How do setting goals benefit you?

Creates a path and provide guidance for your future

What is the definition of a trade-off?

Giving up one thing for another

How long is a short-term goal?

less than 1 year, less than 12 months

When is it realistic to write goals down?

Major decisions, What to do after high school graduation

What is the difference between needs and wants?

Needs are necessary for survival, wants aren't.

What is the definition of an opportunity cost?

the value of the "next-best" thing that must be given up

S.M.A.R.T. stands for?

Specific, Measurable, Attainable, Realistic, and Time Bound

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Personal Finance- Objective 1.00

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Questions 20

Answers

1
How do setting goals benefit you?
They help create more stress
They don't, they are useless
Creates a path and provide guidance for your future
They don't impact your future self
2
What is the definition of a trade-off?
Giving up a desired thing for a necessary thing
the value of the next best alternative that must be given up
Giving up one thing for another
3
How long is a short-term goal?
less than 1 year
less than 12 months
6 months or less
less than 2 years
4
Long-term goals last.....
Less than 1 year
More than 1 year
Less than 1 month
Less than 6 months
5
When is it realistic to write goals down?
Major decisions
What to wear in the morning
Everyday (routine decisions)
What to do after high school graduation
6
Which of the following is NOT a step in creating financial well-being?
Reaching short-term goals
Continual management of money
Planning for the present and future
Setting goals
7
What is the difference between needs and wants?
Needs are necessary for survival, wants aren't.
There is no difference.
Needs do not include services, whereas wants do.
Wants do not include services, whereas needs do.
8
Which of the following is NOT an element of financial decision-making?
Needs
Wants
Funds
Values
9
Which of the following does NOT contribute to emotional well-being?
sense of self
a healthy outlook on life
sense of worth and purpose
10
What is the definition of an opportunity cost?
the value of the "next-best" thing that must be given up
the benefit of giving up an opportunity
giving up one thing for another
any influencer of financial decision making
11
S.M.A.R.T. stands for?
Specific, Measurable, Attainable, Reliable, Time Bound
Reliable, Metric, Attainable, Realistic, and Time Bound
Specific, Measurable, Attainable, Realistic, Touch
Specific, Measurable, Attainable, Realistic, and Time Bound
12
Which is NOT a characteristic of a person with high wel-being?
Overwhelming optimism
Positivity
Sense of Achievement
Having meaningful relationships
13
Which of the following is NOT a "domain of well-being"?
Emotional
Professional
Physical
Social
14
Measurable means.....
Having an idea of about how much
Not saying how much
Saying a percent of how much
Knowing exactly how much
15
Which of the following does NOT contribute to physical well-being?
Exercising and getting enough sleep
Eating well
Staying energized
Medical care
16
What DOESN'T influence a person's decision-making?
Culture
Media
Strangers' opinions
Family/Friends
17
Realistic means.......
Making sure your goal isn't unattainable
Thinking of all the opportunity costs
Thinking of all the trade-offs
All of them
18
Which of the following contributes to high intellectual well-being
Developing strategies to create a healthy outlook on life
getting enough sleep
Gainingand using knowledge
Sense of belonging
19
Which of the following does NOT contribute to social well-being?
Membership in a community
Sense of belonging
Sense of self
Network of family and friends
20
Which of the following is NOT an element to a successful goal
Unattainable
Specifi
Time Bound
Measurable

Personal Finance- Objective 1.00 Flashcards | StudBud