Failing to act is not considered a bad decision made by a person since the person did not complete the 3 stages of the management process.

Money, time, and equipment are examples of human resources.

People expect individuals, businesses, and governments to behave ethically at all times, even if a person might have an unfortunate or bad experience.

Values vary among people and always change over time.

Needs and wants do not change over time.

Financial goals change over time.

If your net worth is negative, try to increase your liabilities.

Your needs and wants change as you grow physically, mentally, and emotionally.

An opportunity cost remains the same regardless of who makes the decision.

Consumer choices create market demand, which largely determines which goods and services businesses will produce and sell.

Compared with other mixed economies, the United States has a lot of government involvement.

Governments do not experience scarcity because its resources exceed the needs and wants of its citizens.

The concept of competition of a market economy is at its best when businesses can provide the best quality product at the lowest possible price.

Price and supply are inversely related to each other, while price and demand are directly related to each other.

One of the first steps the Federal Reserve Board takes to address an economic slowdown is to increase the discount rate to make credit available at a lower cost and encourage businesses to expand and consumer to buy more goods and services.

The labor force is composed of people, age 18 and over, who are employed or looking for and able to work.

Cost-push inflation is triggered by an increase in the price of widely used products.

A customer that chooses to eat at a restaurant with higher prices and better customer service is a great example of price competition.

Some workers choose to be underemployed regardless of current economic conditions.

The government can enact policies that make a bad situation worse.

To be useful and meaningful in an economy, money must have five properties at all times.

Which of the following is a to be goal?

Marginal analysis measure _____.

A person that wants to learn how to play the piano with no prior knowledge or experience is setting a _____.

A person that must first graduate high school before achieving their goal of graduating college has a(n) _____.

What is the process of organizing and using your resources to achieve predetermined objectives?

Which of the following is NOT considered a human resource?

The marginal benefit of using each additional unit of something tends to ___ as the quantity used ___.

Which budget expense and financial activity are correctly matched?

Which of the following is an example of paying yourself first in a given budget period?

What is NOT considered for a budget?

While shopping for a budgeted and needed bathing suit, a person finds that winter leather jackets are on sale for 50% off. The person has two good winter jackets. In this case, which financial guideline should be used to determine whether to purchase the jacket?

Pay yourself first means _____.

An individual, who earns $36,000 a year, has total assets of $156,000 and total liabilities of $85,000. The net worth of this individual is _____.

When a person has a balanced budget, the _____.

A person should consider paying her monthly bills automatically from her checking account because it _____.

All financial goals should

Departure of children from the home, peak earnings, and elderly parents characterizes which stage of the family life cycle

A person budgeted $200 to pay his credit card bill. When the bill arrived, it was for $300. A financially literate person would pay

Which is the most difficult budget item for a person to change?

An individual spends $50 to purchase a new winter jacket. All of the other ways the person could have spent the money is an example of a(n) _____.

A high school student turns down an after school job so they can attend soccer practices with the team. This is an example of what?

Which of the following is NOT an economic challenge common to all societies?

When the demand and supply curves are relatively balanced, the market is said to be in _____.

What is the opportunity cost of choosing to join the school's mentoring program that matches students with mentors in a chosen career field?

When demand is greater than supply, the price ___; when supply is greater than demand, the price ___.

What is the difference between a need and a want?

Which of the following qualities does NOT characterize a market economy?

When the Federal Reserve System (FED) lowers the interest rate, it is trying to _____.

During a period of inflation, people can definitely expect to _____.

The part of the business cycle in which business activity begins to grown again is called _____.

A rising rate of inflation is MOST difficult for people who are

Verizon, AT&T, and T-Mobile are companies that collectively result in a(n) _____, which is considered another threat to competition.

Short-term unemployment that affects people who are between jobs is _____.

During inflation, prices ____ and the value of the dollar ____.

The actions the Federal Reserve Board takes to manage the supply of money and credit in the economy is called _____.

Long-term unemployment that causes damage to the economy is _____.

The actions of Congress to make decisions on taxing and spending through passing regulations and laws is called _____.

What is the national debt?