WorksheetsPersonal Finance Unit 1 Test Prep
Total questions: 24
Worksheet time: 13mins
A ___________is a fundamental belief or practice about what is desirable, worthwhile, and important to an individual.
Want
Need
Value
A _______is a necessity required for life.
Want
Need
Value
A ______ is something unnecessary but desired.
Want
Need
Value
True or False: A want is something that is needed and is necessary for us to live and function
True
False
Which of the following is not an example of a need?
Water
Shelter
Brand New Car
Food
True or false- Well being is feeling good about oneself
True
False
All of the following are domains of well being, except:
Emotional
Intellectual
Social
Physical
Exercise
Eating well is an example of __________ domain of well being.
Intellectual
Physical
Emotional
Social
Learning at school is an example of ______ domain of well being.
Emotional
Social
Intellectual
Financial
Writing in a journal is an example of the _______ domain of well being.
Social
Emotional
Physical
Financial
Keeping a budget is an example of the _______ domain of well being.
Financial
Social
Emotional
Intellectual
Going to the movies with friends is an example of the _______ domain of well being.
Emotional
Intellectual
Social
Physical
All of the following statements are true about why financial well being is important ..... (more than 1 answer)
Helps us to feel confident in planning our future
Improves the other parts of our well being so that we are happier and more secure
Makes us feel safe and plan better for our future
Managing money is not important to our well being
True or False. Money can have both a negative and positive impact on our lives at different times.
True
False
The end result of something a person intends to acquire, achieve, do, reach, or accomplish sometime in the near or distant future can best be defined as a _________.
Object
Goal
Intent
Happiness
What are 3 ways that goal setting can help you? (3 answers)
Creates a path and provides guidance for the future
Helps with decision making
Will not impact your future
Helps make the life you want a reality
Stating exactly what is to be done for your goal can best apply with which part of the SMART goal
Specific
Measurable
Attainable
Realistic
Timebound
Determining exactly when you will know that the goal is met is which part of the SMART goal
Specific
Measurable
Attainable
Realistic
Timebound
The step by step plan outlining your goal in SMART is...
Specific
Measurable
Attainable
Realistic
Timebound
Thinking through the trade-offs and opportunity costs to analyze the consequence of your goal to make sure it is attainable best relates to this part SMART
Specific
Measurable
Attainable
Realistic
Timebound
Specifically stating when the goal is going to be reached is which part of SMART
Specific
Measurable
Attainable
Realistic
Timebound
____________ is a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future and is able to make choices that allow them to enjoy life.
Emotional wellbeing
Financial wellbeing
Social wellbeing
Physical wellbeing
_______________refers to the state of being in control of one's financial situation, feeling secure and confident about current and future financial stability, and being able to meet personal financial obligations without undue stress.
Financial Wellbeing
Financial Freedom
_________________ is the ability to live life without being constrained by financial limitations or worries. It means having enough resources to comfortably meet your current needs and desires, while also being able to plan for the future.
Financial Wellbeing
Financial Freedom
