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Decision-Making Process Quiz

Authored by Sharon Leonard

Business

8th Grade

Used 7+ times

Decision-Making Process Quiz
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29 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the cost of the next best alternative that you give up when making a choice?

Scarcity

Opportunity Cost

Budget

Trade-Off

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following refers to goods and services that are limited compared to wants?

Trade-off

Scarcity

Income

Need

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the process of comparing the benefits and costs of different options before making a choice?

Evaluating alternatives

Spending

Saving

Scarcity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a written plan for how you will spend your money called?

Investment

Budget

Scarcity

Expense

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which step in the decision-making process involves reviewing the results of the choice you made?

Identify the problem

Gather information

Evaluate the decision

Make a choice

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Maria has $40. She can either buy a new pair of shoes or go to the movies with her friends. She chooses the shoes. What is her opportunity cost?

The shoes

The movie with friends

The $40 she spent

Her budget

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jordan is trying to decide whether to buy a new video game or save his money for a new phone. Which step of the decision-making process is he using when he lists the pros and cons?

Identify the problem

Gather information

Evaluate alternatives

Review the decision

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