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