Life, Love, and Money (PFI 1305) Test 1 Practice

These questions are part of the practice quiz. Start practicing

• Career capital refers to developing what?
• Career capital is built by developing rare & valuable skills. Which option reflects that idea?
• In SMART goals, which element stands for tracking progress toward the goal?
• What is diversification in investing?
• Which term describes happiness based on pleasure and avoidance of pain?
• What is health insurance's main purpose?
• What is an employer-sponsored retirement plan?
• What describes an effective approach to reducing debt?
• Which combination best describes a driven life quality?
• Which statement best reflects Habit 1: Be Proactive?
• Which statement about mortgage payments is true?
• Name three typical types of insurance in personal finance.
• What is a budget?
• Which describes life marked by meaning over time and long-term fulfillment, even if pleasure is not constant?
• If a goal is Time-bound, what does this specify?
• Are Success and Happiness related?
• Be Proactive's central focus is which of the following?
• Which describes life focused on quick thrills with little reflection?
• Where should an emergency fund be kept to ensure liquidity?
• How does compound interest differ from simple interest?
• In this framework, what is defined as an envisioned result that a person plans on and acts upon to achieve?
• Which quadrant is described as important but not urgent, emphasizing deep work and planning?
• Which best describes a discretionary expense?
• Which of the following is a variable expense?
• Which item is listed under Realization?
• Which SMART component addresses WHEN you will reach your destination?
• The exercises you had to do to complete Assignment 1 Part 2 are most aligned with which habit?
• Scale 2 range is
• Which describes life with both pleasure and purpose?
• A student that says, 'My professor gave me a D' is likely where on the maturity continuum?
• What is a primary goal of diversification?
• What is the credit card grace period?
• Which statement best defines core values?
• Which scale has a possible range of 0 to 100?
• Which statement about core values is least true?
• A driven life quality is characterized by?
• Which pair are the two components described in dual-self theory?
• Which SMART component asks how well the goal aligns with your core values and principles?
• Which habit involves the mental creation - or planning the path to reaching a goal?
• Which statement best defines self-efficacy?
• Rider refers to which system in this framework?
• Does money directly provide happiness (utility)?
• What is a credit score and why is it important?
• Which SMART component is concerned with mile markers along the way?
• Proactivity means you...
• What is the term for happiness that refers to contentment from achieving meaning?
• Which habit is associated with defining a life mission and goals?
• Which habit is most aligned with taking proactive control over future events and owning actions?
• The most recent social science research tells us that happiness and success are related, but one does not appear to cause the other.
• In economic terms, utility is best described as:
• Elephant refers to which system in this framework?
• What is the main purpose of an emergency fund?
• Which SMART component asks if the goal is feasible given resources and environmental conditions?
• What is utility?
• Actualization is associated with which life stage or state?
• What is a utilization rate in credit cards?
• Which statement best describes a budget deficit?
• Escape quadrant is associated with not important and not urgent; which description fits?
• What is the key rule of a zero-based budget?
• What is a common feature of employer-sponsored retirement plans like a 401(k)?
• Which statement best contrasts hedonia with eudaimonia?
• If inflation is 3% and savings earn 2%, what happens to the purchasing power of your money?
• Which is an example of a fixed-rate loan?
• What does asset allocation mean?
• What is a 529 plan?
• In Private Victory, which element is the foundation or starting point of success?
• Self-Esteem is best described as which concept?
• Most human capital investment occurs during which stage of the life cycle?
• In dual-self theory, which part is the Rider?
• Which description matches Scale 4?
• Which describes a life balancing pleasure and meaning?
• In Actualization, which term is listed as 'Facilitator'?
• Which quadrant is described as 'ILLUSION' involving distractions and is urgent but not important?
• Which statement best defines a budget surplus?
• Which describes life with little pleasure and little meaning?
• Quadrant 1 is characterized by DEMAND and includes which combination?
• Which statement best defines Utility in this framework?
• In Private Victory, which element represents the Paradigm shift from dependence to independence?
• Which description best characterizes Neuroticism?
