WorksheetsML FBLA Financial Literacy - Decision Making
Total questions: 20
Worksheet time: 10mins
What is the first step in the decision-making process?
Consider the consequences
Identify the problem or decision
Choose an option
Evaluate alternatives
What does it mean to make an informed decision?
Making a decision quickly
Making a decision without any help
Making a decision based on facts and information
Making a decision based on feelings only
Which of the following is an example of a short-term decision?
Deciding which college to attend
Choosing which movie to watch tonight
Deciding which career to pursue
Buying a house
What is an opportunity cost?
The benefit of the decision made
The money you save when making a decision
The cost of the decision, including what you give up
The amount of money you earn from a decision
Which of these would be a good example of a long-term decision?
Choosing what to eat for dinner
Deciding what to wear today
Choosing a high school
Deciding which video game to buy
When considering alternatives in decision making, what is an important factor to keep in mind?
The easiest option
The most expensive option
The pros and cons of each choice
The option your friends choose
If you decide to spend your allowance on a new video game, what is the opportunity cost?
The money you spent
The video game
The other things you could have bought instead
The amount of time you spend playing the game
What is the purpose of evaluating the results of a decision?
To make sure you like the decision
To see if the decision meets your goals
To decide if you should have made a different choice
To punish yourself for making a mistake
When faced with a decision, why is it helpful to gather information first?
To make the decision more difficult
To avoid making a decision
To better understand your options and make a more informed choice
To impress others with your knowledge
Which of the following is a common challenge when making decisions?
Having too much information
Not having enough time to decide
Knowing exactly what you want
All of the above
What is a benefit of making decisions based on your values and goals?
The decision will always be the easiest
The decision will help you achieve your personal objectives
The decision will make others happy
The decision will cost the least amount of money
What is an example of a decision made based on personal values?
Choosing to buy a new outfit because it's on sale
Deciding to donate part of your allowance to charity
Choosing a movie to watch based on ratings
Buying the cheapest option without considering quality
Which of the following is NOT a factor to consider when making a financial decision?
Your budget
How the decision aligns with your goals
The opinion of your friends
How much time you have to decide
How can the decision-making process help you avoid impulsive decisions?
By acting quickly before you change your mind
By evaluating all available options and their outcomes
By asking others what they would do
By waiting for a “gut feeling”
What should you do if you realize that a decision you made was not the best one?
Ignore it and move on
Apologize to everyone involved
Learn from the mistake and adjust future decisions
Blame others for the decision
What is an example of a financial decision?
Deciding what to eat for lunch
Deciding how to spend your savings
Choosing what clothes to wear
Picking a hobby
Why is it important to set goals when making decisions?
Goals help you stay focused and make decisions that move you toward what you want to achieve
Goals don’t impact decision making
Goals are only important for big decisions
Goals make decision making too complicated
What is a decision matrix?
A chart used to evaluate and compare different options
A tool for tracking your savings
A type of budget
A method for dividing your money among different categories
What is the best way to make a decision if you are unsure about your options?
Flip a coin to decide
Ask your friends for their opinion
Review the pros and cons of each option
Wait for someone else to decide for you
What does it mean to make a decision based on a “risk vs. reward” approach?
Choosing the option with the least amount of effort
Weighing the potential benefits against the possible downsides
Choosing the option that is safest
Going with the first option that comes to mind
