Personal Finance Unit 1

Jenna wants to improve her financial well‐being. Which of the following would contribute the most to her financial well‐being?

• Take a personal finance class to learn how to manage her money.
• Pay her grandma back the money  she borrowed to take a school trip last year.
• Talk to her friends about how to manage her money better.
• Open another checking account to help her organize her money.

Jacob is wondering how he can improve his intellectual well‐being. Which of the following would contribute the most to his intellectual well‐being?

• Go to the gym three times per week.
• Challenge himself by taking on a new project at work.
• Join a local service organization.
• Take a vacation from work.

Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?

• When his financial goals have been established.
• When he money management plan has established high well‐being.
• When he is 70‐years‐old.
• Never – it is an ongoing process.

Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?

• When his financial goals have been established.
• When he money management plan has established high well‐being.
• When he is 70‐years‐old.
• Never – it is an ongoing process.

Erica wants her class project to reflect her values. Which items would be best to include?

• Things that she intends to acquire, do, reach or accomplish in the near or distant future.
• Things that are necessary or essential for life and survival.
• Things that reflect her fundamental beliefs about what is worthwhile and important to her.
• Things that are unnecessary but desired which increase the quality of her life.

Erica wants her class project to reflect her values. Which items would be best to include?

• Things that she intends to acquire, do, reach or accomplish in the near or distant future.
• Things that are necessary or essential for life and survival.
• Things that reflect her fundamental beliefs about what is worthwhile and important to her.
• Things that are unnecessary but desired which increase the quality of her life.

Which of the following is likely to have the least influence on an individual’s values?

• Media
• Family
• Religious affiliations
• Grade average

Which of the following is likely to have the least influence on an individual’s values?

• Media
• Family
• Religious affiliations
• Grade average

Which of the following factors is not influenced by values?

• Everything is influenced by values.
• An individual’s daily decisions.
• An individual’s long‐term decisions.
• An individual’s financial decisions.

Megan’s mother suggested that she was experiencing the consequences of her trade off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment?

• Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had saved for the prom dress PLUS most of the money she had saved for replacing the tires on her car. Now the tires need replacing and Megan is short on the cash needed to do the job.
• Megan had shopped at several stores when she found the prom dress of her dreams. She checked online and found a coupon that enabled her to save 30% when she returned to the store to purchase the dress.
• Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2 friends shopping with her to tell her which one looked best on her. After much deliberation, she chose the dress that was the least expensive of the 3 she liked best.
• Megan had shopped in the store her mother recommended for her prom dress. She found two dresses she liked a lot. Megan purchased the one that was the most comfortable even though it cost $28 more than the other one.