Personal Finance Unit 1 Review

Most people have enough resources to reach all of their goals at one time.

An effective way to deal with important problems and choices is to make decisions

Money and time are examples of human resources.

Reducing the deficit is particularly important to young people because they will inherit debt

As discussed in the chapter, the consumer goals and priorities of families tend to change as

The chief advantage of a budget is that it

A good place to look for the latest demographic statistics is

Income tax returns must be filed in person at your nearest office of the IRS.

It is essential to develop a good system for keeping financial and legal records and documents.

A clear understanding of your needs, wants, values, goals, priorities, and standards tends to

Achieving financial security requires

An example of a need is

Needs are items that you would like to have.

Success during the action phase of management depends on

Money management software will allow you to do all EXCEPT

The beginning stage in the family life cycle is often characterized by all except

You can help prevent a financial crisis by

The key to financial well-being is spending more than you can.

Consumers generally have no need of a lawyer unless they are in trouble with the law.

Social security is a program paid for by voluntary contributions from employees and employers

Acknowledging a serious financial problem is one of the key steps in coping with it.

It is desirable to begin a savings program and insure financial risks early in life

When planning the use of resources, it is important to consider that resources are

Fixed expenses include

In demographic studies, vital statistics refer to

Eating the same food at lunch every day is a choice made

Everyone has the same values.

Interest on national debt is a mandatory expense item in the federal budget

Variable expenses are those that

Wants are those items you must have to survive.

Financial security is largely a matter of day-to-day, month-to-month accounting and bill paying

When you have conflicting goals, you will need to set priorities.

Long-term liabilities include

The decision-making process involves all except

Which of the following is the first step of the decision-making process

Which of the following is NOT a good question to help prioritize your goals?