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Financial Literacy Making Decision

Total questions: 65

Worksheet time: 43mins

Name
Class
Date
1.

The value of the next best alternative when a decision is made.

a)

opportunity cost

b)

value

c)

scarcity

d)

choices

2.

Scarcity exists because

a)

China has the resources we need.

b)

there aren't enough resources to produce everyone's wants

c)

everything is too expensive

d)

the government has control over all our resources

3.

You can earn a higher wage rate by

a)

building skills that are scarce in the labor market

b)

working more hours each week

c)

beginning a job immediately after high school

d)

working for your family

4.

What are the steps in the PACED decision-making model?

a)

define the problem, act on the problem, choose possible, solutions, and execute the decision

b)

define the problem, list alternatives, choose possible solutions, evaluate alternatives, and make a decision

c)

prepare the model, align the model, choose possible solutions, evaluate alternatives, and make a decision

5.

You had three options for the evening: play football, go bowling, or watch TV. You really wanted to get some exercise. You chose to go bowling. What was your opportunity cost?

a)

football

b)

bowling

c)

TV

d)

football and TV

6.

Which of the following is likely to have the least influence on an individual's values?

a)

grade average

b)

family

c)

media

d)

religious affiliations

7.

Fundamental beliefs that are worthwhile and important to you

a)

opportunity cost

b)

wants

c)

needs

d)

values

8.

Which of the following factors is not influenced by values?

a)

individual's choice of friends

b)

individual's financial decisions

c)

individual's life cycle position

d)

individual's daily decisions

9.

Scarcity is the fundamental problem that all people in all economic systems face.

a)

True

b)

False

10.

Because of scarcity, we must all make choices.

a)

True

b)

False

11.

What would not be an opportunity cost of spending your weekend sleeping?

a)

getting plenty of sleep

b)

buying new clothes at the mall

c)

spending time with your friends

d)

getting exercise at the gym

12.

This is an example of a human resource

a)

waitress

b)

food

c)

oven

d)

restaurant

13.

Something that you cannot survive without:

a)

want

b)

need

c)

value

d)

opportunity cost

14.

An example of a want:

a)

food

b)

shelter

c)

water

d)

X-box 360

15.

Using the PACED decision-making model, which alternative will not be a reasonable solution to the problem of where to eat dinner?

a)

Bread and Butter

b)

Fuji

c)

Sonic

d)

Shoe Carnival

16.

Everyone using the PACED decision-making model will end up making the same decision

a)

True

b)

False

17.

Use the PACED decision making model to decide which car to purchase.

a)

Fit

b)

Elantra

c)

Mazda CX-3

d)

Cruze

18.

Use the PACED decision making model, what is your opportunity cost?

a)

Fit

b)

Elantra

c)

Mazda CX-3

d)

Cruze

19.

You should make all of your decisions using the PACED decision making model.

a)

True

b)

False

20.

Why is there no such thing as a free lunch?

a)

You could choke on the free hamburger and have to go to the hospital.

b)

You must pay for everything you eat.

c)

Every choice involves an opportunity cost.

d)

There is plenty of food for everyone.

