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Taking Charge of Your Financial Well Being Quiz Review Flashcards | StudBud
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Taking Charge of Your Financial Well Being Quiz Review
Taking Charge of Your Financial Well Being Quiz Review
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Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Which of the following factors is not influenced by values?
An individual’s daily decisions.
An individual’s choice of friends.
An individual’s financial decisions
An individual’s life cycle position.
2
Goals that you can accomplish in less than one year.
short term
long term
3
Giving up one thing for another
barter
trade off
opportunity cost
give away
4
Makes you think through the tradeoffs & opportunity costs to analyze consequences of your goal.
realistic
specific
measurable
attainable
5
Amber set 3 academic goals for 2nd semester. These goals are MOST LIKELY to be accomplished if:
Amber lets her friends set her goals.
Amber discusses her goals with her parents.
Amber writes her goals down.
Amber thinks about her goals weekly.
6
Which of the following is likely to have the least influence on an individual’s values?
Religious affiliations
Media
Grade average
Family
7
Which part of SMART goals makes you compare the trade offs and opportunity costs of your goal?
realistic
attainable
measurable
specific
8
SMART GOAL: What's missing? “I will save $150 each month to go on a vacation in one year.”
measurable
time bound
attainable
specific
9
Joe wants to do an activity that will improve his well‐being, which would contribute the
most?
An activity that makes him lose track of time.
An activity his friends like to participate in.
An activity that doesn’t cost much money.
An activity that his teacher suggested to him.
10
Sam wants to improve financial well‐being. What would contribute most to financial well‐being?
Talk to her friends about how to manage her money better.
Open another checking account to help her organize her money
a personal finance class to learn how to manage her money.
Pay her grandma back the money she borrowed to take a trip.
11
_____ is managing money continuously through life in order to reach financial goals
financial smarts
financial ideas
financial goal setting
financial planning
12
Erica wants her class project to reflect her values. Which items would be best to include?
Things that she intends to do or accomplish in the future.
Things that reflect her beliefs of what's important
Unnecessary things but desired, & increase the quality life
Things that are necessary or essential for life & survival.
13
Which part of SMART goals makes you identify when you want to accomplish your goal?
realistic
time bound
attainable
specific
14
The teacher asks you to create a timeline of your financial future. The end of the timeline?
Never – it is an ongoing process.
When your money management plan has created high well‐being.
When you're 70‐years‐old.
When your financial goals have been established.
15
Goals that take more than one year to accomplish.
long term
short term
16
___ is a fundamental belief about what is desirable, worthwhile, & important to an individual
competency
value
responsibility
personality
17
_______ are specific objectives that are accomplished through financial planning
financial competency
financial goals
financial ideas
financial smarts
18
Which of the following is NOT part of SMART Goals?
Maintainable
Specific
Attainable
Realistic
19
Which part of SMART goals makes you list exactly what you want to accomplish?
measurable
attainable
time bound
specific
20
Which part of SMART goals makes you create a step by step plan to accomplish your goal?
specific
attainable
measurable
realistic
21
The value of the next best alternative that must be forgone as a result of a decision
opportunity cost
loss
trade off
unhappiness
