FACS-U7 Slides

Multiple Choice

Which of the following is most likely to be affected by your needs and wants?

• Your daily behavior

• The weather

• Historical events

• The color of your clothes

Open Ended

How do your needs and wants influence your daily decisions and interactions with others?

Multiple Choice

Which of the following is considered a need according to the lesson?

• Food

• MP3 player

• Designer clothes

• Playstation

Multiple Choice

Which statement best describes a 'want' as discussed in the lesson?

• Something unnecessary but desired

• Something required for life

• Basic item you must have to live

• Something that helps you solve problems

Fill in the Blank

Goals help you solve ___ .

Multiple Choice

Which of the following is NOT a recommended step in setting effective goals?

• Make them specific

• Establish a time frame for reaching

• Show accountability

• Ignore writing goals down

Open Ended

Explain the difference between long-term and short-term goals, and give an example of each.

Multiple Select

Which of the following are considered types of resources according to the slides?

• Human resources

• Material resources

• Community resources

• Financial resources

Fill in the Blank

A gym is an example of a ___ resource.

Open Ended

What are two strategies mentioned for managing your time effectively?

Multiple Choice

Which of the following is NOT a step in the decision making process for major decisions?

• Define the problem or decision to be made

• Establish your goals

• Ignore available resources

• Evaluate your decision

Fill in the Blank

A tool used for tracking income and expenses is called a ___.

Multiple Select

Which of the following are benefits of having a spending plan?

• Gives a sense of where money is going

• Allows for income and expense tracking

• Increases the need for credit

• Helps meet financial goals

Multiple Choice

Which of the following is an example of a financial goal?

• Saving $5,000 for a car down payment over 2 years

• Buying groceries for the week

• Paying a monthly phone bill

• Going to a movie with friends

Open Ended

Describe the steps Tasha should take to create a spending plan to meet her needs for her spring break trip, new outfit, haircut, and food.

Multiple Choice

Which of the following is NOT one of the six steps in the spending plan process?

• Set Financial Goals

• Organize

• Invest in Stocks

• Evaluate

Open Ended

Explain why it is important for financial goals to be specific, measurable, attainable, realistic, and time bound.

Multiple Select

Select all the actions that are part of the 'Organize' step in the spending plan process.

• Determine appropriate way of record keeping

• Select categories for the spending plan

• Make realistic decisions for categories

• Select a time period

Fill in the Blank

If your expenses exceed your income, what are two possible actions you can take according to the spending plan process?

Multiple Choice

What is the most important aspect of the 'Implement' step in the spending plan process?

• Keeping track of expenses

• Increasing income

• Setting financial goals

• Paying off debt

Open Ended

Describe how control systems help manage spending and why they should occur simultaneously with implementation.