AOHS Consumer Ed: Chapter 5 Review

T/F: Everyone has the same resources.

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

Vocab: An outline of your assets, liabilities, and net worth

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

T/F: There are two basic types of resources- human and nonhuman.

Fixed expenses include ____.

Vocab: A process of making choices, starting with a problem to solve and ending with a decision

T/F:Management involves identifying and using resources, making decisions, and solving problems

Five key steps in rational decision making are ___.

T/F: Opportunity costs refers to sale prices after a discount.

Vocab: Set amounts due on a set date, such as rent or installment payments

T/F: Management is the art of using what you have to get what you want.

Vocab: Possessions of value, such as savings, real estate, and investments

Vocab: Resources a person has within themselves

Long term liabilities include ____.

Vocab: Debts and obligations, such as unpaid bills, loans, and taxes

Vocab: The choices you give up by choosing one item or action rather than another

V:A plan for the use or management of money based on goals and expected income and expenditures

Vocab: Resources are limited while wants are unlimited

Vocab: The difference between your assets and liabilities

Human resources include _____.

Vocab: External resources, such as money, time, and equipment

Flexible expenses are those that ____.