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Personal Finance, 13e (Kapoor)

Chapter 1 Personal Finance Basics and the Time Value of Money
1) Increased demand for a product or service will usually result in lower prices for the item.
Answer: FALSE
Difficulty: 1 Easy
Topic: Economic conditions and factors
Learning Objective: 01-02 Assess personal and economic factors that influence personal
financial planning.
Bloom's: Understand
Accessibility: Keyboard Navigation; Screen Reader Compatible
Gradable: automatic
2) Inflation reduces the buying power of the dollar.
Answer: TRUE
Difficulty: 1 Easy
financial planning.
Bloom's: Remember
Gradable: automatic
3) Lenders benefit more than borrowers in times of high inflation.
Answer: FALSE
Difficulty: 3 Hard
1
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No reproduction or distribution without the prior written onsent of McGraw-Hill Education.
financial planning.
Bloom's: Understand
Gradable: automatic
4) Economics is the study of using money to achieve financial goals.
Answer: FALSE
Difficulty: 2 Medium
financial planning.
Bloom's: Remember
Gradable: automatic
5) Reduced spending causes unemployment from staff reduction.
Answer: TRUE
financial planning.
Bloom's: Understand
Gradable: automatic
6) A financial plan is another name for a budget.
Answer: FALSE
Topic: Financial plan development
Learning Objective: 01-05 Identify strategies for achieving personal financial goals for
different life situations.
Bloom's: Remember
Gradable: automatic
7) Developing and using a budget is part of the "obtaining" component of financial planning.
Answer: FALSE
Difficulty: 1 Easy
Topic: Components of Financial Planning
Bloom's: Remember
2
Gradable: automatic
8) Planning to buy a car is an example of an intangible-purchase goal.
Answer: FALSE
Topic: Financial Goals
Learning Objective: 01-03 Develop personal financial goals.
Bloom's: Understand
Gradable: automatic
3
9) Opportunity costs refer to what a person gives up when making a choice.
Answer: TRUE
Topic: Opportunity Costs
Learning Objective: 01-04 Calculate time value of money to analyze personal financial
decisions.
Bloom's: Remember
Gradable: automatic
10) Personal opportunity costs refer to time, effort, and health that are given up when a decision
is made.
Answer: TRUE
decisions.
Bloom's: Remember
Gradable: automatic
11) Time value of money refers to changes in consumer spending when inflation occurs.
Answer: FALSE
Topic: Time value of money - interest rates and inflation
decisions.
Bloom's: Remember
Gradable: automatic
12) Interest on savings is calculated by multiplying the principal amount times the opportunity
cost times the annual interest rate.
Answer: FALSE
Difficulty: 3 Hard
decisions.
Bloom's: Remember
Gradable: automatic
4
13) Present value is often referred to as compounding.
Answer: FALSE
Topic: Present Value
decisions.
Bloom's: Remember
Gradable: automatic
14) Opportunity costs may be viewed only in terms of financial resources.
Answer: FALSE
Difficulty: 1 Easy
decisions.
Bloom's: Remember
Gradable: automatic
15) Gross Domestic Product (GDP) measures the total value of goods and services produced
within a country's borders, excluding items produced with foreign resources.
Answer: FALSE
financial planning.
Bloom's: Remember
Gradable: automatic
16) Trade balance is defined as the difference between a country's exports and its imports.
Answer: TRUE
Difficulty: 1 Easy
financial planning.
Bloom's: Remember
Gradable: automatic
5
17) The main goal of personal financial planning is managing your money to:
A) save and invest for future needs.
B) reduce a person's tax liability.
C) achieve personal economic satisfaction.
D) spend to achieve financial objectives.
E) save, spend, and borrow based on current needs.
Answer: C
Difficulty: 1 Easy
Topic: Financial Planning Process
Learning Objective: 01-01 Analyze the process for making personal financial decisions.
Bloom's: Remember
Gradable: automatic
18) Inflation is likely to result from:

A) lower demand by consumers.
B) increased production by business.
C) lower interest rates.
D) increased demand by consumers without increased supply.
E) an increase in the supply of a product.
Answer: D
financial planning.
Bloom's: Understand
Gradable: automatic
19) Who is most likely to benefit from inflation?

A) Retired people
B) Lenders
C) Borrowers
D) Low-income consumers
E) Government
Answer: C
financial planning.
Bloom's: Understand
Gradable: automatic
6
20) Higher consumer prices are likely to be accompanied by:
A) lower union wages.
B) lower interest rates.
C) lower production costs.
D) higher interest rates.
E) higher exports.
Answer: D
Difficulty: 3 Hard
financial planning.
Bloom's: Understand
Gradable: automatic
21) With an inflation rate of 8 percent, prices would double in about ________ years.
A) 4
B) 6
C) 9
D) 10
E) 12
Answer: C
Explanation: Rule of 72, 72/8 = 9
financial planning.
Bloom's: Apply
Gradable: automatic
7
22) Increased consumer spending will usually cause:
A) lower consumer prices.
B) reduced employment levels.
C) lower wages.
D) lower interest rates.
E) higher employment levels.
Answer: E
financial planning.
Bloom's: Understand
Gradable: automatic
23) Higher interest rates can be caused by:

A) a lower money supply.
B) an increase in the money supply.
C) a decrease in consumer borrowing.
D) lower consumer spending.
E) increased saving and investing by consumers.
Answer: A
Difficulty: 3 Hard
financial planning.
Bloom's: Understand
Gradable: automatic
8
24) The risk premium you receive as a saver is based:
A) on your credit rating.
B) on the amount of money you are borrowing.
C) only on the uncertainty associated with getting your money back.
D) only on the expected rate of inflation.
E) in part on the uncertainty associated with getting your money back and the expected rate of
inflation.
Answer: E
Difficulty: 3 Hard
financial planning.
Bloom's: Understand
Gradable: automatic
25) Which of the following would increase the risk of a loan to the lender?
A) Inflation rate greater than loan rate
B) A short time to maturity
C) Consumer Price Index
D) Rule of 72
E) Inflation rate lower than loan rate
Answer: A
financial planning.
Bloom's: Understand
Gradable: automatic
9
26) The stages in the family and financial needs of an adult are called the:
A) financial planning process.
B) budgeting procedure.
C) personal economic cycle.
D) adult life cycle.
E) tax planning process.
Answer: D
Difficulty: 1 Easy
Topic: Life Cycle
financial planning.
Bloom's: Remember
Gradable: automatic
27) The study of how wealth is created and distributed is:

