Unit 1-1 Get Ready for the Good Life

Which of the following is NOT one of the components of well-being?

• Sense of Purpose

• Enjoyable Career

• Physical Fitness

• Standard of Living

What is the outcome of consuming more goods and services?

• Decreased Utility

• Increased Utility

• Lower Standard of Living

• Reduced Well-Being

What does increased utility lead to?

• Lower Standard of Living

• Decreased Consumption of Goods

• Higher Well-Being

• Reduced Utility

What does "Avg. Propensity to Consume" refer to in economics?

• The average amount of income saved

• The average amount of income invested

• The average amount of income spent

• The average amount of income taxed

Who is in control of your finances?

• Financial advisors

• The government

• You

• Banks

What is the impact of the decisions you make today regarding personal finance?

• They will have no impact on your life.

• They will only impact your life today.

• They will impact your life in the future.

• They will impact the economy.

What is suggested that you do in anticipation of the future?

• Worry about the future

• Ignore financial planning

• Get ready for the good life

• Spend all your money

What do these lessons say about knowledge of personal finance?

• It is not necessary.

• It is only useful for accountants.

• It leads to worse financial decisions.

• It leads to better financial decisions.