Unit 2: CFA 1 (Standard 1)

Which of the following is an example of a fixed expense in a personal budget?

• Rent payment

• Grocery shopping

• Movie tickets

• Clothing purchases

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GA.SS.12.SSEPF1

What does the term "opportunity cost" mean in economics?

• The total amount of money spent on a purchase

• The value of the next best alternative given up when making a decision

• The price of a product in the market

• The amount of money saved in a bank account

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GA.SS.12.SSEPF1

Which of the following is a major life decision that can be analyzed using economic decision-making skills?

• Choosing a breakfast cereal

• Deciding which college to attend

• Selecting a movie to watch

• Picking a color for your bedroom walls

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GA.SS.12.SSEPF1

What is a budget?

• A plan for managing income and expenses

• A type of bank account

• A government tax

• A loan from a bank

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GA.SS.12.SSEPF1

Which of the following best describes a "trade-off" in decision-making?

• Getting everything you want

• Giving up one thing to get something else

• Saving all your money

• Spending without thinking

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GA.SS.12.SSEPF1

Which of the following is an example of a variable expense?

• Monthly car payment

• Utility bill

  (electric or trash)

• Mortgage payment (house)

• Insurance premium

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GA.SS.12.SSEPF1

Which of the following is a benefit of creating a personal budget?

• It helps track spending and savings

• It increases your income automatically

• It eliminates all expenses

• It guarantees financial success

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GA.SS.12.SSEPF1

If you are deciding between buying a new phone or saving the money for a trip, what economic concept are you applying?

• Supply and demand

• Opportunity cost

• Inflation

• Scarcity

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GA.SS.12.SSEPF1

A student is deciding whether to buy a used car or take public transportation. Which factors should the student consider in their economic decision-making process?

• Only the color of the car

• Costs, convenience, and long-term benefits

• The popularity of public transportation

• The weather forecast

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GA.SS.12.SSEPF1

A person is considering two job offers: one with a higher salary but longer commute, and one with a lower salary but close to home. What should they analyze to make an informed decision?

• Only the salary

• Both salary and commute time

• Only the job title

• The color of the office

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GA.SS.12.SSEPF1