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WorksheetsUnit 1: Financial Literacy
Total questions: 37
Worksheet time: 28mins
The possession of the set of skills and knowledge that allows an individual to make informed and effective decisions with all of their financial resources.
Financial literacy
Budgeting
Consumer behavior
Consumer
The study of the role consumers play in an economic system.
Consumer economics
Anthropology
behavioral economics
Psychological economics
What are values?
The reason for committing to a possible goal or task
A consumer is anyone who buys or uses products.
Going to seminars, buying books to learn about financial literacy.
Doing what is right when no one is watching.
You decide what is right or wrong, good or bad, important or unimportant to you.
Morals
Ethics
Guilt
Values
The process consumers go through when making purchases and it involves factors that influence their decision and usage.
(a)
Constantly changing their minds (behavior) based on their life situations. Is an example of:
Financial literacy
5 step decision making
Consumer behavior
psychological behavior
wanting to spend time with friends and family is an example of
Work Value
Life Value
Social Value
Cultural Value
security, environment, social relationships,
how much/little $$ you will make is an example of:
Social Value
Work Value
Cultural Value
Life Value
community service, wanting to help your community and “fellow man” to keep environment clean and be safe is an example of:
Life values
Cultural Values
Social Values
Work Values
Behavioral Economics is:
is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.
The process consumers go through when making purchases and it involves factors that influence their decision and usage.
The study of the role consumers play in an economic system.
is a theory suggesting that environment shapes human behavior.
Anchoring- Planting a thought that will later influence their decision making→ Starbucks v.s Dunkin (Is an example of)
Psychological Behavior
Behavioral economics
Consumer economics
Impulsive decision making
Consumer Decision Making process is made up of how many steps?
3 steps
6 steps
5 steps
7 steps
The 5 step decision Making process studies:
steps consumers take prior to buying a product
the process of buying a product
how consumers feel after buying a product
All of the above
List the 5 Step decision-making process:
The MORE film explained:
People are always trying to buy happiness through material goods.
Consumers buy material goods to make them look good.
If consumer buy material goods they will live a happier life.
Save your money and invest in to bigger products that can make you money.
the object of a person's ambition or effort; an aim or desire results.
Dream
Goal
Lesson
Passion
Why is it important to set a goal?
Short term goals have a duration of:
1-3 years
5-10 years
10 years - life time
Long term goals have a duration of:
1-3 years
2-5 years
5+ years
Goals should be: Check all that apply
Measurable
Specific
Have a target date
Attainable
Relevant
What is minimalism?
The ability to simplify without losing quality.
Living below your means (budget).
Living a lavish lifestyle.
Buying material goods that are needed and wanted.
What is your interpretation of “the more stuff you own, the more stuff owns you”?
(a)
Advertisement is
a notice or announcement in a public medium promoting a product, service, or event or publicizing a job vacancy.
occupied with or engaged in commerce or work intended for commerce
refers to the process an organization undertakes to engage its target audience, build strong relationships to create value in order to capture value in return.
The purpose of advertising is:
Need for recognition
Promote sales
Attract consumer interest
Attain sales goal quota
What are the 3 components of an AD?
(a)
a short and striking or memorable phrase used in advertising
Slogan
Logo
Commercial
Jingle
”Just do it” is an example of a:
Logo
Jingle
Slogan
Commercial
a short slogan, verse, or tune designed to be easily remembered, especially as used in advertising.
Logo
Commercial
Advertisement
Jingle
“I’m loving it!” Is an example of:
Jingle
Logo
Commercial
Slogan
A symbol or other design adopted by an organization to identify its product, uniform, vehicle...
Street Ads
Commercial
Slogan
Logo
The main idea of the Buyer's Remorse article closely relates to:
Buying into experiences leads to buyer's remorse whereas buying material goods leads to greater satisfaction.
Buying material goods leads to more buyer's remorse than buying into experiences.
Buying material goods along with experiences leads to the most satisfaction.
Neither material goods nor experiences lead to greater consumer satisfaction.
How can you avoid buyer's remorse?
Buying all of your wants such as the brand new sneakers, the latest iPhone 10,000x...
Buying only what you need such as food, water, basic clothing..
Buying experiences such as vacations, concerts....
Buying whatever your heart desires.
Is your goal well defined? (Relates to the S.M.A.R.T Goals, which category does it fit in too?)
Specific
Measurable
Target Date
Attainable
How will you measure and track and your goal? (Relates to the S.M.A.R.T Goals, which category does it fit in too?)
Specific
Measurable
Target Date
Attainable
Is your goal realistic? (Relates to the S.M.A.R.T Goals, which category does it fit in too?)
Specific
Attainable
Measurable
Target Date
Worth your time? (Relates to the S.M.A.R.T Goals, which category does it fit in too?)
Measurable
Attainable
Relevant
Target Date
Do you have milestones set? (Relates to the S.M.A.R.T Goals, which category does it fit in too?)
Specific
Attainable
Relevant
Target Date
