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PF Review 1.01 & 1.02
Test Description: Questions from curriculum 1.01 & 1.02
Instructions: Answer all questions to get your test result.
1) Tom’s goal is to buy a $500 stereo system by saving $50 a week from each paycheck for the next ten months. Which phrase BEST describes this goal?
A
Specific and time-bound
B
Measurable, but not realistic
C
Specific, but not time-bound
D
Realistic, but not measurable
2) Shannon always shops at Office Mall when she needs office/school supplies. This illustrates a decision made:
A
with options in mind.
B
from habit.
C
on impulse.
D
by following logical steps.
3) Sheila realized that she needed to choose something to wear for her scholarship interview. Which step in decision-making is this?
A
Identify resources and gather information
B
Identify the pros and cons of each option
C
Identify the decision to be made
D
Identify the options
4) Jeremy decided to contribute part of his earnings to the church fundraiser because, like his parents, he felt a strong commitment toward helping his church. Which type of factor M
A
Media
B
Culteral
C
Economic
D
Legal
5) Which is the BEST example of needs influencing financial decisions? Carol decided to use her birthday money to:
A
give her money in support of a political candidate.
B
buy a trendy new shirt in the style that all her friends were wearing.
C
take a trip to the mountains just for the fun of it.
D
purchase a new winter coat because she’d outgrown her old one.
6) Which is an example of saving?
A
Mr. Clark used his credit card to order takeout food online.
B
Ms. Dennis has $100 of his salary for each pay period deposited in an interest-bearing account.
C
Mrs. Eames receives extra money in her paycheck each October since she qualified for longevity.
D
The Bartons secured a loan to buy a two-story townhome in the suburbs.
7) Michelle charges $8 an hour when she babysits for neighbors. This is an example of which economic activity?
A
borrowing
B
earning
C
saving
D
spending
8) 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.
A
Produces a healthier economy
B
Can be used to earn additional income
C
Provides growth opportunities for small businesses
D
Increases financial security
9) Which is an example of responsible spending?
A
Before buying her class ring, Beth compared costs and quality of rings from three sources.
B
Dee borrowed her mother’s sweater only after her mother said it would be fine.
C
Carolyn decided to save $10 a week during her junior year to help pay for her senior expenses.
D
Eli decided not to accept the offer of a part-time job because he needed more time to study.
10) What is the definition of opportunity cost?
A
The amount of money people save in an economy
B
The highest-valued alternative that must be given up when a choice is made
C
The amount of goods/services consumer want to buy at any point intime
D
Money gained from earning
*select an answer for all questions
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