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Decision Making Quiz
Test Description: Review of decision making steps for Personal Financial Math
Instructions: Answer all questions to get your test result.
1) Whch of the following factors can influence decisions?
A
All of the choices
B
Age
C
Values
D
Family
2) There are six steps in the decision-making process. Which one is step number 1?
A
evaluate the results
B
weigh the pros and cons of each decision
C
Establish your criteria
D
Identify your goal
3) 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
evaluate the results
D
identify your goal
4) Which one of the following is a significant aspect of decision making in financial planning?
A
Alternatives do not need to be examined.
B
All decisions only have a short-term effect.
C
Every decision made today affects decisions made in the future.
D
After a decision is made, results can be ignored.
5) There are five steps in the financial planning process. What is the first step in the process?
A
Set goals
B
Analyze information
C
Monitor and modify
D
Create a plan
6) What is the purpose of goal setting in the financial planning process?
A
To clarify goal ranges
B
To facilitate decision making
C
To provide direction for planning and action
D
To differentiate between needs and wants
7) Which of the following is considered a want?
A
Food
B
Clothes to wear
C
A place to sleep
D
A cell phone
8) A value is:
A
something you desire to make your life more comfortable
B
something basic for your survival
C
a belief or idea you consider important or desirable
D
a willingness to give up something now in exchange for a future benefit
9) 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
intermediate-term
B
short-term
C
long-term
10) 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
*select an answer for all questions
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