Question 1 An important step in developing a financial plan is to record specific goals you want to achieve.

Select one:

True

False

Question 2

If prepared properly, financial plans are set for life and should not need to be adjusted.

Select one:

True

False

Question 3

The present value of an annuity due is equal to the present value of an ordinary annuity times (1 + i).

Select one:

True

False

Question 4

Usually, annual percentage rate (APR) is equal to the effective interest rate.

Select one:

True

False

Question 5

Net cash flows are the difference between cash inflows and cash outflows and can be either positive or negative.

Select one:

True

False