Personal Finance Unit 1 Review

As discussed in the chapter, the consumer goals and priorities of families tend to change as

A clear understanding of your needs, wants, values, goals, priorities, and standards tends to

Everyone has the same values.

It is desirable to begin a savings program and insure financial risks early in life

Variable expenses are those that

Reducing the deficit is particularly important to young people because they will inherit debt

Most people have enough resources to reach all of their goals at one time.

Financial security is largely a matter of day-to-day, month-to-month accounting and bill paying

The beginning stage in the family life cycle is often characterized by all except

Wants are those items you must have to survive.

In demographic studies, vital statistics refer to

Income tax returns must be filed in person at your nearest office of the IRS.

The chief advantage of a budget is that it

Money and time are examples of human resources.

The key to financial well-being is spending more than you can.

Long-term liabilities include

Needs are items that you would like to have.

When you have conflicting goals, you will need to set priorities.

Social security is a program paid for by voluntary contributions from employees and employers

Consumers generally have no need of a lawyer unless they are in trouble with the law.

Which of the following is NOT a good question to help prioritize your goals?

Interest on national debt is a mandatory expense item in the federal budget

Fixed expenses include

You can help prevent a financial crisis by

Money management software will allow you to do all EXCEPT

Success during the action phase of management depends on

It is essential to develop a good system for keeping financial and legal records and documents.

A good place to look for the latest demographic statistics is

Which of the following is the first step of the decision-making process

Eating the same food at lunch every day is a choice made

Achieving financial security requires

Acknowledging a serious financial problem is one of the key steps in coping with it.

An effective way to deal with important problems and choices is to make decisions

When planning the use of resources, it is important to consider that resources are

The decision-making process involves all except

An example of a need is