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WorksheetsUnit 1 Review Personal Finance
Total questions: 20
Worksheet time: 10mins
When you buy something and you realize that you already have another one like it at home, that is a(n)
Laziness penalty
Pity purchase
Slow and Steady drip
Needless things
You have a really bad day at school and you go out and buy a new pair of sneakers because you deserve it is
A pity purchase
Needless things
Slow and Steady drip
Impulsive Buys
You get caught in a speed trap in your neighborhood, and you know an officer is often there. This is a
Laziness penalty
Needless things
Carelessness Fines
Slow and Steady Drip
Every day after school you stop at QT and buy and energy drink on your way to work. This is a(n)
Needless things
Laziness Penalty
Slow and Steady Drip
Impulsive Buys
Which of the following does NOT influence your personal values?
Family
Experiences
Beliefs
Financial Status
Which of the following is a fixed expense?
Groceries
Car Payment
Gas
The electric bill
An example of an occasional expense is
getting an oil change on your car
Buying birthday presents for your family members
Tickets to dances like prom
All of these
When using the DECIDE method to make a purchase decision, what is the first thing you need to do?
Make a goal
Establish Criteria
Choose 2 or 3 options
Evaluate
A disadvantage of setting goals that are very hard is
You are likely to get discouraged and give up
You will work really hard
You can measure your progress
You can't visualize the goal.
Why should you write down your goal?
You can change it if necessary
It helps you clarify what you are going to do
It will sequence smaller goals
It will make sure you reach your goal.
The goal, "Starting March 1, I will save $50 a month from my $200 monthly income from lifeguarding to pay for my prom dress" is missing what part(s) of a SMART goal?
Measurable
Time bound
Measurable, Time bound
Measurable, attainable
The "R" in SMART Goal stands for
Relevant
Realistic
Right
Rotating
The first "E" in the DECIDE process stands for
Evaluate
Establish Criteria
Explain
Encode
Which of the following is considered a want?
A phone
electricity
Medical Care
A car to get to school
The goal, "I want to save money to buy my family Christmas presents" is missing what part of a SMART goal?
Specific, Measurable
Specific, Measurable, Attainable
Measurable, Attainable, Time Bound
Measurable, Attainable, Relevant
Before you make a purchase over $50 you should
Use the Stop, Drop and Think test before you buy
Walk away for 24 hours and see if you still want it
See if it fits with your goals and budget
All of these
According to PYF you should
Save at least 30% of every paycheck
Savings should come out of your paycheck before you spend on anything else.
Save 10% from just your paycheck
Pay your bills then save whatever is left over
You should reconcile your checkbook because
It is how you can catch banking fraud
You can make sure you aren't paying a lot of bank fees
It helps keep you from overdrawing your account
All of these
The difference between saving and investing is
Nothing, they are the same thing
Saving is for the short term and investing is for the long term
You usually get a higher interest rate on a savings account
Investing is only for people who make a lot of money
It is important to use a checking account because
Checking accounts help you keep your money organized
Writing a check can sometimes save you money
Its not important because there are so many other ways to pay for things
You don't need one if you have a savings account
