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Personal Finance Chapter 1 Flashcards | StudBud
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Personal Finance Chapter 1
Personal Finance Chapter 1
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Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Intangible activities that another person performs for a fee are
needs
wants
goals
Services
2
A period of rising prices is called
a recession
an investment opportunity
bull market
inflation
3
Needs and wants do not change over time.
False
True
4
Financial Security is the ability to purchase everything you want.
True
False
5
During a recession, consumers tend to spend less money.
True
False
6
Goals are closely related to values.
True
False
7
What is the process of organizing and using your resources to achieve predetermined objectives?
financial security
opportunity
management
investing
8
Which of the following is a "to be" goal?
popularity
visiting a foreign country
attending a concert
buying a car
9
Which of the following is NOT a need?
clothing
food
a car
shelter
10
Vital statistics include
marriage
religion
income
race
11
Marginal analysis measures
the opportunity cost
the cost of scarce resources
the costs against the benefits of a decision
the added benefit, vs the added cost, of one more unit
12
Ongoing evaluation wastes money
True
False
13
An ongoing process that can take you from where you are to where you wish to be financially
financial literacy
financial planning
technology
investment strategy
14
Which of the following behaviors is unethical?
borrowing money
volunteering at a local hospital
voting in an election
including false info on a job application
15
Which of the following is NOT involved in systematic decision making?
choose the best alternative
define the decision to be made
evaluate your decisions
agree with your advisors
16
Goods can touched, used, and purchased.
False
True
17
You should be able to measure progress toward achieving a goal.
True
False
18
The choice you give up when you choose an option is
trade off
priority
opportunity cost
alternative
19
The marginal benefit of using each additional unit tends to ____ as the quantity used ____
stay the same, increase
decrease, stays the same
increase, decrease
decrease, increase
20
Your possessions can be resources that help you achieve a goal.
False
True
21
What is the trade off of joining an after school program that matches students to mentors?
the cost of buying clothes for the program
the money you would have earned working
the value you receive from the mentor
the other ways you could have spend that time
22
Opportunity cost cannot be measured.
True
False
23
The statistical characteristic of a population is
vitals
ethics
statistics
demographics
24
The moral principles or beliefs that direct a person's behavior is
culture
goals
ethics
values
25
The planning phase of management involves identifying goals, obstacles and results
False
True
26
The first part of the three-part management process is
communication
planning
action
evaluation
27
Cultural and ethnic traditions affect the choices you make
False
True
28
Which of the following is NOT a result of offshore outsourcing?
advances in the manufacturing industry
higher incomes for American workers
job creation in American companies
new technology
29
During inflation, prices ______ and the value of the dollar ________.
go up, goes down
go up, remains steady
go down, goes up
remain steady, goes down
30
Medium-term goals may take five years or more to achieve.
True
False
