PF Review 1.01 & 1.02: Question Preview (ID: 15219)

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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) Specific and time-bound
d) Realistic, but not measurable

Shannon always shops at Office Mall when she needs office/school supplies. This illustrates a decision made:
a) by following logical steps.
b) with options in mind.
c) on impulse.
d) from habit.

Sheila realized that she needed to choose something to wear for her scholarship interview. Which step in decision-making is this?
a) Identify the decision to be made
b) Identify the pros and cons of each option
c) Identify the options
d) Identify resources and gather information

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) Culteral
b) Media
c) Legal
d) Economic

Which is the BEST example of needs influencing financial decisions? Carol decided to use her birthday money to:
a) buy a trendy new shirt in the style that all her friends were wearing.
b) take a trip to the mountains just for the fun of it.
c) purchase a new winter coat because she’d outgrown her old one.
d) give her money in support of a political candidate.

Which is an example of saving?
a) Mr. Clark used his credit card to order takeout food online.
b) The Bartons secured a loan to buy a two-story townhome in the suburbs.
c) Ms. Dennis has $100 of his salary for each pay period deposited in an interest-bearing account.
d) Mrs. Eames receives extra money in her paycheck each October since she qualified for longevity.

Michelle charges $8 an hour when she babysits for neighbors. This is an example of which economic activity?
a) borrowing
b) spending
c) saving
d) earning

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) Provides growth opportunities for small businesses
c) Produces a healthier economy
d) Increases financial security

Which is an example of responsible spending?
a) Before buying her class ring, Beth compared costs and quality of rings from three sources.
b) Eli decided not to accept the offer of a part-time job because he needed more time to study.
c) Dee borrowed her mother’s sweater only after her mother said it would be fine.
d) Carolyn decided to save $10 a week during her junior year to help pay for her senior expenses.

What is the definition of opportunity cost?
a) The amount of goods/services consumer want to buy at any point intime
b) Money gained from earning
c) The highest-valued alternative that must be given up when a choice is made
d) The amount of money people save in an economy

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