Gr 7 Finance Unit 1 Review- Financial Well Being

What is the definition of a value?

• Thoughts that are created with no influence

• Ideas you are born with

• Something someone believes is important

What is the definition of a need

• Something necessary for your life

• The belief of something

• Something you like

Food is a ...

• Want

• Need

Brand name clothing is a ...

• Want

• Need

An iPhone is a...

• Need

• Want

What is the definition of a major decision?

• Habit

• Process of identifying personal interests

• Choices that have long-term effects on your life.

Which step is NOT part of the decision making process?

• Identify the problem

• Decide without considering consequences

• List alternatives

• Evaluate results

Which characteristic does NOT describe both routine and major decisions?

• Can be made without thinking

• Affects your life

_______ guides individuals to think through ALL COMPONENTS of making good decisions.

• decision making process

• well-being

• values

This type of decision is made on a daily basis and does NOT require a lot of time to think through.

• Major

• Routine

• Financial