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WorksheetsAligning Values with Financial Decisions
Total questions: 141
Worksheet time: 2hrs 46mins
Why is it important to understand your values when making spending decisions?
It helps you save money on taxes.
It ensures you spend money on things that make you happy.
It allows you to impress your friends with your purchases.
It is not important; values have no impact on spending.
If environmental conservation is one of your core values, how might this influence your spending habits?
You might spend more on gas for your car.
You might choose to buy products with excessive packaging.
You might invest in renewable energy sources for your home.
You might prefer to buy the cheapest products, regardless of their environmental impact.
How can aligning your career with your personal values affect your financial decisions?
It can lead to higher job satisfaction and potentially higher earnings.
It can cause you to make impulsive purchases.
It has no effect on financial decisions.
It can lead to lower earnings because values are not important in careers.
What is a value-based budget?
A budget that is based on the latest financial trends.
A budget that prioritizes spending on items that align with your personal values.
A budget that only includes essential expenses.
A budget that allocates most funds to entertainment and leisure.
Why might someone choose to buy a used car instead of a new one, based on their values?
Because used cars are always cheaper.
Because they value sustainability and reducing waste.
Because they want to have car problems.
Because used cars are faster.
How can understanding your values help you avoid unnecessary debt?
It can't; debt is always necessary.
It can help you distinguish between wants and needs.
It encourages you to take on more debt.
It makes you more likely to lend money to friends.
What role do values play in charitable giving as part of personal finance?
Values have no role; giving is purely financial.
Values determine which causes you choose to support financially.
Values encourage you to keep all your money to yourself.
Values dictate that you should give all your money away.
How might someone's value of financial security influence their career choices?
They might choose a high-risk job with uncertain pay.
They might prioritize jobs with stable income and benefits.
They might avoid saving for retirement.
They might spend all their income on luxury items.
If a student values education highly, how might this affect their spending and saving habits?
They might spend more on entertainment and less on educational materials.
They might save money for future educational opportunities.
They might disregard the cost of educational materials.
They might prioritize buying fashionable clothes over books.
Why is it beneficial for high school students to identify their values early on in relation to personal finance?
It is not beneficial; values are irrelevant until adulthood.
It helps them develop responsible spending habits that can last a lifetime.
It ensures they will never have to budget or plan financially.
It guarantees financial success without effort.
What are values?
What you believe is important to you.
Your favorite activity
The beliefs and ideas you live by
How you feel about somethinng
What is creativity?
being able to work on your own and at your own speed
being able to produce or do something original
being respected of known for what you do
being able to do different things
What is independence?
being able to produce or do something original
being able to work on your own and at your own speed
being able to do different things
being respected or known for what you do
What is recognition?
being able to produce or do something original
being able to work on your own and at your own speed
being respected or known for what you do
being able to do different things
What is job security?
having regular steady work
being able to do different things
being able to produce or do something orginal
being respected or known for what you do
What is variety?
being able to work on your own and at your own speed
being respected or known for what you do
having a regular steady job
being able to do different things
What are personality traits?
The things hat make you different from everyone else;
Your favorite activity
What you believe is important to you
the beliefs and ideas you live by
If you are a nature lover, athletic, mechanical, and likes working with equipment then what personality trait do you have?
Social
Artistic
Investigative
Realistic
If you are inquisitive, enjoys science and math, and likes working with data then what personality trait do you have?
Social
Artistic
Investigate
Realistic
If you are imaginative, expressive, innovative, and likes working with ideas then what personality trait do you have?
Social
Artistic
Investigative
Realistic
If you are outgoing, social, a listener, and likes working with people then what personality trait do you have?
Social
Artistic
Investigative
Realistic
If you are enthusiastic, a leader, persuasive, and likes working with people what personality trait do you have?
Social
Artistic
Realstic
Enterpriser
If you are detailed, structured, a record keeper, and likes working with data then what personality trait do you have?
