Unit 2 Test Review - PFM

Which of the following is NOT considered a basic need?

• Food

• Clothing

• Internet

• Shelter

When Income equals Expenses plus Savings, it is called...

• Net Income

• Net Worth

• Balancing the Budget

• Pay Yourself First

What are considered basic needs?

• Food, Clothing, Shelter, Medical Care

• Food, Electronics, Shelter, Medical Care

• Food, Clothing, Transportation, Medical Care

• Food, Clothing, Shelter, Entertainment

What do "wants" refer to in the context of financial decisions and planning?

• Essential items required for survival

• Things people desire for goods and services beyond survival & basic comfort

• Basic needs such as food, water, and shelter

• Items that are not desired by people

Which of the following is considered a "want"?

• New Cars

• Bread

• Water

• Electricity

Trips and luxury items are examples of:

• Needs

• Wants

• Survival essentials

• Basic comforts

What are financial resources?

• Skills and knowledge that people use to produce goods and services.

• Money or other items of value that people can use to acquire goods and services.

• The physical tools and equipment used to produce goods and services.

• The natural materials that are used to create goods and services.

Are financial resources limited or unlimited?

• Limited, because people's wants and needs are unlimited.

• Unlimited, because people's wants and needs are limited.

• Limited, because people's wants and needs are also limited.

• Unlimited, because people's wants and needs are also unlimited.

Which of the following is NOT a source of income?

• Salaries

• Tips

• Commissions

• Rent

Which of the following are sources of income?

• Wages

• Salaries

• Commissions

• All of the above