Financial Literacy Review

Which of the following is NOT an example of a need?

• healthy food

• safe shelter

• designer clothing

• clean water

Give an example of something that is considered a "want" but is not needed by everyone.

An important belief is considered a

Which of the following influence values? Check all that apply.

• friends & family

• religion

• culture

• media

Another term for opportunity cost is

If I spend $80 on new shoes, what is a possible opportunity cost?

• I will have to wear those shoes every day.

• What is opportunity cost??

• I won't have $80 to spend on something else.

• I should have compared prices.

Why is it difficult to prioritize paying for needs over wants?

• It is hard to resist temptation.

• It is sometimes hard to distinguish between needs and wants.

• The immediate gratification of getting something "NOW" that I want is often difficult to resist.

• All of these statements are correct.

Comparing prices and researching product brands is an example

Which is an example of impulse shopping? Check all that apply.

• Avoiding the extra items you see at the register when you wait to check out.

• Sticking to a budget and list.

• Buying all the donuts at Dunkin Donuts.

• Buying a new TV when your current one works well.

Which is an example of smart shopping?

• Checking coupons for items you need or waiting for a sale.

• Going grocery shopping without a list.

• Buying a product that is above your budget but really trendy.

• Buying an item because everyone else has it.