences in income. ANS: T PTS: 1 DIF: Challenging OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Evaluation 11. The need for financial planning declines as your income increases. ANS: F PTS: 1 DIF: Moderate OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Synthesis 12. Current consumption effects future consumption. ANS: T PTS: 1 DIF: Challenging OBJ: LO: 1-1 NAT: BUSPROG: Reflective thinking STA: DISC: Financial Markets and Interest Rates KEY: Bloom's: Analysis

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