Financial Literacy Final Exam Review

What does SMART stand for when setting goals?

• Specific, Movable, Achievable, Reliable, True

• Sincere, Measurable, Artistic, Real, Timely

• Spontaneous, Marketable, Attainable, Real, Transitional

• Specific, Measurable, Attainable, Realistic, Timebound

If you set a goal and it will take you over a year to achieve it, what type of goal is it?

• Short Term

• Intermediate Term

• Long Term

• Educational

You are deciding between going to college or getting a job after high school graduation. If you choose to go to college, what is your opportunity cost?

• Full time salary

• An education

• Time with friends and family

• Potential for a high wage in the future

A written statement of something a person intends to acquire, reach, do, accomplish, or achieve in the near or distant future.

• Needs

• Wants

• Goals

• Values

Core beliefs or practices about what is desirable or important to an individual.

• Needs

• Wants

• Goals

• Values

Something that is unnecessary but desired which increases the quality of life.

• Needs

• Wants

• Goals

• Values

Something thought to be required or necessary.

• Needs

• Wants

• Goals

• Values

Which of the following is an economic principal stating that, because of limited resources, choices must be made between wants and needs?

• Inflation

• Scarcity

• Liquidity

• Diversification

Choose three (3) of the options below. Which of the following would be situations in which one would apply the decision making process?

• Deciding to get married

• Choosing a breakfast cereal

• Going to college

• Choosing an outfit for the day

• Purchasing a vehicle

The total amount of money that someone earns for working (wages per hour x hours worked) is called what?

• Net income

• Annual income

• Fixed income

• Gross income