Decision Making Process - I
Quiz by John Peters
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16 questions
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- Q1The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources is defined as ____________ A. The Opportunity Principle B. The Scarcity Principle C. The Decision Making Principle D. The Opportunity Cost PrincipleThe Decision Making PrincipleThe Opportunity Cost PrincipleThe Opportunity PrincipleThe Scarcity Principle300s
- Q2The cost of an alternative that must be forgone in order to pursue a certain action is referred to as _____________. A.Forgone Alternative B.Opportunity Lost C.Opportunity Cost D.Scarcity PrincipleScarcity PrincipleOpportunity LostOpportunity CostForgone Alternative300s
- Q3An opportunity cost can be which of the following: Time Money Both Time & Money All of the Above None of the AboveNone of the AboveBoth Time & MoneyMoneyTime300s
- Q4A SMART financial goal would look like: A. To save money for college for the next five years B. To pay off credit card bills in 12 months C. To invest in an international mutual fund for retirement D. To establish an emergency fund of $4,000 in 18 months E. All of the above are SMART Goals F. None of the above are SMART goals.To establish an emergency fund of $4,000 in 18 monthsAll of the above are SMART GoalsTo invest in an international mutual fund for retirementTo save money for college for the next five yearsTo pay off credit card bills in 12 monthsNone of the above are SMART goals.300s
- Q5What element is missing from the following SMART financial goal? “I will save $75 regularly to go on a vacation to Hawaii.”RealisticTimelyMarginalSpending300s
- Q6Which of the following is NOT a consideration in decision making?Define the ProblemDefine DesiresList AlternativesEvaluate Alternatives300s
- Q7What is the purpose of goal setting in the financial planning process?To facilitate decision makingTo make lots of moneyTo prevent accidentsTo differentiate between needs and wants300s
- Q8SMART goals are...D. Sincere, measurable, artistic, realistic, and timelyB. Specific, movable, achievable, reliable, and too hardA. Spontaneous, markable, already done, random, and testyC. Specific, measurable, attainable, realistic, and timely300s
- Q9The “financial thermometer” is a person’s ___________.IncomeTotal LiabilitiesNet WorthTotal Assets300s
- Q10NEW QUESTION! Marcus set a goal to buy a car in the next few months. He plans to make a $3500 down payment and has already saved $1800. If he can save $150 each month for this goal to buy a car, how long will it take him to save the entire $3500?6 months12 months8 months10 months300s
- Q11Scarcity is an economic principle stating that because of _______________________, an economic system cannot possibly produce all the goods and services that people want.Excessive debtLow incomeSpending habitsLimited Resources300s
- Q12The formula to calculate Net Worth is _________________ - ______________Wealth – IncomeIncome – WealthLiabilities – AssetsAssets – Liabilities300s
- Q13The “M” letter of smart takes care of which of the following:How Much? How Many?None of the aboveBy when?Who? What? Where? When? Why?300s
- Q14A "Realistic" & "Attainable" Goal is for Mr. Peters to join the Soccer Premier LeagueFalseTrue300s
- Q15It is possible to have a low net worth and a high incomeFalseTrue300s