Personal Finance - Unit 1 Question Preview (ID: 40646)


Standards 1.00, 1.01, 1.02, And 1.03. TEACHERS: click here for quick copy question ID numbers.

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) Specific
d) Measurable

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

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) Short‐term goal
c) This is not an example of a goal.
d) Mid‐term goal

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 a rain jacket; the one she owns does not have a hood because she uses an umbrella. Her mother said she needs a hood
b) She owns several pairs of jeans. When shopping, she found some jeans that fit well and have a great price.
c) She has a ceremony to attend. She has a dress that she can wear, but her mom said she needs a new one to celebrate the event.
d) She needs to dress professionally for an event. She plans to wear jeans and a T-shirt; mom thinks she needs something else.

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) Intermediate
b) Unrealistic
c) Short‐term
d) Long‐term

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 unnecessary but desired which increase the quality of her life
d) Things that are necessary or essential for life and survival

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

Jenna wants to improve her financial well-being. Which would contribute the most to her financial well-being?
a) Taking a personal finance class to learn how to manage her money
b) Opening another checking account to help her organize her money
c) Talking to her friends about how to manage her money better
d) Paying her grandma back the money she borrowed to take a school trip last year

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) He was able to find nearly identical cars at nearly identical prices. One dealership is closer than the other.
b) Ian finds something that would meet his needs being sold by an individual for less money than the dealership would sell it.
c) Ian has found two cars that meet his needs. The first car has a better sound system. The second car has 20,000 fewer miles.
d) Ian’s brother offers to sell him a car that meets his needs. He knows the service history is excellent.

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 thinks about her goals weekly.
b) Amber lets her friends set her goals.
c) Amber discusses her goals with her parents.
d) Amber writes her goals down.

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 that his teacher suggested to him
b) An activity his friends like to participate in
c) An activity that makes him lose track of time
d) An activity that does not cost much money

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

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 found six dresses she liked. She asked her friends which one they liked best, and bought the least expensive dress.
b) She found the dress of her dreams. She found an online coupon for 30% off the dress.
c) She found the dress of her dreams. She used most of the money she saved for tires to buy the dress and now needs tires.
d) She found two dresses she liked. She bought the one that was $28 more because it was more comfortable on her.

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) Taking a vacation from work
d) Challenging himself by taking on a new project at work

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) When he is 70 years old
c) When his money management plan has established high well-being
d) Never – it is an ongoing process

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