• Which life type is characterized by high hedonia and high eudaimonia?
• In Private Victory, which element covers turning plans into actions and measuring results?
• Which two concepts are used to describe life satisfaction in the discussed framework?
• Which hypothesis posits that passion evolves over time with mastery?
• Ian planned to work out after class but ended up back in his dorm watching Netflix. According to dual-self theory, which part of Ian's brain was most responsible for this outcome?
• Transformation includes investing in which asset?
• Which term describes System 2, which is slower, more deliberate, and logical thinking with the ability to comprehend the future?
• Following your career passion ensures that you will experience a fulfilling working life.
• Which statement describes Locus of Control?
• Actualization is associated with which life stage?
• Which statement about credit reports is true?
• The belief one has about their ability to accomplish goals describes self-efficacy.
• Which describes a life of pursuing pleasure with little deeper meaning?
• Which personality trait describes the tendency to experience negative emotions and the degree to which those experiences affect someone?
• Which statement accurately describes the relationship between Rider and Elephant in Dual-Self Theory?
• What is the role of taxes in financial planning?
• The typical college student is richest in which resource?
• Which statement best describes fixed expenses?
• Why is it important to track cash flow?
• True or False: The rider is the only part of our brain that can comprehend the future.
• Scale 1 measures self-efficacy and has which possible range?
• Dual-Self Theory (Haidt) posits that our conscious brain has two distinct parts that function simultaneously. Which two parts are they?
• What is a budget line item?
• Maslow's hierarchy places which need at the top?
• In Realization, which form of capital is mentioned?
• Which statement correctly describes the tax treatment of a Roth IRA?
• In dual-self theory, which statement about the rider is true?
• Which statement describes Roth IRA contributions and withdrawals?
• What is a credit report?
• What is the purpose of power of attorney?
• Which Habit in Covey's framework focuses on physical creation or traveling on the path?
• Which term best describes the brain region associated with prediction and connection, enabling proactive thinking?
• Which phrase describes deliberate practice?
• The Conscious brain (Mammalian) is associated with emotions, pleasure, and socialness. Which term best fits this description?
• Which time management matrix quadrant is associated with maximizing brain power?
• What is the difference between term life and whole life insurance?
• Which statement about resources is accurate in this framework?
• In SMART goals, what does the letter S stand for?
• According to Self-Determination Theory, there is no evidence that which quality is a key characteristic of a rewarding job?
• Jim scores 95 on the locus of control scale; this would indicate which description of his orientation?
• What is inflation and how does it affect savings?
• Which factors determine Social Security benefits?
• Which part of the brain is focused on survival and safety?
• Covey's Principles would be considered core values.
• The limbic system is primarily associated with which functions?
• Which statement best describes a fixed-rate loan?
• Difference between interest rate and APR?
• In this framework, which resource is prioritized as the primary asset?
• Which of the following is most likely a discretionary expense?
• In SMART goals, which component asks "What is your destination?"
• Which statement describes the role of Social Security in retirement planning?
• What is a beneficiary designation on a life insurance policy?
• In dual-self theory, the elephant brain is older and slower compared to the newer, faster, thinking rider part.
• Which statement correctly describes the tax treatment of a Traditional IRA?
• Which statement best describes the debt repayment snowball method?
• Which role is least likely associated with the actualization phase of the life cycle?
• What happens in compounding in savings?
• In Private Victory, which element focuses on developing skills and plan for action?
• Which phase is typically associated with the most transformative changes in earnings?
• Which habit emphasizes defining your life mission and goals?
• Which life type is described as low hedonia and high eudaimonia?
• True or False: In terms of securing a rewarding career, the craftsman hypothesis requires pre-existing passion while the passion hypothesis posits that passion evolves with mastery.
• Which statement about APR is true?
• Risk tolerance is defined as
• What is the difference between a mortgage and rent?
• Which element of the SMART goal process helps to best ensure we will be motivated to achieve our goal?
• In Transformation, which asset is emphasized?
• What is opportunity cost?
• Which statement about how credit scores influence loan terms is true?
