Take Charge of Your Financial Well-Being Unit 1 Summative cloned 8/22/2019
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Last updated over 3 years ago
20 questions
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Question 1
1.
Which of the following statements about our interactions with money is NOT
considered to be true?
Question 2
2.
Carter wants to participate in an activity that will improve his well-being.
Which of the following activities would contribute the most to his well-being?
Question 3
3.
Jenna wants to improve her financial well-being. Which of the following would
contribute the most to her financial well-being?
Question 4
4.
Jacob is wondering how he can improve his intellectual well-being. Which of the
following would contribute the most to his intellectual well-being?
Question 5
5.
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?
Question 6
6.
Erica wants her class project to reflect her values. Which items would be best
to include?
Question 7
7.
Which of the following is likely to have the least influence on an individual’s
values?
Question 8
8.
Which of the following factors is not influenced by values?
Question 9
9.
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?
Question 10
10.
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?
Question 11
11.
Whitney is shopping with her mom and they are deciding on clothing to purchase.
Which scenario BEST represents the purchase of a NEED?
Question 12
12.
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?
Question 13
13.
One element of a financial goal is missing in the example below. Which one is it? “I will save $150 each month to go on a vacation in one year.”
Question 14
14.
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?
Question 15
15.
Amber’s academic adviser has asked her to set 3 academic goals for this
semester. These goals are MOST LIKELY to be accomplished if:
Question 16
16.
What Part of the Smart Goal is missing from the following goal: Instead of signing up for a cell phone plan, I will save that money to buy a new computer in one year. I will do this by saving the $50 I would have spent on the cell phone bill every month.
Question 17
17.
What Part of the Smart Goal is missing from the following goal: I plan to save $2,500 by automatically depositing $105 from my paycheck into a savings account each month for 2 years.
Question 18
18.
What Part of the Smart Goal is missing from the following goal: I plan to save $1,500 to buy a used car. I will do this by canceling my home cable service and saving that $75 each month instead.
Question 19
19.
What Part of the Smart Goal is missing from the following goal: I plan to save $5,000 for college living expenses in four years.
Question 20
20.
Which decision would it be best to write down a SMART goal for.
c. Megan had shopped in several stores and found six prom dresses she liked a lot. After much deliberation, she chose the dress that was the least expensive of the three she liked best.
d. Megan had shopped for her prom dress in the store her mother recommended. 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.
c. 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.
d. Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle. This vehicle would meet Ian’s needs and he knows the service history of the vehicle is excellent.
a. Whitney is being inducted into the National Honor Society at her high school.Students have been directed to “dress nice”. Whitney has a dress she wore to a wedding last year that still fits but he mom thinks she needs a new one to celebrate this occasion.
b. 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 jeans and a t-shirt. Her mother thinks she needs to purchase something more appropriate.
c. Whitney has several pairs of jeans in her closet but when she and her mom were shopping, she found some at an excellent price that really fit her well. Her mom agrees that with these jeans at this price, they need to purchase a pair.
d. 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.