Financial Decisions Vocab

Financial Decisions Vocab

12th Grade

10 Qs

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Financial Decisions Vocab

Financial Decisions Vocab

Assessment

Quiz

Business

12th Grade

Practice Problem

Medium

Created by

Coach Simmons

Used 8+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term is defined as "Goods or services that are required for survival"?

Want

Value

Needs

Trade-off

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of "Opportunity cost"?

Giving up one thing for another

The value of the next best alternative that must be forgone as a result of a decision

A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term is described as "Giving up one thing for another"?

Needs

Trade-off

Value

Opportunity cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of "Value"?

Goods or services that are required for survival

The value of the next best alternative that must be forgone as a result of a decision

A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term is defined as "The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival"?

Needs

Trade-off

Value

Want

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to "Goods or services that are required for survival"?

Value

Needs

Opportunity cost

Trade-off

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "Trade-off" mean?

The value of the next best alternative that must be forgone as a result of a decision

Giving up one thing for another

A fundamental belief or practice about what is desirable, worthwhile, and important to an individual

The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival

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