Smarter choices result in better use of time and money

• True

• False

Difficult or challenging decisions demand more consideration.

• False

• True

Budget is the amount of money that is available for a particular purpose.

• False

• True

Is the loss of potential gain from other alternatives when one alternative is chosen.

Should be realistic, be specific, and have a timeframe.

• Savings

• Financial Goal

• Income

Probabilities of loss or the chance of adverse outcomes

• Cost

• Gains

• Risks

Meaning of TVM

Decision Making Process:

• 1. 1. Identify the problem

  2. Select the best solution

  3. Evaluate the results

  4. Gather information/alternatives

  5. Consider the consequences

• 1. 1. Identify the problem

  2. Gather information/alternatives

  3. Consider the consequences

  4. Select the best solution

  5. Evaluate the results

• 1. 1. Identify the problem

  2. 2. Consider the consequences

  3. 3. Gather information/alternatives

  4. Select the best solution

  5. Evaluate the results

People are always aware of economic influences that can affect decision-making.

• True

• False

It’s important to have current information, assistance, and data on all of the relevant factors.

• True

• False