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PF Chpt 1 Review Flashcards | StudBud
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PF Chpt 1 Review
PF Chpt 1 Review
40 terms
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An Overview of Personal Finance. Review questions from Goodheart-Wilcox material.
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
When prices go up and the value of the dollar declines, we are in an economic recession.
true
false
2
Determination, motivation, experience, and energy are examples of internal resources.
false
true
3
Nonessential things you would like to have.
needs
wants
iPhones
4
It is not necessary to identify your goals or rank them in order of importance.
true
false
5
There are seven steps in the systematic decision-making process.
true
false
6
You should make sure to cover your wants before you cover your needs.
true
false
7
Living within your means is the only way to have financial peace of mind.
true
false
8
To be a good manager, you should identify all available resources.
true
false
9
The tools you can use to reach your goals.
ethics
wrenches
resources
10
Items that cannot be touched, such as house cleaning, and scoopingwalkways, are considered
tangible items
intangible items
needs
wants
11
Marginal analysis is not a powerful decision-making tool in business.
falso
cierto
12
The need to obtain one goal in order to attain another goal is referred to as a(n)
unrealistic goal
interdependent goal
priority
conflicting goal
13
Your personal beliefs about what is important and desirable.
value system
values
standard
14
Physical necessities, such as food and shelter
wants
optional
needs
15
The moral principles or beliefs that direct a person's behavior.
standard
values
ethics
16
Weighing the costs against the benefits of an action is a form of cost-benefit analysis.
true
false
17
A process of organizing & using your resources to achieve planned objectives is referred to as
financial planning
finacial security
management
financial literacy
18
Money, time, and equipment are examples of internal resources.
true
false
19
An established measure of quality, value, or quantity is a
tangible
intangible
priority
standard
20
Technology brings changes to the way you live and deal with financial matters.
false
true
21
A value or goal that is given more importance than other values and goals.
priority
goal
wants
22
Easily identified goals that continually change are referred to as
to have goals
to do goals
to be goals
short term goals
23
The planning phase of management involves identifying goals, obstacles, and resources.
cierto
falso
24
The process of organizing and using your resources to achieve
control
management
standard
25
You can get the most from your resources by planning how and when to use them.
True
False
26
When you decide one thing is more important than another, you are establishing a standard.
false
true
27
The overall structure of values and goals that guides your behavior and gives you direction.
value system
values
compass
28
The state of the economy at a given time is known as its economic condition.
falso
cierto
29
An objective that you want to attain.
standard
management
goal
30
Items that can be touched, used, and purchased, such as food or clothing, areconsidered
Intangible items
financial security
needs
tangible items
31
Action keeps you focused on the final goal and helps you to stick with a project to the end.
false
true
32
The values & goals that guide your behavior & provides a sense of direction in your life are
ethics
value system
needs
values
33
The possession of a body of financial knowledge, a set of basic skills, and
financial planning
management
financial literacy
financial security
34
Goals that include career choices and personal characteristics are referred to as
to be goals
to have goals
to do goals
short term goals
35
Goals that contain things you might want to accomplish in your life are referred to as
to have goals
to be goals
to do goals
short term goals
36
In a period of slow or no economic growth, unemployment rises.
true
false
37
Demographic trends have an impact on the economy and on the financial life of individuals.
false
true
38
Globalization gives you access to a diversity of goods and services around the world.
false
true
39
Opportunity cost is the value of an option you gave up.
true
false
40
An established measure of quality, value, or quantity.
values
standard
resources
