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Personal Finance Review 1.01-1.03 Study Guide
Test Description: Exam Review questions
Instructions: Answer all questions to get your test result.
1) Which statement about our interactions with money is not considered to be true?
A
You are responsible for your present self and your future self.
B
Your present self impacts your future self.
C
Investment increases risk and reduces your ability to cope with risk and uncertainty.
D
You are better off in a community than by yourself.
2) Jacob is wondering how he can improve his intellectual well-being. Which would contribute the most to his intellectual well-being?
A
Joining a local service organization
B
Going to the gym three times per week
C
Challenging himself by taking on a new project at work
D
Taking a vacation from work
3) Jenna wants to improve her financial well-being. Which would contribute the most to her financial well-being?
A
Paying her grandma back the money she borrowed to take a school trip last year
B
Taking a personal finance class to learn how to manage her money
C
Opening another checking account to help her organize her money
D
Talking to her friends about how to manage her money better
4) Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?
A
When his financial goals have been established
B
Never – it is an ongoing process
C
When his money management plan has established high well-being
D
When he is 70 years old
5) Carter wants to participate in an activity that will improve his well-being. Which activity would contribute the most to his well-being?
A
An activity his friends like to participate in
B
An activity that does not cost much money
C
An activity that makes him lose track of time
D
An activity that his teacher suggested to him
6) Ian has been shopping for a different vehicle for the past several months. He needs something reliable and would really like something with a nice sound system. He and his parents have talked about how much he can afford and he plans to stay within t
A
Ian is comparing new vehicles at two car dealerships. He was able to find nearly identical cars at nearly identical prices. O
B
Ian has been shopping for a vehicle online. He finds something that would meet his needs being sold by an individual near him
C
Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle. This vehicle would meet Ian’s needs and he k
D
Ian has found two different cars at a local dealership that meet his needs. The first car has a better sound system than the
7) Which of the following factors is not influenced by values?
A
An individual’s daily decisions
B
An individual’s financial decisions
C
Everything is influenced by values
D
An individual’s long-term decisions
8) Erica wants her class project to reflect her values. Which items would be best to include?
A
Things that reflect her fundamental beliefs about what is worthwhile and important to her
B
Things that are necessary or essential for life and survival
C
Things that she intends to acquire, do, reach, or accomplish in the near or distant future
D
Things that are unnecessary but desired which increase the quality of her life
9) Which of the following is likely to have the least influence on an individual’s values?
A
Media
B
Grade average
C
Family
D
Religious affiliations
10) Megan’s mother suggested that she was experiencing the consequences of her trade-off regarding a decision she made to purchase a dress for prom. Which situation does Megan mostlikely find herself in for her mother to have made this comment?
A
Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had
B
Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2 friends shopping with her to te
C
Megan had shopped in the store her mother recommended for her prom dress. She found two dresses she liked a lot. Megan purcha
D
Megan had shopped at several stores when she found the prom dress of her dreams. She checked online and found a coupon that e
11) Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario best represents the purchase of a need?
A
Whitney will be traveling to Europe with a youth ambassador program this summer. She has been instructed to pack a rain jacke
B
Whitney has several pairs of jeans in her closet but found some that really fit her well at an excellent price when she and h
C
Whitney is being inducted into the National Honor Society at her high school. Students have been directed to ‘dress nicely’.
D
Whitney has been selected to attend a national leadership conference and has been instructed that she will need to dress ‘pro
12) Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?
A
Long‐term
B
Short‐term
C
Unrealistic
D
Intermediate
13) One element of a financial goal is missing in this example. “I will save $150 each month to go on a vacation in one year.” Which one is it?
A
Time Bound
B
Attainable
C
Measurable
D
Specific
14) Amber’s academic adviser has asked her to set 3 academic goals for this semester. These goals are most likely to be accomplished if:
A
Amber writes her goals down.
B
Amber Amber lets her friends set her goals.her friends set her goals.
C
Amber thinks about her goals weekly
D
Amber discusses her goals with her parents.
15) Kaylee will save her allowance of $25 per month to purchase a $150 MP3 player in six months. This is an example of what type of goal?
A
Long‐term goal
B
Mid‐term goal
C
Short‐term goal
D
This is not an example of a goal.
*select an answer for all questions
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