Personal Finance ch 1 and 2 review

Tangible items that can be touched, used, and purchased are _____.

• services

• goods

• wants

• needs

Ethical behavior calls for honesty. Which of the following actions could be considered ethical?

• Borrowing a classmate’s homework to copy the answers.

• Studying for a test with a friend.

• Checking personal e-mail at work during your shift.

• Returning a homecoming dress to the store after wearing it to the dance.

Which of the following is an example of a human resource?

• knowledge

• time

• money

• possessions

What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?

• marginal analysis

• opportunity costs

• cost-benefit analysis

• common sense

Social Security, Medicare, and Medicaid are examples of what?

• entitlements

• outsourcing

• globalization

• technological advances

_____ gives you access to a vast diversity of goods and services through worldwide markets.

• Social media

• Globalization

• Technology

• Offshore outsourcing

Planning to buy a car in one year is an example of a ______ goal.

Monthly rent payments are an example of a(n) ______ expense.

Which of the following is a benefit of making charitable contributions?

• Tax deductions on an individual’s income tax return.

• A feeling of fulfilling social responsibility.

• Being philanthropic is known to make individuals feel happier and relieve stress.

• All of the above.

When a budget period ends, fill in the ______ column and total each section.