Enterpriser
Conventional
Social
rtistic
People with careers such as : MECHANIC, ELECTRICIAN, BUILDER, PLUMBER, CHEF and LANDSCAPER have what personality trait?
Realistic
Investigative
Artistic
Soical
People with careers such as : PAINTER, DESIGNER, MUSICIAN, SCULPTOR,DANCER, and REPORTER have what personality trait?
Realistic
Investigative
Artistic
Social
People with careers such as : ENGINEER, RESEARCHER, BIOLOGIST VETERINARIAN, DETECTIVE and LAB TECH have what personality trait?
Realistic
Artistic
Investigative
Social
People with careers such as : TEACHER,COUNSELOR,COACH,NURSE,POLICE OFFICER and TRAINER have what personality trait?
Investigative
Artistic
Realistic
Social
People with careers such as :ADVERTISER, PRINCIPAL, REALTOR,TRAVEL AGENT, ENTREPRENEUR and SALESPERSON have what personality trait?
Enterpriser
Social
Artistic
Realistic
People with careers such as : PLANNER, ACCOUNTANT,SECRETARY, BANKER, MAIL CARRIER, and LOAN OFFICER have what personality trait?
Realistic
Artistic
Conventional
Social
What is a goal
Something you want to achieve.
Food and water
What is a need
A new game you want to buy
something required for a safe and healthy life
What is a goal
Something you want to achieve.
Food and water
What is a want
a desire for something.
something you need tom survive
Prioritizing is
Putting things in order of how much they matter.
Things you buy for fun
The value of the next best alternative when a decision is made.
opportunity cost
value
scarcity
choices
Scarcity exists because
China has the resources we need.
there aren't enough resources to produce everyone's wants
everything is too expensive
the government has control over all our resources
You can earn a higher wage rate by
building skills that are scarce in the labor market
working more hours each week
beginning a job immediately after high school
working for your family
What are the steps in the PACED decision-making model?
define the problem, act on the problem, choose possible, solutions, and execute the decision
define the problem, list alternatives, choose possible solutions, evaluate alternatives, and make a decision
prepare the model, align the model, choose possible solutions, evaluate alternatives, and make a decision
You had three options for the evening: play football, go bowling, or watch TV. You really wanted to get some exercise. You chose to go bowling. What was your opportunity cost?
football
bowling
TV
football and TV
Which of the following is likely to have the least influence on an individual's values?
grade average
family
media
religious affiliations
Fundamental beliefs that are worthwhile and important to you
opportunity cost
wants
needs
values
Which of the following factors is not influenced by values?
individual's choice of friends
individual's financial decisions
individual's life cycle position
individual's daily decisions
Scarcity is the fundamental problem that all people in all economic systems face.
True
False
Because of scarcity, we must all make choices.
True
False
What would not be an opportunity cost of spending your weekend sleeping?
getting plenty of sleep
buying new clothes at the mall
spending time with your friends
getting exercise at the gym
This is an example of a human resource
waitress
food
oven
restaurant
Something that you cannot survive without:
want
need
value
opportunity cost
An example of a want:
food
shelter
water
X-box 360
Using the PACED decision-making model, which alternative will not be a reasonable solution to the problem of where to eat dinner?
Bread and Butter
Fuji
Sonic
Shoe Carnival
Everyone using the PACED decision-making model will end up making the same decision
True
False
Use the PACED decision making model to decide which car to purchase.
Fit
Elantra
Mazda CX-3
Cruze
Use the PACED decision making model, what is your opportunity cost?
Fit
Elantra
Mazda CX-3
Cruze
You should make all of your decisions using the PACED decision making model.
True
False
Why is there no such thing as a free lunch?
You could choke on the free hamburger and have to go to the hospital.
You must pay for everything you eat.
Every choice involves an opportunity cost.
There is plenty of food for everyone.
