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1. When inflation, as measured by the change in the consumer price index (CPI), is high

2. Holly used savings to pay for the books for her college courses. In choosing to take money from her savings she gives up the interest that could have been earned on that investment. What is this trade-off called

3. In deciding whether to go to graduate school, evaluating the benefit based on the potential change in your earnings is an example of

4. Which of the following is NOT one of the steps in the personal financial planning process

5. The federal funds rate is the rate that

6. You are calculating your potential return on your stock investments. If you calculate different possible returns based on assuming a variety of interest rates and stock market conditions, this is an example of

7. Your salary was $32,000 in 2014. It increased to $35,000 in 2015. What was the percentage increase in your salary from 2014 to 2015

8. You decide to take a part-time job to help with your college expenses. The hours available for study are thus reduced. The reduction in study hours would be your

9. Which of the following describes a Certified Financial Planner (CFP®)

10. Rosa has set the following goal as part of her financial plan: Graduate from college with a B.S. in Business Management. Which aspect of the SMART goal model is missing from her goal

11. A comprehensive financial plan includes three steps: establishing a firm foundation, securing basic needs, and

12. Which type of decision maker is most likely to have trouble sticking to a budget and as a result may fall into debt?

13. Your salary was $28,000 in 2013 and $30,000 in 2014. In 2015, your salary was $34,000. What was the percentage increase in your salary from 2013 to 2015

14. You want to know how much $10,000 invested today is going to be worth 10 years from now. Which type of time value of money calculation should be used to solve this problem

15. When recording inflows and outflows of cash for the cash flow statement, it is important

16. Gross monthly income = $3,500

After-tax monthly income = $2,870

Total debt = $86,000

Total monthly debt payments = $402

Total assets = $113,000

Based on the information given above, what is the debt ratio

17. The basic idea of the time value of money is that $1 to be received in the future is worth ______ $1 received today because of the value of the compound interest.

18. The debt payment ratio is a financial ratio used to calculate and measure the

19. An annuity due is a type of annuity in which each payment is made or received at

20. A personal cash flow statement

21. In order to determine how much you would need to save yearly in order to finance your child’s college education in 10 years, you would use

22. If you borrow to buy a new car, which of the following items on the balance sheet will be affected

23. You are considering two amortized loans with the same number of months to repay and the same initial amount borrowed. If the interest rate on Loan A is higher than the rate on Loan B, the payment on Loan A will be _______ than the payment on Loan B

24. Fixed expenses are

25. Which of the following best defines market value