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PF 1.01-1.03 Review

Review to Requiz on these objectives.

QuestionAnswer
Which of the following statements about our interactions with money is NOT considered to be true? Investment increases risk and reduces your ability to cope with risk and uncertainty.
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? An activity that makes him lose track of time.
Jenna wants to improve her financial well‐being. Which of the following would contribute the most to her financial well‐being? Take a personal finance class to learn how to manage her money.
Jacob is wondering how he can improve his intellectual well‐being. Which of the following would contribute the most to his intellectual well‐being? Challenge himself by taking on a new project at work.
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? Never – it is an ongoing process.
Erica wants her class project to reflect her values. Which items would be best to include? Things that reflect her fundamental beliefs about what is worthwhile and important to her.
Which of the following is likely to have the least influence on an individual’s values? Grade average
Which of the following factors is not influenced by values? An individual’s life cycle position.
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? She 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.
Ian has been shopping for a different vehicle for the past several months. He needs something reliable . He plans to stay within the price guidelines he and his family have set. Which situation best represents what he might be thinking through? At a local dealership, Ian has found two different cars 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.
Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario BEST represents the purchase of a NEED? She 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. Her mother thinks she needs to purchase something more appropriate than jeans.
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
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
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
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 writes her goals down.
Created by: tomlinc