Chapter 1: Financial Literacy Basics
Flashcard
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Other
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9th - 12th Grade
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Practice Problem
•
Hard
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9 questions
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1.
FLASHCARD QUESTION
Front
Dish soap, dog food, clothes and Takis are all examples of ____________.
Back
goods
2.
FLASHCARD QUESTION
Front
Paying to have your hair cut, lawn mowed taxes filed, or house cleaned are all examples of ___________.
Back
services
3.
FLASHCARD QUESTION
Front
A cognitive bias is...
Back
An error in the way we think that can influence our decisions.
4.
FLASHCARD QUESTION
Front
How do people’s personal values and experiences affect how they make financial decisions?
Back
Personal values can cause you to spend and save money differently in order to achieve different goals.
5.
FLASHCARD QUESTION
Front
Many important factors and forces that influence your financial life now and in the future, which of the following are the four main financial influencers? Options: economic conditions, trade-offs, demographics, FOMO; economic conditions, demographics, culture, technology; trade-offs, opportunity cost, cost-benefit analysis, decision-making process; demographics, technology, debt, income
Back
economic conditions, demographics, culture, technology
6.
FLASHCARD QUESTION
Front
Which of the following is an example of the paradox of value? You might choose a diamond over a bottle of water if you really love dressing up, You might choose an inflatable raft over a luxury car if you are adrift at sea, You might choose a hamburger over a veggie burger at fast food restaurant, You might choose a pair of socks over a hat if you are feeling cold
Back
You might choose an inflatable raft over a luxury car if you are adrift at sea
7.
FLASHCARD QUESTION
Front
Which of the following statements best describes the concept of “diminishing marginal utility”?
An item’s exchange value increases over time
An item’s use value increases over time
The more of an item you acquire, the less useful or enjoyable it becomes
The less of an item you have, the less useful or enjoyable it becomes
Back
The more of an item you acquire, the less useful or enjoyable it becomes
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