ECON quiz

Which term describes the ability to use different types of reasoning for different situations and analyze the possible outcomes of a decision?

• critical thinking

• goal setting

• decision making

• planning

Alec was accepted to a great college with a very high tuition. What would be a con in this situation?

• The college is a top-rated school.

• Alec will graduate with a lot of student debt.

• Alec will have great professors to teach him.

• The college has a large student population.

Dang was accepted to a biology program with a rigorous schedule and a high tuition, but good professors. What would be a benefit in this situation?

• the high tuition

• the rigorous schedule

• the good professors

• the stressful workload

What is an example of a long-term goal if you’re in middle school now?

• something that you can achieve in the near future

• something that you would dream of accomplishing in the future

• getting into a great college program

• passing your biology class with a B+ or better

What is the name of the process that weighs the alternatives, gathers all necessary information, and can ultimately lead you to the best choice in a given situation?

• goal setting

• decision making

• career planning

• critical thinking

Which activity is a part of personal financial planning?

• setting municipal budgets

• planning for retirement

• investing in social security trust funds

• investing in disaster relief funds (DRFs)

Which economic condition is best suited for attaining personal financial goals?

• high rate of inflation

• high unemployment figures

• slow economic growth

• low interest rates

Christie makes changes to her budget at the end of every month. What is her reason for doing this in terms of smart financial planning?

• A. She keeps changing her mind about her goals.

• B. She is reviewing her goals and aligning the budget to work toward them.

• C. Her needs keep changing, so she changes her monthly budget.

• D. She realizes that her budget is tightly aligned to her goals.

John and Jean are married and decide to open three separate accounts for their money. What is the most likely reason for their decision?

• They have too much money and can’t keep it in a single account.

• John and Jean are part of a dual-income family.

• The bank does not allow more than one person to open an account.

• They want someone else to handle their finances.

Which factor supports maintaining a dual income? Select all that may apply

• opportunity cost

• nuclear family planning

• opening a joint bank account

• Rising education costs