Regina will save her allowance of $25 per month to purchase a $150 mp3 player in six months. This is an example of what type of goal?
short-term goal
long-term goal
mid-term goal
this is not an example of a goal
Which element of a financial goal is missing? "I will save $150 each month to go on a vacation in one year."
time bound
specific
attainable
measurable
Bruce and Jennifer, a recently married couple with full-time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?
short-term
intermediate
long-term
unrealistic
Lindsey's academic advisor has asked her to set 3 academic goals for this semester. These goals are MOST LIKELY to be accomolished if:
Lindsey discusses her goals with her parents.
Lindsey lets her friends set her goals.
Lindsey writes her goals down.
Lindsey thinks about her goals weekly.
Jessica wants her class project to reflect her values. Which items would be best to include?
Things that she intends to acquire, do, reach or accomplish in the near or distant future.
Things that are necessary or essential for life and survival.
Things that reflect her fundamental beliefs about what is worthwhile and important to her.
Things that are unnecessary but desired, which increase the quality of life.
People can increase their ability to earn a higher wage rate by
building skills that are scarce in the labor market.
working more hours per week.
reducing their time in education and jumping right into the labor market.
working in a family business.
Belief or practice of what is important, desirable and worthwhile to an individual.
Need
Well-being
Value
Want
Something that is
unnecessary to life, but desired.
Need
Well-being
Value
Want
An item that is necessary for life
Need
Well-being
Value
Want
Which option is a Need?
Car
Hot Tub
Nike Sneakers
Ipod
What is an example of Wants
Cell Phone
Water
Food
Shelter
Guides individuals to think through all components of making a good decision for a major decision
major decisions
decision‐making process
routine decisions
well‐being
Have long‐term effects on a person’s life. They should be made very carefully and with a lot of thought.
major decisions
decision‐making process
routine decisions
well‐being
Impacts an individual’s or family’s well‐being
major decisions
decision‐making process
routine decisions
decision
The state of being happy, healthy and prosperous
major decisions
Well-being
routine decisions
decision
Made on a daily basis and don’t require a lot of time to think through
major decisions
Well-being
routine decisions
decision
determine all the choices you have
Identify the Problem
Identify Alternatives
Decide
Evaluate the Results
know the problem or question before searching for an answer
Identify the Problem
Identify Alternatives
Decide
Evaluate the Results
make the best choice after thinking about all of the consequences.
Identify the Problem
Identify Alternatives
Decide
Evaluate the Results
this will help in making better decisions in the future.
Identify the Problem
Identify Alternatives
Decide
Evaluate the Results
What is an example of a Major Decision?
What to wear in the morning
Saving for a family vacation
What to pack for lunch
Where to sit on the school bus
Specific objectives to be accomplished through financial planning.
short‐term goal
goal
education goals
financial goals
The end result of something a person intends to acquire, achieve, do, reach or accomplish.
short‐term goal
goal
education goals
Financial goals
Achieve in a time period of less than one year.
short‐term goal
goal
Values
education goals
Achieve in a time period of more than one year.
short‐term goal
goal
Long-term goal
education goals
Help individuals prepare for success in the workplace.
short‐term goal
goal
Long-term goal
education goals
The following elements describe a SMART goal
Specific, Measurable, Attainable, Realistic, Time Bound
Short, Measurable, Action, Realistic, Time Bound
Specific, Monetary, Attainable, Recognize, Temporary
Short term, Mandatory, Attainable, Repetition, Timely
The loss of potential gain from other alternatives when one alternative is chosen
personal financial planning
opportunity cost
goals
demand
A balance achieved between two desirable but incompatible features; a compromise.
