This quiz works best with JavaScript enabled. Home > Finance > Personal Finance > Personal Financial Planning > Personal Financial Planning – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Personal Financial Planning Quiz 5 (8 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If John's total assets have increased from $ 10 000 to $ 15 000 and his liabilities from $ 5000 to $ 8000, by how much has John's net worth increased? A) $ 3000. B) $ 4000. C) $ 2000. D) $ 5000. Show Answer Correct Answer: C) $ 2000. 2. How do you know if you are financially ready? A) Savings that able to cover 10-20 days expenses. B) Savings that able to cover 1-3 months expenses. C) Savings that able to cover 3-6 months expenses. D) None of above. Show Answer Correct Answer: C) Savings that able to cover 3-6 months expenses. 3. In life, there are many uncertainties that you might face. It is extremely importantthat you are always prepared with the right tools and knowledge for situations.An / A ..... is one such tool you can use. A) Bond. B) Emergency fund. C) Deposit. D) Down payment. Show Answer Correct Answer: B) Emergency fund. 4. The trade-off made by making one choice instead of another is commonly referred to as a(n) A) Economic choice. B) Trade decision. C) Opportunity cost. D) Personal preference. Show Answer Correct Answer: C) Opportunity cost. 5. The beliefs and principles you consider important, correct, and desirable. A) Values. B) Wishes. C) Goals. D) Personal financial planning. Show Answer Correct Answer: A) Values. 6. You put $ 500 into an investment account and you earn 10%. What is your account value at the end of year one? A) $ 5. B) $ 5500. C) $ 50. D) $ 550. Show Answer Correct Answer: D) $ 550. 7. What you ..... include items such as cash, savings, real estate, unittrusts or shares in companies. A) Own (assets). B) Owe (assets). C) Owe (liabilities). D) Own (liabilities). Show Answer Correct Answer: A) Own (assets). 8. Which of the following is not the benefit of the financial planning? A) Saving money for emergency use. B) To spend high amount of money on enterntainment. C) Prevent high amount of financial debt. D) Achieving personal financial security and freedom. Show Answer Correct Answer: B) To spend high amount of money on enterntainment. ← PreviousRelated QuizzesPersonal Finance QuizzesFinance QuizzesPersonal Financial Planning Quiz 1Personal Financial Planning Quiz 2Personal Financial Planning Quiz 3Personal Financial Planning Quiz 4 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books