Chapter 6 And 7 Quiz

What is it called when you use a process to make choices that reflect goals by considering all of the pros and cons along with the costs?

• Systematic decision making:

• Buying Plan

• Spending Limit

What is it called being able to meet your financial goals through planned earning, spending, and saving?

• Financial responsibility

• Financial irresponsibility:

• Extended warranty

What is it called when you fail to live up to your financial obligations to meet your goals and needs?

• Financial responsibility

• Financial irresponsibility

• Credit Counseling

This is an organized method for making good buying decisions?

• Buying plan

• Systematic decision making

• Financial responsibility

This is the maximum amount you are willing to pay for an item?

• Spending limit

• Rebate

• Criteria

This is the ability to understand and effectively use various financial skills, including personal financial management, budgeting and investing?

• Financial Literacy

• Buying Plan

• Knowledge Extraction

Which of these is NOT a characteristic of being Financial Responsibility?

• Bills are not paid in a timely manner.

• Provide for their own wants and needs

• Save money for known and unknown future events

Which one of these is a characteristic of being Financial Irresponsibility?

• A month’s worth of paychecks do not last the entire month

• Live a comfortable lifestyle

• Enjoy vacations and leisure time

Which one of the listed items is NOT a step in a Buying Plan?

• Define your need, want or spending goal

• List the items that will satisfy your goal

• Identify when your goal should be met

• Return the item after purchase

This is a credit account that allows you to charge items or services only at that store or with that merchant?

• Store Account

• Debit Card

• Visa or Mastercard