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Personal Finance Unit 1 Test Review Flashcards | StudBud
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Personal Finance Unit 1 Test Review
Personal Finance Unit 1 Test Review
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Flashcards
26 cards
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Questions
26
Answers
1
What is personal finance?
How we handle money
Cash
2
Which one of these would be a "want"?
Phone
Water
Shelter
Food
3
True or False? This is going to be the best day ever?
True
False
4
What does the "S" stand for in SMART goals?
Silly
Spending
Study
Specific
5
Which one of these is NOT part of a S.M.A.R.T. goal?
Time bound
Measurable
Specific
Attachable
6
What is the difference between a want and a need?
A want is a necessity and a need is a desire
A want is a desire and a need is a necessity
Nothing
7
This is a want
True
False
8
I will reduce the amount I owe on my credit card by $1000.00 dollars. Is this "m"easurable?
No
Yes
9
What is the value of the next best alternative that you will give up as a result of your plan?
Opportunity Cost
Trade-off
Choice opportunity
Value
10
What does NOT contribute to the financial decisions you make?
Values
Needs
Wants
Pay
11
Which term is NOT in the SMART goal setting criteria?
Realistic
Meaningful
Specific
Attainable
12
Personal Finance is...
10% knowledge and 90% behavior
40% knowledge and 60% behavior
80% Knowledge and 20% behavior
80% behavior and 20% knowledge
13
What does the "M" stand for in SMART goals?
Majestic
Measurable
Messy
Money
14
True or False? Personal Finance is the best class ever!
False
True
15
When you set goals they should be realistic
False
True
16
Purchasing an $800 laptop is an example of a long term goal.
False
True
17
This is a want
True
False
18
Fundamental belief or practice about what is desirable, worthwhile, & important to a individual
Need
Opportunity Cost
Want
Value
19
Which goal is a realistic goal?
Become a doctor
Become a super hero
Grow wings & Learn to fly
Become invisible.
20
When you set goals they have to be specific
True
False
21
Is a Gaming System a Want or a Need?
Need.
Want.
22
What is a need?
Something you sell
Something that you need to live
Something expensive
23
Is Food a Need or a Want?
Want
Need
24
Personal finance is defined –
Business outward money flow
The flow of money throughout the economy
the management of financial decisions for a person or family
Individuals income
25
Which of the following factors is not influenced by values?
An individual’s daily decisions.
An individual’s financial decisions.
An individual’s long‐term decisions.
Everything is influenced by values.
26
What's a long-term goal?
A goal will take a short amount of time to complete.
A long-term goal takes a long amount of time to complete
A goal that you can achieve in a short length of time.
