Strand 1 Review for Financial Litearcy

How ready are you feeling for the Unit 1 Test TODAY?

Which is an example of a want?

Economics is NOT considered to be a social science.

Long term goals are easier to achieve if you have set short-term goals

I didn't get to sleep in because I had to get to school by 7:30am. This is an example of:

M in Smart Goals stands for

"The knowledge concerned with the production, consumption & transfer of wealth." A great way to simply this is:

When the demand for a resource is high, it requires what to be in line with it for success?

Which of the following goals is the best example of a long-term goal?

If we value something, we are LESS likely to spend money on it.

If you bought an expensive designer backpack because everyone else has one, you made the purchase because of...

R in Smart Goals stands for

Another term for OPPORTUNITY COST is trade off.

T in Smart Goals stands for

I will have LOTS of money in savings when I retire at 50. What SMART goal is missing in the above sentence?

Which option is an example of an Intermediate Goal?

Financial literacy is a subset of Economics.

Which of the following is a need?

S in smart stands for

DUMB goals allow for you to dream and be a little more reckless. SMART goals encourage you to stay in line with reality.

Covid-19 required companies who produce masks to raise their supply. Why?

A in Smart Goals stands for

Scarcity Means:

In the Rational Decision Making Process, what step do you EXECUTE your decision?

I need a down payment on a car in 3 months. I have $1500. If I save $100 per month how much will I have?