Decision Making Quiz Question Preview (ID: 8531)


Review Of Decision Making Steps For Personal Financial Math. TEACHERS: click here for quick copy question ID numbers.

Whch of the following factors can influence decisions?
a) Age
b) All of the choices
c) Family
d) Values

There are six steps in the decision-making process. Which one is step number 1?
a) Establish your criteria
b) weigh the pros and cons of each decision
c) Identify your goal
d) evaluate the results

There are six steps in the decision-making process. Which one is the last step?
a) establish your criteria
b) weigh the pros and cons of each decision
c) identify your goal
d) evaluate the results

Which one of the following is a significant aspect of decision making in financial planning?
a) Alternatives do not need to be examined.
b) Every decision made today affects decisions made in the future.
c) After a decision is made, results can be ignored.
d) All decisions only have a short-term effect.

There are five steps in the financial planning process. What is the first step in the process?
a) Create a plan
b) Set goals
c) Monitor and modify
d) Analyze information

What is the purpose of goal setting in the financial planning process?
a) To provide direction for planning and action
b) To facilitate decision making
c) To differentiate between needs and wants
d) To clarify goal ranges

Which of the following is considered a want?
a) A place to sleep
b) A cell phone
c) Clothes to wear
d) Food

A value is:
a) something basic for your survival
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 you desire to make your life more comfortable

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
d)

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) True
b) False
c)
d)

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