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Personal Finance - Unit 1 TEST

Authored by Stephanie Ruple

Business

10th Grade

Used 5+ times

Personal Finance - Unit 1 TEST
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a need?

Smartphone

Video games

Housing

Eating out

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does scarcity refer to?

The study of economics

Having limited resources for unlimited wants

High supply and low demand

Setting financial goals

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of opportunity cost?

The surplus created by excess supply

The cost of foregoing one option to pursue another

The balance of supply and demand

The process of creating SMART goals

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is an example of a want?

Groceries

Water

Eating out

Transportation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equilibrium point?

When supply is higher than demand

When demand is higher than supply

The price point where supply and demand are equal

The shortage caused by low prices

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are financial goals?

Objectives tied to money management and planning

The science of managing resources

The desired result of an educational program

The end result of setting SMART goals

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does SMART in SMART goals stand for?

Specific, Measurable, Attainable, Realistic, Time-bound

Simple, Measurable, Accurate, Realistic, Timely

Specific, Motivational, Achievable, Reliable, Timely

Simple, Manageable, Attainable, Rational, Tested

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