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31) Even average earners can accumulate wealth by

A) spending less than they make.

B) spending more than they make.

C) eating out less often.

D) winning the lottery.

32) Financial statements include all of the following except a(n)

A) risk assessment to match your profile.

B) income statement.

C) prospectus.

D) asset allocation statement.

33) Financial documents should be

A) kept in a desk drawer in your home for easy access.

B) kept in a safety deposit box or a safe place at your home.

C) kept at your parents' house in their desk.

D) stored as a Microsoft Word file on your computer.

34) Which of the following key documents should be constantly available for review?

A) The only copy of your will

B) Your monthly bank statement

C) Original copies of life insurance policies

D) The deed to your house

35) A financial plan should be

A) prepared when you graduate from college or university and carefully followed thereafter without changes.

B) prepared when you graduate from college or university and carefully followed until you retire, when you will no longer need one.

C) prepared when you graduate from college or university and reviewed and adjusted periodically as events such as marriage, job changes, birth of children, and retirement necessitate.

D) done only in a rough outline, as it will change too often to make anything more detailed feasible.

36) You are single, rent an apartment and go to school part-time and work part-time. Which of the following are you most likely to need?

A) Stockbroker

B) Life insurance

C) A will

D) A budget

37) The purpose of financial planning is to help do all of the following except

A) set goals.

B) decrease your food.

C) become financially educated.

D) increase your net worth.

38) Key documents for managing personal financing include

A) pension statements.

B) retirement account balances.

C) personal loans, such as automobile loans.

D) Canada Pension Plan calculations.

39) Key documents for managing investments include

A) defined-benefit plan statements.

B) account balances showing the market value of mutual funds.

C) insurance policies.

D) health insurance certificates.

40) The best schedule for the order of the components of your financial plan would be

A) budgeting and tax planning, managing liquidity, financing large purchases, insurance, investing and estate planning

B) tax planning, managing liquidity, budgeting, financing large purchases, insurance, investing and estate planning

C) managing liquidity, budgeting and tax planning, financing large purchases, insurance, investing and estate planning

D) budgeting and tax planning, financing large purchases, managing liquidity, insurance, investing and estate planning

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