1D: Financial Decision-Making Flashcard

Front

Which of the following is an example of a short-term financial goal?
Options:
Saving for retirement,
Saving to buy a new phone in six months,
Paying off a 30-year mortgage,
Investing in stocks for 20 years

Back

Saving to buy a new phone in six months

Front

What is the primary purpose of creating a budget?

Back

To track income and expenses

Front

Which term describes the process of comparing different products before making a purchase?

Back

Consumer decision making

Front

What is a simple way to start saving money?

Back

Set aside a portion of your income regularly

Front

Which of the following is a step in the decision-making process? Ignoring alternatives, Identifying possible options, Spending without thinking, Avoiding consequences

Back

Identifying possible options

Front

Back

Decision-making skills

Front

If you want to buy a laptop in one year and need $600, how much should you save each month to reach your goal?

Back

$50

Front

Back

The total cost over 12 months and contract flexibility

Front

Back

10 weeks

Front

Back

Wait and save the remaining $20