• Which management matrix quadrant would internet surfing typically belong to?
• Which term describes the desire to experience positive emotion (hedonia) or contentment (eudaimonia) and the belief that this will bring utility?
• In dual-self theory, the rider part of the brain is larger, newer, and tends to be more proactive than the elephant.
• How do tax credits differ from deductions?
• Peak earning years typically occur during which LC phase?
• What term refers to the psychological feature that induces an organism to act toward a desired goal, often described as the desire to do?
• Which statement defines the interest rate?
• The mammalian conscious brain is described as involving which functions?
• Which habit is about prioritizing and doing first things first?
• From an economic perspective, the primary goal of all human beings is to maximize:
• Cal Newport argues that the passion paradigm may be dangerous because it can lead to which outcome?
• Habit 2's focus on long-term outcomes most closely aligns with which SMART element?
• Liquidity is defined as the ease with which an asset can be converted to cash without significant loss of value.
• What is the purpose of a Roth IRA?
• High hedonia and low eudaimonia lead to what type of life quality?
• Which option list correctly identifies the quadrant associated with planning and deep work?
• What is a will?
• Which of the following is a consequence commonly associated with high student loan debt?
• Which elements are typically included in estate planning?
• Which part of the brain is focused on pleasure & socialness?
• In Private Victory, which element corresponds to the guiding worldview or paradigm?
• Which quadrant is associated with illusion in the time management matrix?
• Which statement about the denominator in the debt-to-income calculation is correct?
• What is the first step in the personal financial planning process?
• Which factor cannot substitute for practice and capital in achieving a successful career?
• Which element of the SMART goal process is most central to Covey's Habit 2?
• Which habit involves mental creation or planning the path to reaching a goal?
• What is a commonly recommended step when building an emergency fund?
• Aspirations and goals are the same thing.
• Which describes life with high hedonia but low eudaimonia?
• How would you calculate your debt-to-income (DTI) ratio?
• A paradigm is...
• What is estate planning?
• Which life type is described as high hedonia and low eudaimonia?
• Scale 3 spans which range?
• Which brain region is associated with automatic, instinctual behavior and safety, commonly referred to as the reptilian brain?
• Which phase corresponds to peak earnings years?
• How does diversification reduce risk in a portfolio?
• Which statement reflects the core investment principle of risk and return?
• Which of the following is NOT part of the SMART framework as used in this material?
• Which statement best defines a paradigm?
• What is the importance of money-related communication in relationships?
• Scale 4 range is which of the following?
• Self-Determination Theory describes a rewarding job as having which core characteristics?
• Which element of the SMART goal process helps us determine the feasibility of success in terms of resources and environmental conditions?
• Which of the following is true about variable expenses?
• Core values are often described as what metaphor that guides behavior?
• Which scenario illustrates good liquidity in personal finance?
• Scale 2 measures which attribute?
• Which statement about liquidity is accurate?
• Which time management matrix quadrant has the element of urgency?
• According to Maslow, what are our highest order of needs?
• What does the term 'Response Ability' refer to in Habit 1?
• Self-Esteem is best described as
• Which element of the SMART goal process is central in Napoleon Hill's definition of a goal?
• In the Life Cycle Theory, which phase is associated with production and peak earning years?
• Self-Determination Theory identifies which trio as essential for a rewarding job?
• Which describes a life lacking both pleasures and meaning?
• Why is it important to have a will and designate beneficiaries?
• Which author is associated with warning about the passion paradigm's potential downsides?
• Which life type is described as low hedonia and low eudaimonia?
• Which life type is most associated with a focus on meaning and personal growth over time?
• Which term describes System 1 as fast, instinctive, and focused on the present?
• When you are young you have lots of ___________ and low ___________.
• Practicing Habit 3 relies mostly on engaging which part of our brain?
• The Conscious brain (Primate) is associated with thinking, prediction, and proactive planning. Which brain region is this?
• What are paycheck withholdings?
• What is personal finance goal setting?
• Which of the following is a short-term financial goal (within one year)?
• Which describes life with happiness and deep meaning?