21.
Decision-making strategy in which you avoid a decision 
a)
Escape
b)
Compliance
c)
Play it Safe
22.
Decision-making strategy in which you go with your first reaction
a)
Escape
b)
Impulse
c)
Agony
23.
Decision-making strategy in which you delay making the decision until someone else makes the decision or until options disappear; deciding “by default”
a)
Agony
b)
Opportunity Cost
c)
Procrastination
24.
Decision-making strategy in which you hand over control or let someone else decide
a)
Trade-Off
b)
Compliance
c)
Escape
25.
Decision-making strategy in which you consider every detail of every option over and over again
a)
Delayed Gratification
b)
Play it Safe
c)
Agony
26.
Decision-making strategy in which you choose the alternative with the lowest level of risk
a)
Play it Safe
b)
Escape
c)
Trade Off
27.
The value of the choice that could have been chosen, but was not.
a)
Trade-Off
b)
Cost Benefit
c)
Opportunity Cost
28.
What you give up when you choose one alternative over another. The alternative you don't choose.
a)
Trade-Off
b)
Opportunity Cost
c)
Instant Gratification
29.
An unwillingness to give up something now in return for something later.
a)
Agony
b)
Delayed Gratification
c)
Instant Gratification
30.
A willingness to give up something now in return for something later.  
a)
Impulse
b)
Instant Gratification
c)
Delayed Gratification
31.
Step 1 in the decision making process
a)
List your choices
b)
Identify your problem
c)
Make a choice
32.
Step 2 in the decision making process
a)
List your choices
b)
Identify your problem
c)
Evaluate your decision
33.
Step 3 in the decision making process
a)
Evaluate your decision
b)
Weigh your options (pros/cons)
c)
List your choices
34.
Step 4 in the decision making process
a)
Identify the problem
b)
Evaluate your decision
c)
Make a choice and go for it
35.
Step 5 in the decision making process
a)
Evaluate your decision
b)
List your problem
c)
List your choices
36.
What is a temporary decision made with only the information you have right now?
a)
tentative 
b)
compromise 
c)
procrastinator
d)
conflict 
37.
What is the FIRST step of the decision-making process?
a)
make a plan! 
b)
make a decision 
c)
evaluate choices 
d)
determine need or want 
38.
The best way to approach your career choice is to______.
a)
choose the same career as someone you admire 
b)
follow a career decision-making process 
c)
wait and see what develops after high school 
d)
determine how to earn the most money
39.
Your beliefs and principles
a)
self-concept  
b)
values  
c)
goals  
d)
ability
40.
Your potential for learning a certain skill
a)
aptitude 
b)
goal 
c)
data 
d)
self-concept
41.
the way you see yourself 
a)
personal goals 
b)
lifestyle goals 
c)
personality 
d)
self-concept 
42.
Last step in the decision-making process is...
a)
gather information 
b)
make a decision 
c)
plan how to reach your goal 
d)
evaluate your choices
43.
a skill you have already developed
a)
data 
b)
ability 
c)
aptitude 
d)
personal resource
44.
When you make a decision, you should first define your needs. Next you should
a)
make a decision 
b)
gather information 
c)
analyze your resources  
d)
evaluate your choices
45.
The decision-making process starts with gathering information.
a)
False
b)
True
46.
The final step of the decision-making process is:
a)
evaluating the results
b)
gathering information
c)
identifying the problem
d)
selecting the best course of action
47.
The final step of the decision-making process is:
a)
evaluating the results
b)
gathering information
c)
identifying the problem
d)
selecting the best course of action
48.
What a person gives up when making a decision is commonly called:
a)
the time value of money
b)
a personal risk
c)
an opportunity cost
d)
spontaneity
49.
Investments that may be difficult to convert to cash quickly have a high ___________ risk.
a)
inflation
b)
economic
c)
income
d)
liquidity
50.
Consumer spending is likely to rise when:
a)
 unemployment is high
b)
interest rates are low
c)
taxes rise
d)
. people are putting more money into savings accounts
51.

Аmong the listed decisions, find a non- programmed decision

a)

procedure for the payment of bonuses

b)

a selection of freight routes for product deliveries

c)

a selection of a new manager from candidates using job interview

d)

develop a new product or service

52.

The first step in the decision making process is...

a)

identify alternatives

b)

identify the decision

c)

gather information

d)

take action

53.

Which kind of desicion making conditions means that all the information the decision maker needs is fully available?

a)

Certainty

b)

Risk

c)

Uncertainty

d)

Ambiguity

54.

Which kind of desicion making conditions means that the goals to be achieved or the problem to be solved is unclear, alternatives are difficult to define, and information about outcomes is unavailable?

a)

Certainty

b)

Risk

c)

Uncertainty

d)

Ambiguity

55.

Which kind of desicion making conditions means that managers know which goals they wish to achieve, but information about alternatives and future events is incomplete?

a)

Certainty

b)

Risk

c)

Uncertainty

d)

Ambiguity

56.

Which kind of desicion making conditions means that a decision has clear-cut goals and that good information is available, but the future outcomes associated with each alternative are subject to chance?

a)

Certainty

b)

Risk

c)

Uncertainty

d)

Ambiguity

57.

Solve the problem.

You have 1 million rubles available for you to invest in the development of a new product or to conduct an advertising campaign for an existing product.

In the case of a successful advertising campaign with a probability of 60%, you will receive 3 million profits, otherwise, only 1 million rubles.

For a new product, the probability distribution and expected profit: 4 million rubles with a probability of 20%, otherwise 2 million rubles.

Choose an investment option

a)

development of a new product

b)

advertising campaign

58.

A decision making model based on

the assumption that managers

should make logical decisions that

will be in the organization’s best

economic interests is

a)

administrative model

b)

classical model

c)

political model

59.

What costs do not depend on the number of products?

a)

Fixed costs

b)

Variable costs

60.

The step in the decision-making process in which managers

analyze underlying causal factors associated with the decision situation.

a)

opportunity

b)

diagnosis

c)

risk propensity

d)

implementation

61.

Which decision style is used by people who prefer simple, clear-cut solutions to problems?

a)

analytical style

b)

conceptual style

c)

behavioral style

d)

directive style

62.

A decision making technique that uses a face-to-face group to spontaneously syuggest a broad range of alternatives for decision making is called

a)

devil’s advocate

b)

brainstorming

c)

point-counterpoint

d)

6-3-5

63.

Results of a decision; can be good or bad

a)

consequences

b)

problem solving

c)

10-10-10 rule

d)

impulsive decision making

64.

Believing that your decisions will not change outcome; whatever is meant to be will usually happen anyway.

a)

Impulsive

b)

Authority

c)

Fatalistic

d)

Rational

65.

Making quick decisions based upon how you feel at that moment

a)

involuntary

b)

rational

c)

reflexive

d)

impulsive

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