Dollars and Sense 1st 6 Weeks Test Review

Tangible items that can be touched, used, and purchased are ____________.

• services

• goods

• wants

• needs

Which of the following is an example of a human resource?

• knowledge

• time

• money

• possessions

What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?

• marginal analysis

• opportunity costs

• cost-benefit anaylsis

• common sense

What is the first step of systematic decision-making?

• Explore the alternatives

• Evaluate the decisions

• Define the decision to be made

• Act on the decision

Forms of communication designed to reach a large number of people refers to:

• technology

• media

• social media

• globalization

Food, clothing, and shelter are examples of:

• needs

• wants

• ethics

• values

A __________________ is an individual who purchases goods and services for his or her own use.

• service

• standard

• consumer

• business

Moral principles or beliefs that direct a person's behavior are:

• Ethics

• Values

• Standard

• Needs

A ________________ is the choice you give up when you make one choice over another.

• marginal cost

• cost-benefit analysis

• goal

• trade-off

Money paid for the use of money is:

• interest

• economic condition

• recession

• inflation