Personal Finance Review 1.01-1.03 Study Guide Question Preview (ID: 45542)


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

Jacob is wondering how he can improve his intellectual well-being. Which would contribute the most to his intellectual well-being?
a) Going to the gym three times per week
b) Challenging himself by taking on a new project at work
c) Joining a local service organization
d) Taking a vacation from work

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) Paying her grandma back the money she borrowed to take a school trip last year
c) Talking to her friends about how to manage her money better
d) Opening 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?
a) When his financial goals have been established
b) When his money management plan has established high well-being
c) When he is 70 years old
d) Never – it is an ongoing process

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

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) Ian is comparing new vehicles at two car dealerships. He was able to find nearly identical cars at nearly identical prices. O
b) Ian has found two different cars at a local dealership that meet his needs. The first car has a better sound system than the
c) Ian has been shopping for a vehicle online. He finds something that would meet his needs being sold by an individual near him
d) Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle. This vehicle would meet Ian’s needs and he k

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

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 increase 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

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 mostlikely find herself in for her mother to have made this comment?
a) Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had
b) Megan had shopped at several stores when she found the prom dress of her dreams. She checked online and found a coupon that e
c) Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2 friends shopping with her to te
d) Megan had shopped in the store her mother recommended for her prom dress. She found two dresses she liked a lot. Megan purcha

Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario best represents the purchase of a need?
a) Whitney is being inducted into the National Honor Society at her high school. Students have been directed to ‘dress nicely’.
b) Whitney has been selected to attend a national leadership conference and has been instructed that she will need to dress ‘pro
c) Whitney has several pairs of jeans in her closet but found some that really fit her well at an excellent price when she and h
d) Whitney will be traveling to Europe with a youth ambassador program this summer. She has been instructed to pack a rain jacke

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

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) Specific
c) Attainable
d) Measurable

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

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

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