Chapter 1 Quiz

Paying to have your hair cut, lawn mowed, taxes filed, or house cleaned are all examples of _____

• Goods

• Values

• Tangibles

• Services

Method of weighing the costs against the benefits of an action, a purchase, or a financial decision.

• goal

• opportunity cost

• cost-benefit analysis

• ethics

Moral principles or beliefs that direct a person's behavior.

• values

• ethics

• marginal analysis

• personal finance planning

States that the marginal benefit of using an additional unit of something decreases as the quantity used increases.

• goal

• needs

• law of diminishing marginal utility

• values

Established measure of quality, value, or quantity. 

• marginal analysis

• values

• standard

• resource

A system used to acquire, organize, maintain, retrieve, and use information.

• technology

• cost-benefit analysis

• • 
    

    needs

• (PIM) Personal information management

Influences the way you live and think as well as your decisions and behavior.

• cost-benefit analysis

• standard

• values

• technology

Tools you can use to reach your goals.

• technology

• personal financial planning

• resource

• • 
    

    law of diminishing marginal utility

Necessities a person must have to survive.

• values

• personal financial planning

• ethics

• needs

Objective to be attained in a specific amount of time.

• goal

• personal financial planning

• law of diminishing marginal utility

• values