Personal Finance Review 21-22

Pam was given a choice between a block and a book. She chose the the book. What of the following phrases describes the block that she did not choose?

• The block is the benefit.

• The block is the service lost

• The block is the opportunity cost.

• The block is the goods and services

What is an opportunity cost?

• The value of goods and services that are made

• The value of what is given up when a decision is made.

• The value of a decision when something is given up

• Both A and B are correct

Why is it important to think a lot before making a choice?

• Choices always have costs

• Choices do not have costs

• Choices are not important

• Choices take up a lot of time.

What does it mean to allocate something?

• Give out

• Give in

• Take out

• Take in

A majority of Juniper's classmates voted for her to be line leader. How were the votes allocated?

• force

• lottery

• price

• majority rule

Mrs. Hoyos gave certain students candy for their good behavior in specials. How did Mrs. Hoyos allocate the the candy?

• authority

• majority rule

• force

• personal characteristics

Malia's mom make cupcakes for her class to celebrate her birthday. Every student was given a cupcake. What type of allocation did Malia's mom use?

• price

• first come, first served

• sharing

• force

What type of allocation most benefits someone with a Job and income because they can afford more?

• sharing

• force

• price

• authority

Brooke ran the fastest and won a race among her classmates. She received a gift card for winning the race. What type of allocation got her the gift card?

• contest

• lottery

• price

• authority

Byron and his older brother were the first ones in line for a new video game. Only the first 25 people in line could get the new video game. Which type of allocation was used to get the game?

• contest

• majority rule

• sharing

• first come, first served