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WorksheetsPF Unit 1.01-1.03 Test Review
Total questions: 55
Worksheet time: 35mins
Carter wants to participate in an activity that will improve his well-being. Which activity would contribute the most to his well-being?
An activity his friends like to participate in
An activity that does not cost much money
An activity that his teacher suggested to him
An activity that makes him lose track of time
Which of the following is likely to have the least influence on an individual’s values?
Media
Family
Religious Affiliation
Grade Average
Erica wants her class project to reflect her values. Which items would be best to include?
Things that she intends to acquire, do, reach, or accomplish in the near or distant future
Things that are necessary or essential for life and survival
Things that reflect her fundamental beliefs about what is worthwhile and important to her
Things that are unnecessary but desired which increase the quality of her life
One element of a financial goal is missing in this example. “I will save $150 each month to go on a vacation in one year.” Which one is it?
Time Bound
Specific
Attainable
Measurable
Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?
When his financial goals have been established
When his money management plan has established high well-being
When he is 70 years old
Never – it is an ongoing process
Megan’s mother suggested that she was experiencing the consequences of her trade-off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment?
Megan had shopped at several stores when she found the prom dress of her dreams and purchased it. She used the money she had saved for the prom dress plus most of the money she had saved for replacing the tires on her car. Now the tires need replacing and Megan is short on the cash needed to do the job.
Megan had shopped at several stores when she found the prom dress of her dreams. She checked online and found a coupon that enabled her to save 30% when she returned to the store to purchase the dress.
Megan had shopped in several stores and found six prom dresses she liked a lot. She brought 2 friends shopping with her to tell her which one looked best on her. After much deliberation, she chose the dress that was the least expensive of the 3 she liked best.
Megan had shopped in the store her mother recommended for her prom dress. She found two dresses she liked a lot. Megan purchased the one that was the most comfortable even though it cost $28 more than the other one.
Ian has been shopping for a different vehicle for the past several months. He needs something reliable and would really like something with a nice sound system. He and his parents have talked about how much he can afford and he plans to stay within the price guidelines he and his family have set. Ian was analyzing the opportunity cost of a trade-off regarding which car to purchase. Which situation best represents what he might be thinking through?
Ian is comparing new vehicles at two car dealerships. He was able to find nearly identical cars at nearly identical prices. One dealership is 20 miles away and the other dealership is 30 miles away.
Ian has found two different cars at a local dealership that meet his needs. The first car has a better sound system than the other. The second car has 20,000 fewer miles on it.
Ian has been shopping for a vehicle online. He finds something that would meet his needs being sold by an individual near him. He would be able to purchase this car for less than he would have paid for a comparable vehicle at a car dealership.
Ian’s older brother is trading vehicles and offers to sell Ian his used vehicle. This vehicle would meet Ian’s needs and he knew the service history of the vehicle was excellent.
Kaylee will save her allowance of $25 per month to purchase a $150 MP3 player in six months. This is an example of what type of goal?
Short-term goal
Long-term goal
Mid-term goal
This is not an example of a goal
Jacob is wondering how he can improve his intellectual well-being. Which would contribute the most to his intellectual well-being?
Going to the gym three times per week
Challenging himself by taking on a new project at work
Joining a local service organization
Taking a vacation from work
Amber's academic adviser has asked her to set 3 academic goals for this semester. These goals are most likely to be accomplished if:
Amber discusses her goals with her parents
Amber lets her friend set her goals
Amber writes her goals down
Amber thinks about her goals weekly
Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?
Short-term
Intermediate
Long-term
Unrealistic
Specific objectives that are accomplished through financial planning.
Financial planning
Financial well-being
Financial goals
Financial reporting
Managing money continuously through life in order to reach your financial goals.
well-being
Financial well-being
Financial planning
Financial goals
Managing money in ways that build a sense of understanding, competence, and control
Financial well-being
Financial planning
Financial goals
Financial wealth
Feeling good about one's life
Financial well-being
Financial planning
Well-being
Social well-being
Jose will save $250 per month to purchase a $3,250 snowmobile next year. This is an example of what type of goal?
Short-term goal
Long-term goal
Mid-term goal
SMART goal
What does the acronym "SMART" stand for in setting financial goals?
Specific, Measurable, Attainable, Relevant, Time-bound
Simple, Maintainable, Attainable, Responsible, and Timely
Smart, Manageable, Attractive, Relevant, and Time-bound
Single, Money, Approach, Restraint, Thorough
Which is the "R" in SMART Goal?
Realistic
Required
Relevant
Real
Which is the "M" in SMART Goal?
Meaningful
Magnificent
Measurable
Mighty
Which part of the SMART goal is missing? "Instead of signing up for cell phone plan, I will save that money for one year to buy a new computer. I will do this by saving the $50 I would have spent on the cell phone bill every month."
Attainable
Time Bound
Specific
Measurable
Which is the "A" in SMART Goal?
Acquired
Attainable
Absolute
Assessment
Something a person intends to acquire, achieve, or accomplish that will be attained in less than one year
Long-Term Goal
Trade-Off
Short-Term Goal
Financial Planing
Which is the "T" in SMART Goal?
Temporary
Timely
True
Time bound
Which one is the "S" in SMART Goal?
Spectacular
Specific
Special
Smart
Which part of the SMART goal is missing? "I plan to save $6000 by automatically depositing $250 from my paycheck into a savings account each month for 2 years."
Realistic
Measurable
Time bound
Specific
Bobby and Betty are ready to move out of their apartment and into a home of their own, they set a goal of putting $500 in savings every month to make a down payment on a home in three years. What type of goal have they set?
Smart
Short-Term Goal
Intermediate
Long-Term
What are the five domains of well-being
Physical,Emotional,Social,Finances,Intellectual
Physical,Emotional,Social,Financial,Intellectual
Physical,Emotional,Society,Financial,Intellectual
Physician,Emotional,Social,Financial,Intellectual
The feeling one has about themselves
well-being
value
social well-being
happy
To create a high physical well-being, one should
hang out with family and friends
read a documentary
get at least eight hours of sleep
get an annual checkup
Shelbi decided to buy a dress at a used clothing boutique for half the price as the department store. This is a example of:
an opportunity cost
a need
a great financial plan
a trade off
Shelbi would have loved to have new shoes to match her prom dress, she decides that saving money by wearing shoes she already owns is more important to her at this time. This is known as:
an opportunity cost
a trade off
a financial goal
a want
Shelbi could have bought new jewelry to match her new prom dress but she decided to ask her friend Keisha if she could borrow a necklace and a pair of earrings, This is known as:
Need
an opportunity cost
a financial decision
a trade-off
Although Shelbi would have liked to have new shoes to match her prom dress, she decides that saving money by wearing shoes she already owns is more important to her at this time. This is an example of:
a trade off
a need
good financial planning
an opportunity cost
The end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future
trade off
goal
financial plan
want
Once you write out a goal, how can you ensure that you reach it?
Continually evaluate your goals
Make your goals public
Ask a friend or family member to hold you accountable
Put it in a notebook that you keep in a bookcase