A) financial planning.
B) opportunity cost.
C) inflation.
D) economics.
E) a market economy.
Answer: D
Difficulty: 1 Easy
financial planning.
Bloom's: Remember
Gradable: automatic
28) The main economic influence that causes inflation is:

A) Changes in the stock market.
B) Decreases in interest rates.
C) Increases in employment.
D) Decreases in government spending.
E) Increases in demand without increases in supply.
Answer: E
financial planning.
Bloom's: Remember
Gradable: automatic
10
29) The Fed refers to:
A) government regulation of business.
B) Congress.
C) the Federal Reserve System.
D) the Federal Deposit Insurance Corporation.
E) spending by the federal government.
Answer: C
Topic: Financial system
financial planning.
Bloom's: Remember
Gradable: automatic
30) The main responsibility of The Fed is to:

A) maintain an adequate supply of money.
B) approve spending by Congress.
C) set federal income tax rates.
D) determine illegal business activities.
E) maintain a balanced budget for the federal government.
Answer: A
Topic: Financial system
financial planning.
Bloom's: Remember
Gradable: automatic
11
31) Some savings and investment choices have the potential for higher earnings. However, these
may also be difficult to convert to cash when you need the funds. This problem refers to:
A) inflation risk.
B) interest rate risk.
C) income risk.
D) personal risk.
E) liquidity risk.
Answer: E
Topic: Liquidity
Bloom's: Remember
Gradable: automatic
32) Which of the following would cause consumer prices to drop?

A) Increased consumer borrowing
B) Higher spending by consumers
C) A demand for higher wages
D) Hidden inflation
E) Increased supply by business without increased consumer demand
Answer: E
Difficulty: 3 Hard
financial planning.
Bloom's: Understand
Gradable: automatic
12
33) Attempts to increase financial resources are part of the ________ component of financial
planning.
A) planning
B) obtaining
C) saving
D) sharing
E) protecting
Answer: B
Difficulty: 1 Easy
Bloom's: Remember
Gradable: automatic
34) A major activity in the planning component of financial planning is:

A) selecting insurance coverage.
B) evaluating investment alternatives.
C) gaining occupational training and experience.
D) anticipating spending through budgeting.
E) establishing a line of credit.
Answer: D
Bloom's: Remember
Gradable: automatic
13
35) The ability to readily convert financial resources into cash without loss of value is referred to
as:
A) bankruptcy.
B) liquidity.
C) investing.
D) saving.
E) opportunity cost.
Answer: B
Difficulty: 1 Easy
Topic: Liquidity
Bloom's: Remember
Gradable: automatic
36) The problem of bankruptcy is associated with misuse of credit in the ________ component
of financial planning.
A) sharing
B) saving
C) obtaining
D) borrowing
E) protecting
Answer: D
Difficulty: 1 Easy
Bloom's: Remember
Gradable: automatic
14
37) A question associated with the saving component of financial planning is:
A) Do you have an adequate emergency fund?
B) Is your will current?
C) Is your investment program appropriate to your income and tax situation?
D) Do you have a realistic budget for your current financial situation?
E) Are your transportation expenses minimized through careful planning?
Answer: A
Difficulty: 1 Easy
Bloom's: Understand
Gradable: automatic
38) A formalized report that summarizes your current financial situation, analyzes your financial
needs, and recommends future financial activities is a(n):
A) insurance prospectus.
B) financial plan.
C) budget.
D) investment forecast.
E) statement.
Answer: B
Topic: Financial plan development
Bloom's: Remember
Gradable: automatic
15
39) When an individual makes a purchase without considering the financial consequences of that
purchase, he/she ignores the ________ aspect of financial planning.
A) borrowing
B) risk management
C) spending
D) retirement and estate planning
E) obtaining
Answer: C
Difficulty: 1 Easy
Bloom's: Understand
Gradable: automatic
40) The success of a financial plan will be determined by:

A) the amount of debts owed.
B) the stage of the adult life cycle.
C) a person's tax status.
D) the individual's financial habits.
E) current economic conditions.
Answer: D
Bloom's: Understand
Gradable: automatic
16
41) As Olivia Wilson plans to set aside funds for her young children's college education, she is
setting a(n) ________ goal.
A) intermediate
B) long-term
C) short-term
D) intangible
E) durable
Answer: B
Difficulty: 1 Easy
Bloom's: Remember
Gradable: automatic
42) ________ goals relate to personal relationships, health, and education.

A) Durable-product
B) Short-term
C) Consumable-product
D) Intangible-purchase
E) Intermediate
Answer: D
Bloom's: Remember
Gradable: automatic
43) William Davis has a goal of "saving $60 a month for vacation." William's goal lacks:
A) measurable terms.
B) a realistic perspective.
C) specific terms.
D) the type of action to be taken.
E) a time frame.
Answer: E
Topic: Financial Goals - SMART approach
Bloom's: Understand
Gradable: automatic
17
44) Which of the following goals would be the easiest to implement and measure its
accomplishment?
A) "Reduce our debt payments."
B) "Save funds for an annual vacation."
C) "Save $50 a month to create a $2,000 emergency fund."
D) "Invest $1,200 a year for retirement."
E) "Increase our emergency fund."
Answer: C
Topic: Financial Goals - SMART approach
Bloom's: Understand
Gradable: automatic
45) Opportunity cost refers to:

A) money needed for major consumer purchases.
B) what a person gives up by making a choice.
C) the amount paid for taxes when a purchase is made.
D) current interest rates.
E) evaluating different alternatives for financial decisions.
Answer: B
Bloom's: Remember
Gradable: automatic
46) An example of a personal opportunity cost would be:

A) interest lost by using savings to make a purchase.
B) higher earnings on savings that must be kept on deposit a minimum of six months.
C) lost wages due to continuing as a full-time student.
D) time comparing several brands of personal computers.
E) having to pay a tax penalty due to not having enough withheld from your monthly salary.
Answer: D
decisions.
Bloom's: Understand
Gradable: automatic
18
47) The time value of money refers to:
A) opportunity costs such as time lost on an activity.
B) financial decisions that require borrowing funds from a financial institution.
C) changes in interest rates due to changes in the supply and demand for money in our economy.
D) increases in an amount of money as a result of interest earned.
E) changing demographic trends in our society.
Answer: D
decisions.
Bloom's: Remember
Gradable: automatic
48) The amount of interest is determined by multiplying the amount in savings by the:
A) annual interest rate.
B) time period.
C) number of months in a year.
D) time period and number of months.
E) annual interest rate and the time period.
Answer: E
decisions.
Bloom's: Remember
Gradable: automatic
19
49) If a person deposited $75 a month for 5 years earning 7 percent, this would involve what
type of computation?
A) Simple interest
B) Future value of a single amount
C) Future value of a series of deposits
D) Present value of a single amount
E) Present value of a series of deposits
Answer: C
Difficulty: 3 Hard
Topic: Time value of money - Future Value
decisions.
Bloom's: Understand
Gradable: automatic
50) Which type of computation would a person use to determine the current value of a desired
amount in the future?
A) Simple interest
B) Future value of a single amount
C) Future value of a series of deposits
D) Present value of a single amount
E) Compound interest
Answer: D
Topic: Time value of money - Present Value
decisions.
Bloom's: Understand
Gradable: automatic
20
51) If inflation is increasing at 4 percent per year, and your salary increases at the same rate, how
long will it take your salary to double?
A) 24 years
B) 18 years
C) 14 years
D) 12 years
E) 6 years
Answer: B
Explanation: Rule of 72: 72/4 = 18
Difficulty: 3 Hard
financial planning.
Bloom's: Apply
Gradable: automatic
52) When prices are increasing at a rate of 12 percent, the cost of products would double in about
how many years?
A) 24 years
B) 18 years
C) 12 years
D) 6 years
E) 3 years
Answer: D
Explanation: Rule of 72: 72/12 = 6
financial planning.
Bloom's: Apply
Gradable: automatic
21
53) Future value calculations involve:
A) discounting.
B) add-on interest.
C) compounding.
D) simple interest.
E) an annuity.
Answer: C
decisions.
Bloom's: Remember
Gradable: automatic
54) If you put $500 in a savings account and make no further deposits, what type of calculation
would provide you with the value of the account in 10 years?
A) Future value of a single amount
B) Simple interest
C) Present value of a single amount
D) Present value of a series of deposits
E) Future value of a series of deposits
Answer: A
decisions.
Bloom's: Understand
Gradable: automatic
55) The first step of the financial planning process is to:

A) develop financial goals.
B) implement the financial plan.
C) determine your current financial situation.
D) review and revise your financial plan.
E) create a financial action plan.
Answer: C
Difficulty: 1 Easy
Bloom's: Remember
Gradable: automatic
22
56) ________ risk refers to the danger of changes in buying power during times of rising or
falling prices.
A) Liquidity
B) Income
C) Personal
D) Inflation
E) Interest Rate
Answer: D
Topic: Investment risks and measures
Bloom's: Remember
Gradable: automatic
57) Which of the following is an example of opportunity cost?

A) Renting an apartment near school
B) Saving money instead of taking a vacation
C) Setting aside money for paying income tax
D) Purchasing automobile insurance
E) Using a personal computer for financial planning
Answer: B
Bloom's: Understand
Gradable: automatic
58) The changing cost of money when borrowing is referred to as ________ risk.
A) interest rate
B) inflation
C) income
D) liquidity
E) personal
Answer: A
Bloom's: Remember
Gradable: automatic
23
59) The uncertainty associated with every decision is referred to as:
A) opportunity cost.
B) selection of alternatives.
C) financial goals.
D) personal values.
E) risk.
Answer: E
Difficulty: 1 Easy
Bloom's: Remember
Gradable: automatic
60) The financial planning process concludes with efforts to:

B) create a financial action plan.
D) implement the financial action plan.
E) review and revise your financial plan.
Answer: E
Difficulty: 1 Easy
Bloom's: Remember
Gradable: automatic
61) Using the services of financial institutions to research a situation will be most evident in your
effort to:
B) review and revise your financial plan.
D) evaluate your alternatives.
Answer: D
Difficulty: 3 Hard
Topic: Financial planning process
Bloom's: Understand
Gradable: automatic
24
62) Changes in personal, social, and economic factors make it necessary to:
A) review and revise your financial plan.
B) implement the financial plan.
C) develop financial goals.
D) determine your current financial situation.
Answer: A
Difficulty: 1 Easy
Bloom's: Understand
Gradable: automatic
63) Which of the following is usually considered a long-term financial strategy?