opportunity cost
trade-off
value
want
Match the term to the correct definition:
Financial Goals
Specific objectives that are accomplished through financial planning
Managing money continuously through life in order to reach your financial goals
Managing money in ways that build a sense of understanding, competence, and control
Feeling good about one’s life
Match the term to the correct definition:
Financial Planning
Specific objectives that are accomplished through financial planning
Managing money continuously through life in order to reach your financial goals
Managing money in ways that build a sense of understanding, competence, and control
Feeling good about one’s life
Match the term to the correct definition:
Financial Well-Being
Specific objectives that are accomplished through financial planning
Managing money continuously through life in order to reach your financial goals
Managing money in ways that build a sense of understanding, competence, and control
Feeling good about one’s life
Match the term to the correct definition:
Well Being
Specific objectives that are accomplished through financial planning
Managing money continuously through life in order to reach your financial goals
Managing money in ways that build a sense of understanding, competence, and control
Feeling good about one’s life
Match the Term to the correct definition:
Needs
Goods or services that are required for survival
The value of the next best alternative that must be forgone as a result of a decision
Giving up one thing for another
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
Match the Term to the correct definition:
Opportunity Cost
Goods or services that are required for survival
The value of the next best alternative that must be forgone as a result of a decision
Giving up one thing for another
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
Match the Term to the correct definition:
Trade Off
Goods or services that are required for survival
The value of the next best alternative that must be forgone as a result of a decision
Giving up one thing for another
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
Match the Term to the correct definition:
Value
Goods or services that are required for survival
The value of the next best alternative that must be forgone as a result of a decision
Giving up one thing for another
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
Match the Term to the correct definition:
Want
Goods or services that are required for survival
The value of the next best alternative that must be forgone as a result of a decision
Giving up one thing for another
A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
The desire for goods and services that can increase our quality of life but are not absolutely necessary for our survival
Match the Term to the Correct Definition:
Goal
Something a person intends to acquire, achieve, or accomplish in the future
A goal that will be attained in more than one year
A goal that will be attained in less than one year
Managing money continuously through life in order to reach your financial goals
The value of the next best alternative that must be forgone as a result of a decision
Match the Term to the Correct Definition:
Long Term Goals
Something a person intends to acquire, achieve, or accomplish in the future
A goal that will be attained in more than one year
A goal that will be attained in less than one year
Managing money continuously through life in order to reach your financial goals
The value of the next best alternative that must be forgone as a result of a decision
Match the Term to the Correct Definition:
Short Term Goals
Something a person intends to acquire, achieve, or accomplish in the future
A goal that will be attained in more than one year
A goal that will be attained in less than one year
Managing money continuously through life in order to reach your financial goals
The value of the next best alternative that must be forgone as a result of a decision
If I value staying physically fit I would
eat McDonalds every day
get a good nights sleep
run a mile each day
study hard
Our family, friends and experiences affect our values
True
False
Beliefs that direct our behavior is an example of
decision making
respect
values
love
I don't talk behind my friends back. This means I value..
Family
Education
Health
Friendship
Our values can influence our decision making
True
False
Values are important because
they influence our future
they're interesting to talk about
Ms. Rivera said so
If I value honesty I would..
gossip behind my friends backs
steal from my parents
return something that was lost
run a mile every day
I make sure to recycle and use reusable bags at the store.
I value shopping
I value education
I value the environment
I value friendship
Decision making is important for our future.
True
False
It is important to learn from the decisions you make.
True
False
What does it mean to evaluate the consequences?
What is the problem that needs to be solved?
What are the pros and cons of making this choice?
Try it out!
If I value staying physically fit I would
eat McDonalds every day
get a good nights sleep
run a mile each day
study hard
Our family, friends and experiences affect our values
True
False
Beliefs that direct our behavior is an example of
decision making
respect
values
love
I don't talk behind my friends back. This means I value..
Family
Education
Health
Friendship
Our values can influence our decision making
True
False
Values are important because
they influence our future
they're interesting to talk about
Ms. Rivera said so
If I value honesty I would..
gossip behind my friends backs
steal from my parents
return something that was lost
run a mile every day
I make sure to recycle and use reusable bags at the store.
I value shopping
I value education
I value the environment
I value friendship
Decision making is important for our future.
True
False
It is important to learn from the decisions you make.
True
False
What does it mean to evaluate the consequences?
What is the problem that needs to be solved?
What are the pros and cons of making this choice?
Try it out!
