NEFE Module 1 Test Review
Quiz by Eric Davis
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39 questions
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- Q1Which of the following is considered a need?a clothes dryera place to sleeplunch at a local restauranta new car30s
- Q2Which of the following factors can influence decisions?valuesfamilyageall of these30s
- Q3A value can be described as:a belief or idea you consider important or desirablesomething basic for your survivalsomething you desire to make your life more comfortablea willingness to give up something now in exchange for a future benefit30s
- Q4Marcus set a goal to buy a used car in the next few months. He plans to make a $2,500 down payment and has already saved $1,300. If he can save $150 each month for this goal to buy a car, how long will it take him to save the entire $2,500?6 months12 months10 months8 months30s
- Q5Shaunda wants to buy her grandmother's car to drive back and forth to college next year. Her grandmother agrees to sell Shaunda the car for $1,200 in a year. This is an example of what type of goal?short termintermediate termfinancial termlong term30s
- Q6Lisa will buy two new car tires three months from now before taking a long trip. Each tire costs $75. How much will Lisa need to save each month to reach her goal?$50$75$25$15030s
- Q7In eight months, Kelly's parents will need to make the final payment for Kelly's braces. Half of the total cost was paid when her braces were put on. The total cost is $3200. How much will Kelly's parents need to save each month to pay off the balance owed?$200$135$400$160030s
- Q8Mark wants to visit his foreign exchange "brother" who lives in Brazil. He'd like to make the trip 18 months from now, right after graduation. Mark estimates that he will need $3,000 total to pay for transportation, food, and other expenses. He has already saved $300. How much will Mark need to save each month to reach his goal?$225$167$2,700$15030s
- Q9Refer to Willie's Spending Log to answer the following question: What was Willie's income during the week?$57$62$123.50$560s
- Q10Refer to Willie's Spending Log to answer the following question. What were Willie's expenses during the week?$106.25$44.25$61.50$66.5060s
- Q11Which of the following is NOT a significant step in the 'DECIDE' decision making model?Establish your criteriaCreate a planIdentify pros and consEvaluate the results60s
- Q12Any money you receive such as an allowance or paycheckOpportunity CostSpending PlanFixed ExpenseIncome60s
- Q13A predictable amount of money spent to buy something or do something that is the exact same amount every time.Opportunity CostFixed ExpenseIncomeSpending & Saving Plan60s
- Q14Saving a certain amount of money to be used later for financial goalsPay Yourself FirstEmergency FundOpportunity CostCash Flow60s
- Q15Giving up the next best choice when making a decisionSpending LogCash FlowOpportunity CostVariable Expenses60s
