7.1 Needs, Wants, Goals Review

Items which are unnecessary, but are desired are:

• needs
• wants
• wishes
• goals

What is a value?

• A belief or practice about what is desirable, worthwhile, and important to an individual.
• Thoughts that are created independently with no external influence.
• Beliefs or practices that all individuals share and agree upon.
• Ideas that individuals are born with and are not influenced by daily experiences.

Goods or services you can budget for if there is money left over after you buy what you need are:

• needs
• values
• wants
• purchases

What is an overview of an individual's current financial position and strategies to meet future financial aspirations?

• Value System

• Resource

• Financial Plan

• Standard

What is the name of intangible activities that another person usually performs for a fee, such as office cleaning or completing tax returns?

• goods

• services

• needs

• wants

Which of the following is an example of a want?

• shoes
• brand name shoes
• clothes
• food

Which part of a SMART goal needs a Yes/No, True/False, or number question to make sure that you know when you have “crossed the finish line”?

• Specific

• Measurable

• Attainable

• Relevant

• Timely

Which of the following would generally be considered a need?

• eating out
• house/shelter
• brand name/designer clothing
• all of these

Which of the following is NOT a need?

• food
• housing
• car
• clothing

Needs are best defined as:

• things that add comfort and pleasure to our lives but are not necessary.
• tools, equipment, and buildings that are used to produce goods and services.
• something you desire to have because someone else has one.
• items that are necessary for survival.