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Take Charge Of Your Financial Well Being - Money Matters
Test Description: Money Matters
Instructions: Answer all questions to get your test result.
1) Which is NOT considered to be true?
A
you are responsible for your present and your future self
B
your present self impacts your future self
C
you are better off in a community than by yourself
D
you do not have to worry about your finances if you carry insurance
2) Which of the following will contribute THE MOST to your financial well-being?
A
talk to your friends about how to manage money better
B
open up a checking account to help organize your money
C
pay back everyone that you have borrowed money from
D
take a personal finance class to learn how to manage money
3) How can you improve your intellectual well-being?
A
challenge yourself by taking a new project on at work
B
go to the gym 3 times a week
C
take a vacation from work
D
join a volunteer group
4) If you are creating a timeline of your financial future, where should the timeline end?
A
when your money management plan has established high well-being
B
when your financial goals have been established
C
when you are 70 years or older
D
never
5) You want your class project to reflect your values. Which item would be BEST to include?
A
things that are unnecessary but desired, which increase the quality of your life
B
things that are necessary or essential for life and survival
C
things that reflect your fundamental beliefs about what is worthwhile and important to you
D
things that you intend to acquire, do reach or accomplish in the near or distant future
6) Which of the following is likely to have the LEAST influence on an individual's values?
A
grade average
B
media
C
family
D
religion
7) Which of the following factors is not influenced by values?
A
your daily decisions
B
your financial decisions
C
your age
D
your choice of friends
8) A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
A
need
B
trade-off
C
opportunity cost
D
value
9) Giving up one thing for another
A
trade-off
B
need
C
values
D
opportunity cost
10) value of something that must be given up to acquire or achieve something else
A
value
B
trade-off
C
want
D
opportunity cost
11) Need
A
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
B
Goods or services that are required for survival.
C
The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival.
D
new shoes for the prom
12) You want to participate in an activity that will improve your well-being. Which would contribute the LEAST to your well-being?
A
an activity that doesn't cost much money but is lots of fun
B
an activity that is dangerous and costly
C
an activity that you and your friend would like to participate in
D
an activity that your teacher suggests because she knows you well
13) If you are saving $25 a month to purchase a $150 phone in 6-months, what kind of goal is this?
A
long-term
B
short-term
C
this is not an example of a goal
14) You are going to set 3 academic goals for this semester. These goals are MOST likely to be accomplished if:
A
you write the goals down
B
you think about your goals monthly
C
you let your friends set your goals
D
you discuss them with your parents
15) Pay Yourself First
A
make sure your paycheck is correct
B
make sure you pay your bills first and then pay yourself first by doing something fun with it
C
have fun with any extra money you have left after paying bills
D
save money each time you are paid before using any other money spent on wants
16) Financial goal
A
does not need to be written in SMART format
B
the end result of something a person intends to do or reach such as losing weight
C
specific objectives to be accomplished through financial planning and includes saving money
D
giving up one thing for another
17) Savings
A
the portion of income not spent on current expenses
B
giving up one thing for another
C
depository institution
D
money paid out or received in the future
18) Money paid out or received in the future is not equal to the money paid out or received today:
A
time-value of money
B
pay yourself first
C
depository institution
D
savings
*select an answer for all questions
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