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PF 1.00 Take Charge Of Your Financial Well Being
Test Description: 1.00 Take Charge of Your Financial Well Being
Instructions: Answer all questions to get your test result.
1) Which of the following factors is not influenced by values?
A
Everything is influenced by values.
B
An individual’s daily decisions.
C
An individual’s financial decisions.
D
An individual’s long‐term decisions.
2) Megan’s mother suggested that she was experiencing the consequences of her trade off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment?
A
She brought friends shopping to tell her which dress looked best on her. She chose the dress the least expensive dress
B
She purchased a prom dress with money saved for a prom dress for car repairs. Now she needs money for car repairs.
C
She found the prom dress of her dreams. She used a 30% off coupon when she returned to the store to purchase the dress.
D
She found 2 dresses she liked. She purchased the most comfortable one even though it cost $28 more than the other one.
3) Saving $25 per month to buy a $150 mp3 player in 6 months is an example of what type of goal?
A
Long‐term goal
B
Short‐term goal
C
This is not an example of a goal.
D
Mid‐term goal
4) Carter wants to participate in an activity that will improve his well‐being. Which of the following activities would contribute the most to his well‐being?
A
An activity that his teacher suggested to him.
B
An activity that doesn’t cost much money.
C
An activity that makes him lose track of time.
D
An activity his friends like to participate in.
5) Jacob is wondering how he can improve his intellectual well‐being. Which of the following would contribute the most to his intellectual well‐being?
A
Go to the gym three times per week
B
Take a vacation from work
C
Challenge himself by taking on a new project at work.
D
Join a local service organization
6) Jenna wants to improve her financial well‐being. Which of the following would contribute the most to her financial well‐being?
A
Open another checking account to help her organize her money.
B
Pay her grandma back the money she borrowed to take a school trip last year.
C
Talk to her friends about how to manage her money better.
D
Take a personal finance class to learn how to manage her money.
7) Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set? (1.01)
A
When he money management plan has established high well‐being.
B
When his financial goals have been established.
C
When he is 70‐years‐old.
D
Never – it is an ongoing process.
8) Which of the following statements about our interactions with money is NOT considered to be true?
A
You are responsible for your present self and your future self.
B
Your present self impacts your future self.
C
Investment increases risk and reduces your ability to cope with risk and uncertainty.
D
You are better off in a community than by yourself
9) Ian needs a reliable vehicle would like something with a nice sound system. He plans to stay within the price guidelines he his family have set. Which situation best represents the opportunity cost of a trade‐off regarding which car to purchase?
A
He was able to find similar cars at nearly identical prices. One car is 20 miles away and the other is 30 miles away.
B
Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle.
C
There are 2 cars that meet his needs. One car has a better sound system, the other has 20,000 fewer miles on it.
D
He finds a suitable car being sold by an individual nearby that would cost less than it would at a dealership.
10) Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario BEST represents the purchase of a NEED?
A
Her mom believes she needs to purchase a hooded rain jacket because it would be more convenient.
B
she needs to dress ‘professionally’. She plans to wear jeans a t‐shirt with the conference logo; mom says buy new clothes
C
mom thinks she needs a new dress to celebrate NHS induction even tough she has a dress from last year that still fits
D
Whitney has jeans but found some that fit her at a good price. Mom agrees that, at this price, they should purchase a pair.
11) Erica wants her class project to reflect her values. Which items would be best to include?
A
Things that are necessary or essential for life and survival.
B
Things that are unnecessary but desired which increase the quality of her life.
C
Things that reflect her fundamental beliefs about what is worthwhile and important to her.
D
Things that she intends to acquire, do, reach or accomplish in the near or distant future.
12) Which SMART goal element is missing? “save $150 each month to go on a vacation in a year”
A
Specific
B
Time Bound
C
Measurable
D
Attainable
13) $200 every month saved toward a home down payment for 5 years is a ___ goal
A
Unrealistic
B
Long‐term
C
Intermediate
D
Short‐term
14) Her adviser asked her to set 3 academic goals. They are MOST LIKELY to be accomplished if:
A
Amber writes her goals down.
B
Amber lets her friends set her goals.
C
Amber discusses her goals with her parents.
D
Amber thinks about her goals weekly.
15) Which of the following is likely to have the least influence on an individual’s values?
A
Grade average
B
Media
C
Religious affiliations
D
Family
*select an answer for all questions
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