A) Creating a budget this year
B) Using savings to pay off a loan within one year
C) Renting an apartment for three years to save for the purchase of a home
D) Investing in a mutual fund for six years to accumulate retirement funds
E) Purchasing a six month auto insurance policy to cover the needs of dependents
Answer: D
Bloom's: Understand
Gradable: automatic
64) Sophia Martin is assessing her balances. She expects to retire in the next year and has
$675,000 in savings and investments and owns her own home that is worth $250,000. Which
step in the financial planning process does this situation demonstrate?
A) Determining her current financial situation
B) Developing her financial goals
C) Identifying alternative courses of action
D) Evaluating her alternatives
E) Implementing her financial plan
Answer: A
Bloom's: Understand
Gradable: automatic
25
65) Sophia Martin wants to travel after she retires as well as pay off the balance of the loan she
has on the home she owns. Which step in the financial planning process does this situation
demonstrate?
Answer: B
Bloom's: Understand
Gradable: automatic
66) Sophia Martin wants to travel around the world. Sophia has three options she can
pursue: she could continue to work full time to earn the money she needs for her trip, she could
work part time so that she can still earn some money but have the time necessary to complete her
trip, or she could take full retirement so that she has all the time necessary to complete her trip.
Which step in the financial planning process does this scenario demonstrate?
Answer: C
Bloom's: Understand
Gradable: automatic
26
67) Sophia Martin knows that if she continues to work full time, it will be difficult for her to get
the time off she needs to be able to travel around the world. However, if she continues to work
full time she will more easily earn the money she needs to take her trip and still have money left
for her living expenses after she gets back from her trip. Which step in the financial planning
process does this scenario demonstrate?
Answer: D
Bloom's: Understand
Gradable: automatic
68) Sophia Martin has decided to retire and use the time she has earned to travel around the
world. She has decided to start her trip around the world in Europe by train and bus and will use
her savings to pay for her trip. Which step in the financial planning process does this scenario
demonstrate?
A) Developing her financial goals
B) Identifying alternative courses of action
C) Evaluating her alternatives
D) Implementing her financial plan
E) Reviewing and revising her financial plan
Answer: D
Bloom's: Understand
Gradable: automatic
27
69) Sophia Martin's goal has been to travel around the world. She has now been traveling for six
months and she has decided she is a little tired of living out of a suitcase. She has decided to go
home, look for a part time job, and take shorter trips to locations around the world that appeal to
her. Which step in the financial planning process does this scenario most likely demonstrate?
A) Developing her financial goals
B) Identifying alternative courses of action
C) Evaluating her alternatives
D) Implementing her financial plan
E) Reviewing and revising her financial plan
Answer: E
Bloom's: Understand
Gradable: automatic
70) Patrick Jones is interested in purchasing a 65" LED TV for his living room. Patrick knows
that right now the TV will cost approximately $500. He is not sure he can afford this TV right
now but is worried that if he waits, the cost of the TV will rise to $800. Which type of risk is
Patrick worried about?
A) Inflation risk
B) Interest rate risk
C) Income risk
D) Personal risk
E) Liquidity risk
Answer: A
Bloom's: Understand
Gradable: automatic
28
71) Patrick Jones is interested in purchasing a 65" LED TV for his living room. He knows that
right now the TV will cost approximately $500. Patrick wants to borrow the money to purchase
the TV but is concerned that interest rates are going to fall in the future. He is worried that he
might get stuck with a loan at a high interest rate. What type of risk is Patrick worried about?
A) Inflation risk
C) Income risk
D) Personal risk
E) Liquidity risk
Answer: B
Bloom's: Understand
Gradable: automatic
72) Patrick Jones is interested in purchasing a 65" LED TV for his living room. He knows that
right now the TV will cost approximately $500. However, Patrick is a little concerned about his
job. Patrick is a pilot for Delta Airlines, and he thinks it is possible that he could be laid off in the
near future. What type of risk is Patrick worried about?
A) Inflation risk
C) Income risk
D) Personal risk
E) Liquidity risk
Answer: C
Bloom's: Understand
Gradable: automatic
29
73) Natalie Smith is considering investing in 30-year corporate bonds issued by Duke Energy
Company. She knows that she will earn an interest rate of 6% by purchasing these bonds.
However, she is concerned because she might need to take her money out of this investment in a
year, and she has heard that she might have to sell the bonds at a significantly lower price than
she will purchase them for. What type of risk is Natalie concerned about?
A) Inflation risk
C) Income risk
D) Personal risk
E) Liquidity risk
Answer: E
Bloom's: Understand
Gradable: automatic
74) Benjamin Smith has just moved into a new house and needs a lawn mower since he has
always lived in apartments and now he has a lawn to mow. What type of goal would this be for
Benjamin?
A) Consumable-product goal
B) Durable-product goal
C) Intangible goal
D) Intermediate goal
E) Long term goal
Answer: B
Difficulty: 1 Easy
Bloom's: Understand
Gradable: automatic
30
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But if they point to truth

Beyond themselves, and through that change of colour
Reveal its cause, and knit your scheme in law;
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To seamen of the land that they desire,
Transfiguring all the darkness with one spark,
Would this be trivial? Sir, a touch will do it.
Lend me your brush a moment. Had you drawn
Your rocks here in the foreground, thus and thus,
Following the ribbed lines of those beds of clay
As the sea laid them, and the fire upheaved
And cracked them, you’ll forgive me if I say
That they’d not only indicate the law
Of their creation; but they’d look like rocks
Instead of——
Giulio.
Pray don’t hesitate.
The Stranger.
I speak
As a spectator only; but to me—
Sponges or clouds perhaps——
Giulio.
We artists, sir,
Aim at this very effect. To us, the fact
Is nothing. There is a kingdom of the mind,
Where all things turn to dreams. Nothing is true
In that great kingdom; and our subtlest work
Is that which has no basis.
The Stranger.
Then I fear
My thoughts are all astray; for I believed
That kingdom to be more substantial far
Than anything we see; and that the road
Into that kingdom is the road of law
Which we discover here,—the Word made Flesh.
Giulio.
I do not understand you—quite. I fear

Yours is the popular view—that art requires
Purposes, meanings, even moralities
With which we artists, sir, are not concerned.
The Stranger.
O, no. I merely inquire. I wish to hear

From one who knows. I am a little puzzled.
You have dismissed so much—this outer world
And all its laws; and now this other, too.
I am no moralist; but I must confess
That, in the greatest Art, I have always found
A certain probity, a certain splendour
Of inner and outer constancy to law.
Giulio.
All genius is capricious. You’ll admit

That men who lived like beasts have painted well.
The Stranger.
Yes; but not greatly, except when their own souls

Have gripped the beast within them by the throat,
And risen again to reassert the law.
Giulio.
Art lives by its technique, a fact the herd

Will never understand. A noble soul
Is useless, if it cannot wield a brush.
The Stranger.
May not technique include control and judgment?

Alone, they are not enough; but, for the heights,
More is required, not less. I’d even add
Some factors you despise.
Giulio.
Your shells, for instance?

