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Personal Finance - Objective 1.02
Test Description: Personal Finance - Objective 1.02
Instructions: Answer all questions to get your test result.
1) 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 increased the quality of her life
C
Things that she intends to acquire, do, reach, or accomplish in the near or distant future
D
Things that reflect her fundamental beliefs about what is worthwhile and important to her
2) Which of the following is likely to have the least influence on an individual's values?
A
Media
B
Religious affiliations
C
Family
D
Grade average
3) Which of the following factors is not influenced by values?
A
An individual's long-term decisions
B
An individual's financial decisions
C
An individual's daily decisions
D
Everything is influenced by values
4) 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
Megan bought the most comfortable dress
B
Megan found a coupon to save on her prom dress
C
Megan bought a prom dress and used all the money she saved for tires. Now her tires need replacing and she can't afford it.
D
Megan chose the least expensive dress
5) Ian has been shopping for a different vehicle for the past several months. He needs something reliable and would really like something with a nice sound system. He and his parents have talked about how much he can afford.
A
Ian found identical cars at two dealerships. One dealership is 20 miles away, the other is 30 miles away.
B
Ian has found two different cars. The first car has a better sound system the second has better mileage.
C
Whitney needs to purchase a new rain jacket with a hood.
D
Whitney is looking for a new pair of jeans even though she has several in her closet.
6) Goods or services that are required for survival
A
Value
B
Want
C
Needs
D
Trade off
7) The value of the next best alternative that must be forgone as a result of a decision.
A
Trade-off
B
Value
C
Opportunity cost
D
Need
8) Giving up one thing for another
A
Trade-off
B
Value
C
Opportunity Cost
D
Want
9) A fundamental belief or practice about what is desirable, worthwhile, and important to an individual.
A
Need
B
Want
C
Value
D
Trade-off
10) The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
A
Opportunity cost
B
Want
C
Trade-off
D
Need
*select an answer for all questions
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