| Which of these outcomes become more likely for someone with strong personal finance skills? Check all that apply. | A person can be more prepared to meet basic needs.A person can spend money thoughtfully to accumulate assets.A person can spend wisely to avoid financial problems. |
| When studying finance or economic, the cost of a decision is also known as a(n) | opportunity cost. |
| How do short-term goals differ from long-term goals? | Short-term goals are more immediate than long-term goals. |
| Did Dan stay on budget? Why or why not? | No, Dan should reduce his discretionary spending. |
| Amanda wants to buy a new car. What questions should she ask before she makes the purchase? Check all that apply. | Do I need this car or should I use my old car a little longer?Is this a reliable vehicle?Will buying this car prevent me from saving money to buy a house? |
| Personal finance skills have the most significant impact on an individual’s | quality of life |
| A _______ is a plan in which an individual balances available resources and expenses. | budget |
| In American society, which of these is an example of a want? | video games |
| How do long-term goals differ from short-term goals? | Long-term goals require more patience than short-term goals do. |
| Which best describes what financial planning skills ultimately enable an individual to do? | to prepare for the future |
| What is included in an individual’s personal finances? Check all that apply. | moneypropertyinvestment |
| Planning to finance higher education helps people prepare for their financial future because it teaches them about | funds management and loans. |
| Which would be most helpful when considering a large expenditure that might require repeating payments? Check all that apply. | creating a budget to consider future income and spendinglearning about opportunity cost |
