Everfi Vault Module 1 Understanding Money

. If you have limited means, you _____.

• have too much money

• b. spend too much money

• c. save enough money

• d. can’t have everything

When you must give something up in order to get something else, it is called _____.

• a. a sound investment

• b. an opportunity cost

• c. a lost opportunity

• d. a limited means

Why do you need to use decision making skills if you have limited means?

• Since you are not able to have everything, you must decide what you really need.

• b. Making decisions is possible when you can have everything.

• c. You have a limited number of decisions.

• d. You have too much money which makes decision making hard.

An opportunity cost can make decision making difficult because _____.

• you must choose to give up some things in order to get other things

• b. the costs might be extremely high

• c. it’s hard to make decisions about opportunities

• d. you may only get that opportunity once

Before you buy something you want, you should buy _____.

• a. something that is cheap

• b. something you need

• c. something expensive

• d. something on sale

Food, water, shelter and clothing are examples of _____.

• a. limited means

• b. wants

• c. needs

• d. opportunities

Setting a goal lets you _____.

• a. achieve nothing

• b. forget next steps

• c. achieve what you want to do

• d. spend more money

When you have a goal, you can _____.

• a. plan out steps to achieve it

• b. avoid bad decisions

• c. buy more of what you want

• d. buy more of what you need