Tracking

income and expenses tends to be more useful when your situation is not expected

to change significantly in the future.

Setting

up a system of accounts often involves setting up a system of transaction and

savings accounts to control spending and saving to invest (or pay down debt).

Budgets

are forward looking, focus on cash flow and tend to be most useful when your

situation is expected to change significantly in the future.

Bank

deposits are not guaranteed by the government in Australia and so it is good to

split your savings between multiple banks.

Neither of the statements are true (both are false)

Both statements are true (neither are false)

Only statement 1 is true

Only statement 2 is true

In

most situations Financial Planners do not need to collect detailed information

about the client’s goals and objectives in order to determine appropriate

financial advice for their situation.

There

is a standardised exam to become a qualified Financial Planner in Australia.

Financial

Planners commonly accept percentage commissions on the investment products that

they recommend to clients.

Financial

Planners are not required to provide advice that is in the best interest of

their client.

A university student clearly explains a financial strategy that they learned about in a Personal Finance course at university to a friend.

An investor carefully researches both the anticipated risks and returns associated with an investment strategy and the suitability of that strategy to their situation and needs before making a careful investment decision.

Trying

to stay motivated and positive about the future by refusing to consider bad

things that could prevent you from achieving your financial goals.

A

23 year-old university graduate begins implementing the first stage of the

Financial Plan that they developed as part of a Personal Finance course that

they studied at university.