And that mysterious and invisible sea?
The Stranger.
The sea whence Beauty rose.
Giulio.
You have an eye

For Beauty, too. You are a lover of art
And you are rich. What opportunities
You throw away! Was it not you I saw
Yesterday, in the market-place at Florence,
Buying caged birds and tossing them into the air?
The Stranger.
It may have been. I like to see them fly.

The structure of the wing,—I think that men
Will fly one day.
Giulio.
It was not pity, then?
The Stranger.
I’d not exclude it. As I said before,

I would include much.
Giulio.
You were speaking, sir,

Of Art. There are so few, so very few
Who understand what Art is.
The Stranger.
Fewer still
Who know the few to choose.
Giulio.
Perhaps you’d care

To see some work of mine. I do not live
In Florence; but I’d like to set your feet
On the right way. We are a little group
Known to the few that know. You’d find our works
Far better worth your buying than caged birds.
Pray let me know your name, sir.
The Stranger.
Leonardo.
II
AT FLORENCE
I saw the house at Florence, cool and white
With violet shadows, drowsing in the sun.
The fountain splashed and bubbled in the court.
Beside it, in a space of softened light,
Under a linen awning, ten feet high,
Roofing a half-enclosure, where three walls
Were tinted to a pine-wood’s blue-black shade,
I saw a woman seated on a throne,
And Leonardo, with his radiant eyes,
Glancing from his wet canvas to her face.
Her face was filled with music. Music swelled

Above them, from a gallery out of sight;
And as the soft pulsation of the strings
Died into infinite distances, he spoke.
His voice was more than music. It was thought
Ebbing and flowing, like a strange dark sea.
“Listen to me; for I have things to say

That I can only tell the world through you.
Were you not just a little afraid of me
At first? You know by popular report
I dabble in Black Arts, and so I would
To keep you here, an hour or two each day,
Until the mystery we have conjured up
Between us—there again, it came and went—
Smiles at the centuries in their masquerade
As you smiled, then, at me.
Not mockery—quite—
Not irony either; something we evoked
That seems to have caught the ironist off his guard,
And slyly observes the mocker’s naked heel.
So we’ll defend humanity, you and I,
Against the worst of tyrannies,—the blind sneer
Of intellectual pride. The subtle fool
And cunning sham at least shall meet one gaze
More subtle, more secure; not yours or mine,
But Nature’s own—that calm, inscrutable smile
Whereby each erring atomy is restored
To its true place, taught its true worth at last,
And heaven’s divine simplicity renewed.
Not yours or mine, Madonna. Could I trust

To brush and palette or my skill of hand
For this? Oh, no! We need Black Arts, I think,
Black Arts and incantations, or you’d grow
Weary of sitting here.
Last night I made
Five bubbles of glass—you blow them with a pipe
Over a flame,—and set them there to dance
Upon the fountain’s feathery crest of spray.
Piero thought it waste of time. He jeers
At these mechanical arts of mine. I watched
That dance and learned a little of the machine
We call the world. I left them leaping there
To catch your eyes this morning, and learned more.
So one thing leads to another. A device,
Mechanical as the spinning of the stars
In the Arch-Mechanic’s Cosmos, woke a gleam
Of wonder; and I lay these Black Arts bare
To make you wonder more.
Black Arts, Madonna;
For even such trifles may discover depths
Dark as the pit of death; as when I laid
Dice on a drum, and by their trembling showed
Where underneath our armoured city walls
The enemy dug his mines.
And now—you smile,
To think how wars are won.
Catgut and wood
Have served our wizardry. Yes; that’s why I set
Musicians in the gallery overhead,
To pluck their strings; and, while you listened, so
Painted the living spirit that they bound
With their bright spells before me, in your face.
Black Arts, Madonna, and cold-blooded, too.
O, sheer mechanical, playing upon your mind
And senses, as they too were instruments,
Or colours to be ground and mixed and used
For purposes that were not yours at all,
Until the living Power that uses me
Breathes on this fabric, also made by hands,
The inscrutable face that smiles all arts away.
How many tales I have told you sitting here

To make you see, according to my need,
The comedy of the world, its lights and shades:
The sensual feast; the mockery of renown;
Youth and his innocent boastings, unaware
How swiftly run the sands; Youth that believes
His own bright scorn for others’ aching faults
Has crowned him conqueror; Youth so nobly sure
That plans are all achievements; quite, quite sure
Of his own victory where all others failed;
Age, with blind eyes, or staring at defeat,
Dishonoured; Age, in honour, with a wreath
Of fading leaves in one old trembling hand,
And at his feet the dark all-gulfing grave;
Envy, the lean and wizened witch behind him,
Riding on death, like his own crooked shadow,
Snapping at heaven with one contemptuous hand,
As though she hated God; and, on her face,
A mask of fairness; Envy, with those barbs
Of wicked lightning darting from her flesh;
Envy, whose eyes the palm and olive wound;
Whose ears the laurel and myrtle pierce with pain;
A fiery serpent eating at her heart;
A quiver on her back with tongues for arrows.
Each of these pictures left its little shadow,
A little memory in your spellbound face,
And so your picture smiles at all of these,
And at one secret never breathed aloud,
Because I think we knew it all too well.
Once only, in a riddle, I made you smile

