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