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