PF 1.00 Take Charge Of Your Financial Well Being Question Preview (ID: 34622)


1.00 Take Charge Of Your Financial Well Being. TEACHERS: click here for quick copy question ID numbers.

Which of the following factors is not influenced by values?
a) Everything is influenced by values.
b) An individual’s daily decisions.
c) An individual’s long‐term decisions.
d) An individual’s financial decisions.

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 most likely find herself in for her mother to have made this comment?
a) She purchased a prom dress with money saved for a prom dress for car repairs. Now she needs money for car repairs.
b) She found the prom dress of her dreams. She used a 30% off coupon when she returned to the store to purchase the dress.
c) She brought friends shopping to tell her which dress looked best on her. She chose the dress the least expensive dress
d) She found 2 dresses she liked. She purchased the most comfortable one even though it cost $28 more than the other one.

Saving $25 per month to buy a $150 mp3 player in 6 months is an example of what type of goal?
a) Short‐term goal
b) Long‐term goal
c) Mid‐term goal
d) This is not an example of a goal.

Carter wants to participate in an activity that will improve his well‐being. Which of the following activities would contribute the most to his well‐being?
a) An activity that makes him lose track of time.
b) An activity that doesn’t cost much money.
c) An activity his friends like to participate in.
d) An activity that his teacher suggested to him.

Jacob is wondering how he can improve his intellectual well‐being. Which of the following would contribute the most to his intellectual well‐being?
a) Challenge himself by taking on a new project at work.
b) Go to the gym three times per week
c) Join a local service organization
d) Take a vacation from work

Jenna wants to improve her financial well‐being. Which of the following would contribute the most to her financial well‐being?
a) Take a personal finance class to learn how to manage her money.
b) Pay her grandma back the money she borrowed to take a school trip last year.
c) Talk to her friends about how to manage her money better.
d) Open another checking account to help her organize her money.

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? (1.01)
a) Never – it is an ongoing process.
b) When he is 70‐years‐old.
c) When he money management plan has established high well‐being.
d) When his financial goals have been established.

Which of the following statements about our interactions with money is NOT considered to be true?
a) Investment increases risk and reduces your ability to cope with risk and uncertainty.
b) You are responsible for your present self and your future self.
c) Your present self impacts your future self.
d) You are better off in a community than by yourself

Ian needs a reliable vehicle would like something with a nice sound system. He plans to stay within the price guidelines he his family have set. Which situation best represents the opportunity cost of a trade‐off regarding which car to purchase?
a) There are 2 cars that meet his needs. One car has a better sound system, the other has 20,000 fewer miles on it.
b) He was able to find similar cars at nearly identical prices. One car is 20 miles away and the other is 30 miles away.
c) He finds a suitable car being sold by an individual nearby that would cost less than it would at a dealership.
d) Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle.

Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario BEST represents the purchase of a NEED?
a) she needs to dress ‘professionally’. She plans to wear jeans a t‐shirt with the conference logo; mom says buy new clothes
b) mom thinks she needs a new dress to celebrate NHS induction even tough she has a dress from last year that still fits
c) Whitney has jeans but found some that fit her at a good price. Mom agrees that, at this price, they should purchase a pair.
d) Her mom believes she needs to purchase a hooded rain jacket because it would be more convenient.

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 she intends to acquire, do, reach or accomplish in the near or distant future.
c) Things that are necessary or essential for life and survival.
d) Things that are unnecessary but desired which increase the quality of her life.

Which SMART goal element is missing? “save $150 each month to go on a vacation in a year”
a) Attainable
b) Time Bound
c) Specific
d) Measurable

$200 every month saved toward a home down payment for 5 years is a ___ goal
a) Long‐term
b) Short‐term
c) Intermediate
d) Unrealistic

Her adviser asked her to set 3 academic goals. They are MOST LIKELY to be accomplished if:
a) Amber writes her goals down.
b) Amber discusses her goals with her parents.
c) Amber lets her friends set her goals.
d) Amber thinks about her goals weekly.

Which of the following is likely to have the least influence on an individual’s values?
a) Grade average
b) Media
c) Family
d) Religious affiliations

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