Chapter 1 Financial Literacy Quiz

The possessions of a body of financial knowledge, a set of basic skills and the ability to apply knowledge and skills to making informed, responsible financial choices.

• Financial planning

• Financial literacy

• Value System

• Needs

the process of setting financial goals and developing plans to reach them while meeting financial needs

• Wants

• Consumer

• Personal Financial Planning

• Value

an overview of an individual’s current financial position and strategies to meet future financial aspirations

• Ethics

• Cost-benefit analysis

• Financial plan

• Needs

the overall structure of values and goals that guides a person’s behavior and provides a sense of direction in life

• Technology

• Value System

• Ethics

• Priority

is the value of the option you gave up

• Opportunity cost

• Marginal cost

• Trade off

• Technology

is a period of rising prices

• Inflation

• Goal

• Demographics

• Recession

having the ability to understand basic topics related to finance such as wisely making, spending, and saving money

• Financial competence

• Financial plan

• Financial literacy

• Personal financial planning

1.Determine the decision to be made

2. 2. Find ALL alternatives

3. 3. Find BEST alternative

4. 4. Act on it

5. 5. Analyze solution

• What are the five examples of needs?

• What are the five examples law of diminishing marginal utility?

• What are the five steps of systemic decision making?

• What are the five steps of buying your wants?

is a value or goal that is given more importance than other values and goals

• Priority

• Culture

• Values

• Value System

forms of communication designed to reach a large number of people

• inflation

• goal

• media

• personal financial planning