Worksheets8BETS - Topic 1 and 2 Revision
Total questions: 18
Worksheet time: 9mins
Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?
fishing with a friend
going to a concert
What is opportunity cost?
the value of the next best option that is not selected when a choice is made.
there is not enough of it.
things people make to earn money.
actions people do to earn money.
Kason goes to the store to get a snack. He wants chips and a drink but he only has $2.00. The chips are $1.00 and the drink is $1.50 so he doesn't have enough to buy both. He buys the drink, what is his opportunity cost?
drink
chips
What does the S stand for in SMART GOALS
Specific
Special
Standard
Sports
What does the M stand for in SMART Goals
Mighty
Mediocre
Measurable
Most
What does T stand for in SMART Goals
Trophy
Tired
Try
Timely
Why is it important that your goals have deadlines
You need details
So you know what you are trying to accomplish
So you can tell if you have accomplished it or not
So you will actually work towards achieving it in a timely manner
What does the A stand for in SMART goals
Answer
Achieve
Attainable
Application
What is the SMART goal missing: I will get an A on my science test
Specific
Measurable
Attainable
Time-bound
Why is it important that SMART goals are measurable
So you know exactly what you are trying to accomplish
So you know when you have accomplished it or not
So you have a deadline you are working within
So it is something you care about
What does the R stand for in SMART goals
Relevant
Real
Right
Repetition
Why is "I will eat healthy this week" not a SMART goal?
Not attainable
Not time-bound
Not measurable or specific
It is a SMART goal
What is the definition of a short term financial plan?
A goal you can achieve in 12 months or less
A goal you can achieve in 10 years or so
A goal that can be achieved in 4 years
A goal that is achieved in a month
Why do you need to have a short term financial plan?
To waste money
To manage your spending wisely
To help the poor
To buy furniture
Choose the word that best completes the sentence below.
A ___________ usually requires a lot of time and planning to accomplish.
Long-term goal
Goal Setting
Mid-Term goal
Goal
Short-term goals are usually achievable within...
3 years
1 year
10 years
ongoing
Long term goals can be challenging because...
staying focused on the goal is hard
can take a long time to achieve
involves hard work
all of the above
Financial literacy has to do with being ___________.
very rich
good at reading
able to speak another language
smart about money
