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Decision Making Quiz
Test Description: Review of decision making steps for Personal Financial Math
Instructions: Answer all questions to get your test result.
1) Whch of the following factors can influence decisions?
A
Family
B
Age
C
Values
D
All of the choices
2) There are six steps in the decision-making process. Which one is step number 1?
A
weigh the pros and cons of each decision
B
Establish your criteria
C
Identify your goal
D
evaluate the results
3) There are six steps in the decision-making process. Which one is the last step?
A
evaluate the results
B
establish your criteria
C
identify your goal
D
weigh the pros and cons of each decision
4) Which one of the following is a significant aspect of decision making in financial planning?
A
Every decision made today affects decisions made in the future.
B
Alternatives do not need to be examined.
C
After a decision is made, results can be ignored.
D
All decisions only have a short-term effect.
5) There are five steps in the financial planning process. What is the first step in the process?
A
Set goals
B
Monitor and modify
C
Analyze information
D
Create a plan
6) What is the purpose of goal setting in the financial planning process?
A
To provide direction for planning and action
B
To differentiate between needs and wants
C
To clarify goal ranges
D
To facilitate decision making
7) Which of the following is considered a want?
A
Food
B
A cell phone
C
Clothes to wear
D
A place to sleep
8) A value is:
A
something you desire to make your life more comfortable
B
a belief or idea you consider important or desirable
C
a willingness to give up something now in exchange for a future benefit
D
something basic for your survival
9) Martha wants to buy her grandmother's car to drive to college next year. Her grandmother agreed to sell the car. How long will she need to plan to achieve her goal?
A
short-term
B
intermediate-term
C
long-term
10) The following is SMART goal: I want to save $10 each month so I have enough money to go on the class trip to NYC.
A
False
B
True
*select an answer for all questions
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