At our own secret also, when I said
‘If liberty be dear to you, Madonna,
Never discover that your painter’s face
Is Love’s dark prison.’
Sailing to the south
From our Cilicia, you and I have seen
Beautiful Cyprus, rising from the wave;
Cyprus, that island where Queen Venus reigned.
The blood of men was drawn to that rough coast
As tides, on other shores, obey the moon.
Glens of wild dittany, winding through the hills
From Paphos, her lost harbour, to the peak
Of old Olympus, where she tamed the gods,
Enticed how many a wanderer,
Odorous winds
Welcomed us, ruffling, crumpling the smooth brine
Into a sea of violets. We drew near.
We heard the muffled thunder of the surf!
What ships, what fleets, had broken among those rocks!
We saw a dreadful host of shattered hulls,
Great splintered masts, innumerable keels
With naked ribs, like skeletons of whales
All weltering there, half-buried in the sand.
The foam rushed through them. On their rotted prows
And weed-grown poops the sea-gulls perched and screamed;
And all around them with an eerie cry
An icy wind was blowing.
It would seem
Like the Last Judgment, should there ever be
A resurrection of the ships we saw
Lying there dead. These things we saw and live.
And now your picture smiles at all of these.
The secret still evades me everywhere;
And everywhere I feel it, close at hand.
Do you remember when Vesuvius flamed
And the earth shivered and cracked beneath our feet?
Ten villages were engulfed. I wandered out
Among the smoking fragments of earth’s crust
To see if, in that breaking-up of things,
Nature herself had now perhaps unsealed
Some of her hidden wonders.
On that day,
I found a monstrous cavern in the hills,
A rift so black and terrible that it dazed me.
I stood there, with my back bent to an arch,
My left hand clutching at my knee, my right
Shading contracted eyes. I strained to see
Into that blackness, till the strong desire
To know what marvellous thing might lurk within
Conquered my fear. I took a ball of thread
And tied one end to a lightning-blasted tree.
I made myself a torch of resinous pine
And entered, running the thread through my left hand,
On, on, into the entrails of the world.
O, not Odysseus, when his halting steps

Crept through that monstrous hollow to the dead,
Felt such a fearful loneliness as I;
For there were voices echoing through his night,
And shadows of lost friends to welcome him;
But my fierce road to knowledge clove its way
Into a silence deeper than the grave,
Into a darkness where not even a ghost
Could stretch its hands out, even in farewell.
And all that I could see around me there
Was my own smoking torchlight, walls of rock
And awful rifts where other caverns yawned.
And all that I could hear was my own steps
Echoing through endless darkness, on and on.
My thread ran out. My torch was burning low,

When, through the darkness, I became aware
Of something darker, looming up in front;
Solid as rock, and yet more strange and wild
Than any shadow. My flesh and blood turned cold
Before that awful Presence in the dark.
I left the thread behind me, and crept on;
Held up the guttering torch; and there, O there,
I saw it, and I live.
A monstrous thing
With jaws that might have crushed a ship, and bones
That might upheave a mountain; a Minotaur,
A dreadful god of beasts, now turned to stone,
Like a great smoke-bleared idol. The wild light
Smeared it with blood; a thing that once had lived;
A thing that once might turn the sea to mist
With its huge flounderings, and would make a spoil
For kingdoms with the ships it drove ashore.
The torchlight flared against it, and went out;
And I groped back, in darkness....
And you smile.
O, what a marvel of enginery was there!
What giant thews and sinews once controlled
The enormous hinges of the rock-bound bones
I saw in my dark cavern. Yet it perished,
And all its monstrous race has perished, too.
Was it all waste? Did it prepare the way
For lordlier races? Even, perhaps, for men?
Only one life to track these wonders home,

So many roads to follow. Never the light
Till all be travelled.
We will not despise
Mechanical arts, Madonna, while we use
These marvellous living instruments of ours.
Rather we’ll seek to master for ourselves
The Master’s own devices. Birds can fly,
And so shall men, when they have learned the law
Revealed in every wing. Far off, I have seen
Men flying like eagles over the highest clouds;
Men that in ships like long grey swordfish glide
Under the sea; men that in distant lands
Will speak to men in Italy; men that bring
The distant near, and bind all worlds in one.
And yet—I shall not see it. I have explored
This human instrument, traced its delicate tree
Of nerves, discovering how the life-blood flows
Out of the heart, through every branching vein;
And how, in age, the thickening arteries close
And the red streams no longer feed this frame,
And the parched body starves at last and dies.
I have built bridges. Armies tread them now.

The rains will come. The torrents will roll down
And sweep them headlong to the sea, one day.
I have painted pictures. Let cicalas chirrup
Of their brief immortality. I know
How soon these colours fade.
And yet, and yet,
I do not think the Master of us all
Would set us in His outer courts at night
As the Magnificent, once, in the flush of wine,
Set Angelo, to flatter an idle whim
And sculpture him a godhead out of snow.
The work’s not wasted. In my youth I thought

That I was learning how to live, and now
I see that I was learning how to die.
Then comes the crowning wonder. We strip off
The scaffolding; for the law is learned at last;
And our reality, Parian then, not snow,
Dares the full sun of morning, fronts the gaze
Of its divine Pygmalion; lives and breathes;
And knows, then, why it passed through all those pains.
Now—the last touch of all! And, as this face
Begins to breathe against those ancient rocks,
Let music breathe these arts of mine away.”
Music awoke. It throbbed like hidden wings

Above them. Then a minstrel’s golden voice,
As from a distance, on those wings arose
And poured the Master’s passion into song:
Burn, Phœnix, burn;

And, in thy burning, take
All that love taught me, all I strove to learn,
All that I made, and all I failed to make.
If it be true
That from the fire thou rise
In splendour, as men say dead worlds renew
Their light from their own embers in the skies,
In thy fierce nest

I’d share that death with thee,
To make one shining feather on thy breast
Of all I am, and all I strove to be.
The worthless bough

May kindle a rich coal;
And in our mingling ashes, how wilt thou
Know mine from thine, ere both reclothe thy soul?
Now—as thy wings

Arise from this proud fire,
My dust in thy assumption mounts and sings;
And, being a part of thee, I still aspire.
V—IN FRANCE
Jean Guettard
I
THE ROCK OF THE GOOD VIRGIN
Who knows the name of Jean Guettard to-day?
I wrestled with oblivion all night long.
At times a curtain on a lighted stage
Would lift a moment, and fall back again.
Once, in the dark, a sunlit row of vines
Gleamed through grey mists on his invisible hill.
The mists rolled down. Then, like a miser, Night
Caught the brief glory in her blind cloak anew.
At dawn I heard the voice of Shadow-of-a-Leaf
Breathing a quiet song. It seemed remote
And yet was near, as when the listener’s heart
Fills a cold shell with its remembered waves.
“When I was young,” said Jean Guettard,

