Personal Finance - Objective 1.02 Question Preview (ID: 34982)

Personal Finance - Objective 1.02.

Erica wants her class project to reflect her values. Which items would be best to include?
a) Things that she intends to acquire, do, reach, or accomplish in the near or distant future
b) Things that are necessary or essential for life and survival
c) Things that reflect her fundamental beliefs about what is worthwhile and important to her
d) Things that are unnecessary but desired which increased the quality of her life

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

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) Megan bought a prom dress and used all the money she saved for tires. Now her tires need replacing and she can't afford it.
b) Megan found a coupon to save on her prom dress
c) Megan chose the least expensive dress
d) Megan bought the most comfortable dress

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.
a) Ian found identical cars at two dealerships. One dealership is 20 miles away, the other is 30 miles away.
b) Ian has found two different cars. The first car has a better sound system the second has better mileage.
c) Whitney is looking for a new pair of jeans even though she has several in her closet.
d) Whitney needs to purchase a new rain jacket with a hood.

Goods or services that are required for survival
a) Needs
b) Value
c) Want
d) Trade off

The value of the next best alternative that must be forgone as a result of a decision.
a) Need
b) Opportunity cost
c) Trade-off
d) Value

Giving up one thing for another
a) Want
b) Opportunity Cost
c) Trade-off
d) Value

A fundamental belief or practice about what is desirable, worthwhile, and important to an individual.
a) Want
b) Need
c) Value
d) Trade-off

The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
a) Want
b) Need
c) Trade-off
d) Opportunity cost

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