FUHRMS: Unit 1: Question Preview (ID: 23768)

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Which one of the following statements is TRUE about decision making in financial planning process?
a) Alternatives do not need to be examined. b) All decisions only have a short-term effect. c) After a decision is made, results can be ignored. d) Every decision made today affects decisions made in the future.
You buy a book for $12.99 and two shirts for $29.99 each. If the NJ sales tax is 7%, what is your total cost?
a) $42.98 b) $72.97 c) $73.88 d) $78.08
The value of what is given up when you choose one option over another is
a) A Trade Off b) An Opportunity Cost c) Instant Gratification d) Delayed Gratification
There are five steps in the financial planning process. What is the second step in the process?
a) Create a plan b) Analyze information c) Make a decision and take action d) Set goals
Ted earns $250 a week from his part-time job. His goal is to save $150 each month to go on a vacation. Which phrase BEST describes this goal?
a) Attainable, but not measurable b) Measurable and time-bound c) Measurable, but not time-bound d) Specific, but not measurable
Brianna just bought a car. She realized that this one decision has created a need to make other, smaller decisions like where to get car insurance. These are known as...
a) Financial Planning b) Opportunity Cost c) Satellite Decisions d) Delayed Gratification
What undermines the store of value function of money?
a) inflation b) scarcity c) liquidity d) incentives
Harold saves all extra income earned during peak seasons to give him money to fall back on during off-season months when work is more difficult to find. This money...
a) Can be used to earn additional income. b) Provides growth opportunities for small businesses. c) Produces a healthier overseas economy. d) Increases financial security.
Which purchasing incentive provides the least savings?
a) 2% off on a vacation package costing $2,000 b) 80% off on a hair cut that normally costs $80 c) 10% off on a pair of shoes retailing for $65 d) 60% off on a watch that is normally priced $350
Dennis was shopping at the mall. He noticed that jackets are on sale for $99. In this case money is functioning as a ________.
a) medium of exchange b) unit of account c) store of value d) liquidity
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