Choose to Save Review

The value of the next best alternate that must be foregone as a result of a decision.

• pay yourself first
• compounding interest
• opportunity cost
• trade-off

It is important to set goals when saving to justify its importance to yourself?

• True
• False

What is a way that people can find money to save?

• all of these
• do your own laundry
• use public WIFI to watch Netflix
• do chores to earn money

"Pay yourself first" is an essential component of personal financial management to ensure that you always save.

• true
• false

Why do experts suggest that your emergency savings be in a very liquid savings tool?

• all of these
• so it is accessible if it is needed quickly
• so you can save as much as possible
• so you can earn interest on your money

It is important to have a high interest rate when saving.

• True
• False

It is important to consider opportunity cost and trade-offs when determining how to save money.

• true
• false

Savings is a monetary asset on the Statement of Financial Position.

• true
• false

Earning interest on interest is?

• pay yourself first
• trade-off
• saving
• compounding interest

A saving strategy that states to set aside a predetermined portion of money for saving each time a person is paid before using any of the money for spending is called?

• compounding interest
• trade-off
• opportunity cost
• pay yourself first