“My comrades and myself would hide
Beneath a tall and shadowy Rock
In summer, on the mountain-side.
The wind and rain had sculptured it—
Such tricks the rain and wind will play,—
To likeness of a Mother and Child;
But wind and rain,” said Jean Guettard,
“Have worn the rocks for many a day.”
“The peasants in that quiet valley,

Among their vineyards bending there,
Called it the Rock of the Good Virgin,
And breathed it many an evening prayer.
When I grew up I left my home
For dark Auvergne, to seek and know
How all this wondrous world was made;
And I have learned,” said Jean Guettard,
“How rains can beat, and winds can blow.”
“When I came home,” said Jean Guettard,

“Not fifty years had fleeted by.
I looked to see the Form I loved
With arms outstretched against the sky.
Flesh and blood as a wraith might go.
This, at least, was enduring stone.
I lifted heart and eyes aglow,
Over the vines,” said Jean Guettard....
“The rain had beaten, the wind had blown,

The hill was bare as the sky that day.
Mother and Child from the height had gone.
The wind and rain,” said Jean Guettard,
“Had crumbled even the Rock away.”
“Shadow-of-a-Leaf,” I whispered, for I saw

The crosier of a fern against the grey;
And, as the voice died, he stood dark before me.
“You sang as though you loved him. Let the mists
Unfold.”
He smiled. “See, first, that Rock,” he said,
“Dividing them.”
At once, through drifting wreaths
I saw a hill emerging, a green hill
Clothed with the dying rainbow of those tears
The mist had left there. From the rugged crest
Slowly the last thin veils dissolved away.
I saw the Rock upstanding on the height
So closely, and so near me, that I knew
Its kinship with the rocks of Fontainebleau;
The sandstone whose red grains for many an age
Had been laid down, under a vanished sea;
A Rock, upthrust from darkness into light,
By buried powers, as power upthrust it now
In the strong soul, with those remembering hills,
Till, graven by frost and beaten by wind and rain,
It slowly assumed the semblance of that Form
Of Love, the Mother, holding in her arms
The Child of Earth and Heaven; a shape of stone;
An image; but it was not made by hands.
Footsteps drew near. I heard an eager voice
Naming a flower in Latin.
Up they came—
Each with a bunch of wild flowers in his hand,—
A lean old man, with snowy wind-blown hair,
Panting a little; and, lightly at his side,
Offering a strong young arm, a sun-burnt boy,
Of eighteen years, with darkly shining eyes.
It was those eyes, deep, scornful, tender, gay,
Dark fires at which all falsehood must consume,
That told me who they were—the young Guettard,
And his old grandsire.
Under the Rock they stood.
“Good-bye. I’ll leave you here,” the old man said.
“We’ve had good luck. These are fine specimens.
The last, perhaps, that we shall find together;
For when you leave your home to-morrow, Jean,
I think you are going on a longer journey
Even than you know. Perhaps, when you are famous,
You will not be so proud as I should be,
Were I still living, to recall the days
When even I, the old apothecary,
Could teach you something.”
Jean caught a wrinkled hand,
Held it between his own, and laughed away
That shadow, but old Descurain looked at him,
Proudly and sadly. “It will not rest with you,
Or your affection, Jean. The world will see to it.
The world that knows as much of you and me,
As you and I of how that creeper grew
Around your bedroom window.”
As he spoke,
Along the lower slopes the mists began
To blow away like smoke. The patch of vines
Crept out again; and, far below I saw,
Sparkling with sun, the valley of the Juine,
The shining river, and the small clear town
Étampes, the grey old church, the clustering roofs,
The cobbled square, the gardens, wet and bright
With blots of colour.
“I have lived my life
Out of the world, down there,” Descurain said,
“Compounding simples out of herbs and flowers;
Reading my Virgil in the quiet evenings,
Alone, for all those years; and, then, with you.
O fortunatos—Do we ever know
Our happiness till we lose it? You’ll remember
Those Georgics—the great praise of Science, Jean!
And that immortal picture of the bees!
No doubt you have chosen rightly. For myself,
I know, at least, where healing dittany grows,
And where earth’s beauty hides in its dark heart
An anodyne, at last, for all our pain.
And one thing more I have learned, and see with awe
On every side, more clearly, that on earth
There’s not one stone, one leaf, one creeping thing,
No; nor one act or thought, but plays its part
In the universal drama.
You’ll look back
One day on this lost bee-like life of mine;
And find, perhaps, in its obscurest hour
And lowliest task, the moment when a light
Began to dawn upon a child’s dark mind.
The old pestle and mortar, and the shining jars,
The smell of the grey bunches of dried herbs,
The little bedroom over the market-square,
The thrifty little house where you were born,
The life that all earth’s great ones would despise—
All these, perhaps, were needed, as the hand
That led you, first, in childhood to the hills.
You’ll see strange links, threads of effect and cause,
In complicated patterns, growing clear
And binding all these memories, each to each,
And all in one; how one thing led to another,
My simples to your love of plants and flowers,
And this to your new interest in the haunts
That please them best—the kinds of earth, the rocks,
And minerals that determine where they grow,
Foster them, or reject them. You’ll discover
That all these indirections are not ruled
By chance, but by dark predetermined laws.
You’ll grope to find what Power, what Thought, what Will,
Determined them; till, after many a year,
At one swift clue, one new-found link, one touch,
They are flooded with a new transfiguring light,
Deep as the light our kneeling peasants know
When, dumbly, at the ringing of a bell
They adore the sacred elements; a light
That shows all Nature, of which your life is part,
Bound to that harmony which alone sets free;
And every grain of dust upon its way
As punctual to its purpose as a star.
This Rock has played its part in many a life.

