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Mary Clare-Ch 1 Flashcards | StudBud
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Mary Clare-Ch 1
Mary Clare-Ch 1
40 terms
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Questions
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Answers
1
What are the steps in systematic decision-making?
Define decisions, explore alternatives, choose the best alternative, act
Ask an adult and let them make the decision.
Acting on the decision, analyzing what you did right or wrong, fixing it
Just make the decision that feels right.
2
Define financial literacy.
Goal to be attained in a specific amount of time.
Principles and beliefs that a person considers important.
How to save your money.
A body of financial knowledge, basic skills and to make informed decisions.
3
The planning phase of management involves what?
You don’t have to plan all you have to do is fix your mistakes.
Planning is not part of management.
You identify goals, obstacles, and resources.
You identify the cost of items.
4
A consumer is an individual who purchases goods and services for personal use.
True
False
5
Name examples of positive ethical behavior.
Having honesty, and fairness.
Disrespecting your parents.
Just don't talk to people.
Being dishonest.
6
What economic conditions make managing personal finances important and challenging?
Only interest.
Recession, high inflation, and when interest rates go up.
Only recession.
Inflation and Interest rates.
7
Defined the word inflation.
State of the economy at a given time.
Choice given up when making one choice over another.
The process of organizing and using resources to achieve objectives.
Overall rise and prices.
8
When your goal is to complete an English assignment on time, what might be some obstacles you face?
Tough grading by the English teacher.
Time limitations.
Lack of interest in the topic.
All of the above.
9
What are some statistical characteristics of a population that demographics show?
Age and race.
Births and deaths.
Education levels and employment.
All of the above.
10
What do governmental programs do for people?
It takes away your money.
All of the above.
They control all of your money.
Provides financial benefits to citizens based on their legal rights.
11
Opportunity cost is a system that individuals use to acquire, organize, maintain and retrieve information.
False
True
12
The two personal characteristics that are key in reaching goals is to be unsure and to be flexible.
True
False
13
An example of an unethical behavior is what?
Being honest with your parents.
Cheating on a test.
Studying for a test.
Returning an item that doesn’t belong to you.
14
What factors should be taken into consideration when creating a financial plan?
Take priority in what you want.
Don't make a financial plan.
analyze your needs and, values and ethics, priorities, standards.
Just wait to make a financial plan when you are older.
15
Economic condition is the state of the economy at a given time.
True
False
16
A good is tangible item that can be touched used and purchased.
False
True
17
Defined the word management.
Value of the option given up.
When you own a store.
When you are a leader.
Process of organizing and using resources to achieve objectives.
18
When using cost benefit analysis how do you calculate it?
Add what your needs and wants cost and analyze the total.
Calculate the cost, put a value on the benefits, and compare the results.
Weigh the benefits.
You shouldn’t use this method.
19
Define what I need is.
Things that a person desires, but cannot live without.
A word meaning nothing.
Necessities a person must have to survive.
Morals principles or beliefs that direct a person‘s behavior.
20
When an obstacle comes your way, flexibility helps you adjust to new and unexpected situations
True
False
21
What are some of the unplanned ways people make decisions?
No decision is unplanned.
By analyzing the situation.
Looking into what you want to achieve.
Out of habit, on impulse, and failing to act.
22
Technology does not create jobs in new lines of work and does not have offshore outsourcing.
True
False
23
List four factors that impact an individual’s financial future.
Marginal cost, cost benefit analysis, globalization, and planning.
Economic conditions, demographics, culture, and changing technology.
Your parents.
Nothing impacts you financial future.
24
Standard is the value or goal that is given more importance than other values and goals.
False
True
25
Name three stages of management.
Ask an adult, action, but don't evaluate.
Planning, action, and evaluation.
Making the decision, analyzing, and doing it again.
Just do what you want.
26
Define the word globalization.
A globe used to see the world map.
The widespread integration of markets, communication and technology.
Statistical characteristics of a population.
Period of slow or no economic growth.
27
What Is the only way to have financial peace of mind.
Living within your means.
Not looking at the price of items.
None of the above.
Buying everything that makes you happy.
28
People who are financially competent, determine the differences between what?
Skills and goals.
Needs and wants.
Money and success.
Resources and standards.
29
How does media impact financial decisions made by individuals, families, businesses, and the government?
By showing you what clothes, you should wear.
Gives information for making financial decisions and show issues happening.
By having social media.
Watching Tv
30
Strategies people use making financial decisions are, cost benefit analysis, marginal analysis, and opportunity cost.
False
True
31
Defined the word values.
Things that a person desires, but cannot live without.
Principles and beliefs that a person considers important.
None the above.
Necessities a person must have to survive.
32
Opportunity cost can be measured in terms of what?
This cannot be measured.
Adding the benefit and adding the cost.
Dollars time, enjoyment, and something of value.
Spending saving weighing the cost and taking action.
33
List the two types of resources that can be used to meet goals.
Money and wealth.
Your parents and friends.
Yourself.
Human and nonhuman resources.
34
How does globalization affect job opportunities as a person enters the workforce?
By competing with workers around the globe.
Having more space in your job.
Having less people at your job.
Getting to talk to more people.
35
What are three types of goals?
Little goals, medium goals and little goals.
To do goals, to have goals, and to be goals.
There is just one type of goal.
Better goals, good goals, and bad goals.
36
Define the word financial competence.
Change in total benefit of using one additional unit.
None of the above.
Supply of something that can be used when needed.
Objective to be attained in a specific amount of time.
37
How does the interest rate affect people in an economy?
This spreads optimism over the entire economy.
Prices go up and the value of the dollar goes down.
If interest rates are high for borrowing money, consumers spend less.
None of the above.
38
Examples of the entitlement programs are Medicaid, Medicare, and social security.
False
True
39
Priorities are set by ranking your goals in their order of importance.
False
True
40
If your goal is to become president of the student body, what obstacles may you face.
Desire to win.
Knowledge of the job and its demands.
Limited time before election.
Broad support from the student body.
