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Personal Finance Unit 1+2

Quiz by Christina McLamb

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38 questions
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  • Q1
    Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?
    When his financial goals have been established
    When his money management plan has established high well-being
    Never – it is an ongoing process
    When he is 70 years old
    30s
  • Q2
    Which of the following is likely to have the least influence on an individual’s values?
    Grade average
    Religious affiliations
    Family
    Media
    30s
  • Q3
    Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?
    Long‐term
    Intermediate
    Short‐term
    Unrealistic
    30s
  • Q4
    Carter wants to participate in an activity that will improve his well-being. Which activity would contribute the most to his well-being?
    An activity his friends like to participate in
    An activity that makes him lose track of time
    An activity that his teacher suggested to him
    An activity that does not cost much money
    30s
  • Q5
    Jacob is wondering how he can improve his intellectual well-being. Which would contribute the most to his intellectual well-being?
    Challenging himself by taking on a new project at work
    Joining a local service organization
    Taking a vacation from work
    Going to the gym three times per week
    30s
  • Q6
    Which of the following factors is not influenced by values?
    Everything is influenced by values.
    An individual’s financial decisions
    An individual’s long-term decisions
    An individual’s daily decisions
    30s
  • Q7
    Erica wants her class project to reflect her values. Which items would be best to include?
    Things that are necessary or essential for life and survival
    Things that reflect her fundamental beliefs about what is worthwhile and important to her
    Things that she intends to acquire, do, reach, or accomplish in the near or distant future
    Things that are unnecessary but desired which increase the quality of her life
    30s
  • Q8
    Jenna wants to improve her financial well-being. Which would contribute the most to her financial well-being?
    Paying her grandma back the money she borrowed to take a school trip last year
    Opening another checking account to help her organize her money
    Talking to her friends about how to manage her money better
    Taking a personal finance class to learn how to manage her money
    30s
  • Q9
    Kaylee will save her allowance of $25 per month to purchase a $150 MP3 player in six months. This is an example of what type of goal?
    Short‐term goal
    Mid‐term goal
    This is not an example of a goal.
    Long‐term goal
    30s
  • Q10
    Megan’s mother suggested that she was experiencing the consequences of her trade-off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment?
    Megan had shopped in the store her mother recommended for her prom dress. She found two dresses she liked a lot. Megan purchased the one that was the most comfortable even though it cost $28 more than the other one.
    Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2 friends shopping with her to tell her which one looked best on her. After much deliberation, she chose the dress that was the least expensive of the 3 she liked best.
    Megan had shopped at several stores when she found the prom dress of her dreams. She checked online and found a coupon that enabled her to save 30% when she returned to the store to purchase the dress.
    Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had saved for the prom dress plus most of the money she had saved for replacing the tires on her car. Now the tires need replacing and Megan is short on the cash needed to do the job.
    30s
  • Q11
    Which statement about our interactions with money is not considered to be true?
    Your present self impacts your future self.
    You are responsible for your present self and your future self.
    You are better off in a community than by yourself.
    Investment increases risk and reduces your ability to cope with risk and uncertainty.
    30s
  • Q12
    One element of a financial goal is missing in this example. “I will save $150 each month to go on a vacation in one year.” Which one is it?
    Attainable
    Measurable
    Specific
    Time Bound
    30s
  • Q13
    Ian has been shopping for a different vehicle for the past several months. He needs something reliable and would really like something with a nice sound system. He and his parents have talked about how much he can afford and he plans to stay within the price guidelines he and his family have set. Ian was analyzing the opportunity cost of a trade-off regarding which car to purchase. Which situation best represents what he might be thinking through?
    Ian has been shopping for a vehicle online. He finds something that would meet his needs being sold by an individual near him. He would be able to purchase this car for less than he would have paid for a comparable vehicle at a car dealership.
    Ian has found two different cars at a local dealership that meet his needs. The first car has a better sound system than the other. The second car has 20,000 fewer miles on it.
    Ian is comparing new vehicles at two car dealerships. He was able to find nearly identical cars at nearly identical prices. One dealership is 20 miles away and the other dealership is 30 miles away.
    Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle. This vehicle would meet Ian’s needs and he knew the service history of the vehicle was excellent.
    30s
  • Q14
    Amber’s academic adviser has asked her to set 3 academic goals for this semester. These goals are most likely to be accomplished if:
    Amber thinks about her goals weekly.
    Amber writes her goals down.
    Amber discusses her goals with her parents.
    Amber lets her friends set her goals.
    30s
  • Q15
    Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario best represents the purchase of a need?
    Whitney has been selected to attend a national leadership conference and has been instructed that she will need to dress ‘professionally’ for one of the tours. She plans to wear her new jeans and a T-shirt that has the logo of the leadership conference on it. Her mother thinks she needs to purchase something more appropriate.
    Whitney has several pairs of jeans in her closet but found some that really fit her well at an excellent price when she and her mom were shopping. Her mom agrees that with these jeans at this price, they need to purchase a pair.
    Whitney is being inducted into the National Honor Society at her high school. Students have been directed to ‘dress nicely’. Whitney has a dress she wore to a wedding last year that still fits but her mom thinks she needs a new one to celebrate this occasion.
    Whitney will be traveling to Europe with a youth ambassador program this summer. She has been instructed to pack a rain jacket. The rain jacket she already owns does not have a hood since she always uses an umbrella in rainy situations. Her mom believes she needs to purchase a hooded rain jacket because it would be more convenient.
    30s

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