We know it, for we see it every day.
No angelus ever rang, but some one’s eyes
Were lifted to it; and, returning home,
The wanderer strains to see it from the road.
What is it, then? It plays no greater part
Than any grain of dust beneath our feet,
Could we discern it. A dumb block of stone,
A shadow in the mind, a thought of God,
A little fragment of the eternal order,
That postulates the whole.
If we could see
The universal Temple in which it stands
We, too, should bow our heads; for if this Form
Were shaped by Chance, it was the selfsame Chance
That gave us love and death. In this the fool
Descries a reason for denying all
To which our peasants kneel. The years to come
(And you will speed them, Jean) will rather make
This dust the floor of heaven.”
The old man laid
His bunch of herbs and flowers below the Rock,
Smiled, nodded, and went his way.
“Was it by chance,”
Thought Jean Guettard, “that grandad laid them so;
Or by design; or by some vaster art
Transcending, yet including, all our thoughts,
And memories, with those flowers and that dumb stone,
As chords in its world-music? Why should flowers
Laid thus”—he laid his own at the feet of the Rock—
“Transfigure it with such beauty that it stood
Blessing him, from its arch of soft blue sky
Above him, like a Figure in a shrine?”
He touched its glistening grains. “I think that Ray

Was right,” he murmured. “This was surely made
Under the sea; sifted and drifted down
From vanished hills and spread in level beds,
Under deep waters; compressed by the sea’s weight;
Upheaved again by fire; and now, once more,
Wears down by way of the rain and brook and river,
Back to the sea; but all by roads of law.”
Then, looking round him furtively, to make sure
No one was near, he dropped upon his knees.
The mist closed over him. Rock and hill were lost
In greyness once again.
II
MALESHERBES AND THE BLACK MILESTONES
Moments were years,
Till, at the quiet whisper of Shadow-of-a-Leaf,
Those veils withdrew, and showed another scene.
I saw two dusty travellers, blithely walking
With staffs and knapsacks, on a straight white road
Lined with tall sentinel poplars as to await
A king’s return; but scarce a bird took heed
Of those two travel-stained wanderers—Jean Guettard
And Malesherbes, his old school-friend.
Larks might see
Two wingless dots that crept along the road.
The Duke rode by and saw two vagabonds
With keenly searching eyes, as they jogged on
To Moulins. Birds and Duke and horse could see,
Against the sky, that old square prison-tower,
The tall cathedral, the dark gabled roofs,
Thronging together behind its moated wall;
But not one eye in all that wide green land
Saw what those two could see; and not one soul
Espied the pilgrim thought upon its way
To change the world for man.
The pilgrim thought!
Say rather the swift hunter, tracking down
More subtly than an Indian the dark spoor
Of his gigantic prey.
I saw them halt
Where, at the white road’s edge, a milestone rose
Out of the long grass, like a strange black gnome,
A gnome that had been dragged from his dark cave
Under the mountains, and now stood there dumb,
Striving to speak. But what?
“There! There! Again!”
Cried Jean Guettard. They stood and stared at it,
But not to read as other travellers use
How far themselves must journey.
They knelt down
And looked at it, and felt it with their hands.
A farmer passed, and wondered were they mad.
For, when they hailed him, and his tongue prepared
To talk of that short cut across the fields
Beside the mill-stream, they desired to know
Whence the black milestone came. It was the fourth
That they had passed since noon.
He grinned at them.
“Black stones?” he said, “you’ll find them all the way
To Volvic now!”
“To Volvic,” cried Guettard,
“Volcani vicus!”
They seized their staffs again;
Halted at Moulins, only to break a crust
Of bread and cheese, and drink one bottle of wine,
Then hastened on, following the giant trail,
Milestone by milestone, till the scent grew hot;
For now they saw, in the wayside cottages,
The black stone under the jasmine’s clustering stars;
And children, at the half-doors, wondered why
Those two strange travellers pushed the leaves away
And tapped upon their walls.
At last they saw,
Black as a thundercloud anchored to its hill,
Above the golden orchards of Limagne,
The town of Riom. All its walls were black.
Its turreted heights with leering gargoyles crawled
Above them, like that fortress of old Night
To which Childe Roland came.
No slughorn’s note
Challenged it, and they set no lance in rest,
But dusty and lame, with strangely burning eyes,

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Personal Finance, 13e (Kapoor)

2) Inflation reduces the buying power of the dollar.

3) Lenders benefit more than borrowers in times of high inflation.

4) Economics is the study of using money to achieve financial goals.

5) Reduced spending causes unemployment from staff reduction.

6) A financial plan is another name for a budget.

8) Planning to buy a car is an example of an intangible-purchase goal.

14) Opportunity costs may be viewed only in terms of financial resources.

18) Inflation is likely to result from:

19) Who is most likely to benefit from inflation?

23) Higher interest rates can be caused by:

27) The study of how wealth is created and distributed is:

28) The main economic influence that causes inflation is:

30) The main responsibility of The Fed is to:

32) Which of the following would cause consumer prices to drop?

34) A major activity in the planning component of financial planning is:

40) The success of a financial plan will be determined by:

42) ________ goals relate to personal relationships, health, and education.

45) Opportunity cost refers to:

46) An example of a personal opportunity cost would be:

55) The first step of the financial planning process is to:

57) Which of the following is an example of opportunity cost?

60) The financial planning process concludes with efforts to:

63) Which of the following is usually considered a long-term financial strategy?

But if they point to truth

Pray don’t hesitate.

I do not understand you—quite. I fear

O, no. I merely inquire. I wish to hear

All genius is capricious. You’ll admit

Yes; but not greatly, except when their own souls

Art lives by its technique, a fact the herd

May not technique include control and judgment?

Your shells, for instance?

The sea whence Beauty rose.

You have an eye

It may have been. I like to see them fly.

It was not pity, then?

I’d not exclude it. As I said before,

You were speaking, sir,

Perhaps you’d care

Her face was filled with music. Music swelled

“Listen to me; for I have things to say

Not yours or mine, Madonna. Could I trust

How many tales I have told you sitting here

Once only, in a riddle, I made you smile

O, not Odysseus, when his halting steps

My thread ran out. My torch was burning low,

Only one life to track these wonders home,

I have built bridges. Armies tread them now.

The work’s not wasted. In my youth I thought

Music awoke. It throbbed like hidden wings

Burn, Phœnix, burn;