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Question 1 of 10
1. Question
Which of the following are the major components of financial planning?
Correct
There are five major components of financial planning: insurance, investments, income tax planning, retirement planning, and estate planning.
Incorrect
There are five major components of financial planning: insurance, investments, income tax planning, retirement planning, and estate planning.
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Question 2 of 10
2. Question
Which of the following statement is not the responsibilities of financial planners?
Correct
Financial planners can serve as a liaison between clients and other financial professionals.
Incorrect
Financial planners can serve as a liaison between clients and other financial professionals.
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Question 3 of 10
3. Question
What are the three categories of balance sheet?
Correct
There are three categories on a balance sheet: assets, liabilities, and net worth.
Incorrect
There are three categories on a balance sheet: assets, liabilities, and net worth.
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Question 4 of 10
4. Question
Which of the statement best defines the term net worth?
Correct
Net worth is the value of all the non-financial and financial assets owned by an institutional unit or sector minus the value of all its outstanding liabilities.
Incorrect
Net worth is the value of all the non-financial and financial assets owned by an institutional unit or sector minus the value of all its outstanding liabilities.
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Question 5 of 10
5. Question
Which of the following statement is true for the cash flow statement?
Correct
A cash flow statement shows where an individual’s financial resources are going.
Incorrect
A cash flow statement shows where an individual’s financial resources are going.
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Question 6 of 10
6. Question
Which of the statement is true for discretionary expenses?
Correct
A discretionary expense is a cost that a business or household can get by without, if necessary. These expenses are often defined as things that are “wants” rather than “needs”.
Incorrect
A discretionary expense is a cost that a business or household can get by without, if necessary. These expenses are often defined as things that are “wants” rather than “needs”.
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Question 7 of 10
7. Question
Which of the following statement best defines the nondiscretionary expenses?
Correct
This is the mandatory spend you don’t have a lot of control over and that you need to be a member of society, such as everyday bills, utilities and cost of living.
Incorrect
This is the mandatory spend you don’t have a lot of control over and that you need to be a member of society, such as everyday bills, utilities and cost of living.
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Question 8 of 10
8. Question
According to the Bankruptcy Code who retains the property?
Correct
The debtor is allowed to retain a certain property, but a trustee liquidates all other assets.
Incorrect
The debtor is allowed to retain a certain property, but a trustee liquidates all other assets.
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Question 9 of 10
9. Question
According to the demand and supply curve, what is the effect of changing the price on demand?
Correct
Price and demand are indirectly proportional to each other. Higher prices will reduce the demand for an item and lower prices will increase demand.
Incorrect
Price and demand are indirectly proportional to each other. Higher prices will reduce the demand for an item and lower prices will increase demand.
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Question 10 of 10
10. Question
Which of the statement best defines the term perfect elasticity of demand curve?
Correct
A perfectly elastic demand curve is represented by a straight horizontal line and shows that the market demand for a product is directly tied to the price. In fact, the demand is infinite at a specific price. Thus, a change in price would eliminate all demand for the product.
Incorrect
A perfectly elastic demand curve is represented by a straight horizontal line and shows that the market demand for a product is directly tied to the price. In fact, the demand is infinite at a specific price. Thus, a change in price would eliminate all demand for the product.