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Take Charge Of Your Financial Well Being - Money Matters
Test Description: Money Matters
Instructions: Answer all questions to get your test result.
1) Which is NOT considered to be true?
A
your present self impacts your future self
B
you are responsible for your present and your future self
C
you are better off in a community than by yourself
D
you do not have to worry about your finances if you carry insurance
2) Which of the following will contribute THE MOST to your financial well-being?
A
pay back everyone that you have borrowed money from
B
take a personal finance class to learn how to manage money
C
open up a checking account to help organize your money
D
talk to your friends about how to manage money better
3) How can you improve your intellectual well-being?
A
join a volunteer group
B
take a vacation from work
C
challenge yourself by taking a new project on at work
D
go to the gym 3 times a week
4) If you are creating a timeline of your financial future, where should the timeline end?
A
when your financial goals have been established
B
when you are 70 years or older
C
when your money management plan has established high well-being
D
never
5) You want your class project to reflect your values. Which item would be BEST to include?
A
things that reflect your fundamental beliefs about what is worthwhile and important to you
B
things that are necessary or essential for life and survival
C
things that you intend to acquire, do reach or accomplish in the near or distant future
D
things that are unnecessary but desired, which increase the quality of your life
6) Which of the following is likely to have the LEAST influence on an individual's values?
A
grade average
B
family
C
media
D
religion
7) Which of the following factors is not influenced by values?
A
your age
B
your daily decisions
C
your choice of friends
D
your financial decisions
8) A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
A
value
B
need
C
trade-off
D
opportunity cost
9) Giving up one thing for another
A
need
B
values
C
opportunity cost
D
trade-off
10) value of something that must be given up to acquire or achieve something else
A
want
B
opportunity cost
C
value
D
trade-off
11) Need
A
Goods or services that are required for survival.
B
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
C
The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival.
D
new shoes for the prom
12) You want to participate in an activity that will improve your well-being. Which would contribute the LEAST to your well-being?
A
an activity that is dangerous and costly
B
an activity that your teacher suggests because she knows you well
C
an activity that doesn't cost much money but is lots of fun
D
an activity that you and your friend would like to participate in
13) If you are saving $25 a month to purchase a $150 phone in 6-months, what kind of goal is this?
A
this is not an example of a goal
B
long-term
C
short-term
14) You are going to set 3 academic goals for this semester. These goals are MOST likely to be accomplished if:
A
you think about your goals monthly
B
you discuss them with your parents
C
you let your friends set your goals
D
you write the goals down
15) Pay Yourself First
A
make sure you pay your bills first and then pay yourself first by doing something fun with it
B
have fun with any extra money you have left after paying bills
C
save money each time you are paid before using any other money spent on wants
D
make sure your paycheck is correct
16) Financial goal
A
specific objectives to be accomplished through financial planning and includes saving money
B
giving up one thing for another
C
does not need to be written in SMART format
D
the end result of something a person intends to do or reach such as losing weight
17) Savings
A
giving up one thing for another
B
money paid out or received in the future
C
depository institution
D
the portion of income not spent on current expenses
18) Money paid out or received in the future is not equal to the money paid out or received today:
A
savings
B
time-value of money
C
pay yourself first
D
depository institution
*select an answer for all questions
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