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WorksheetsDecision-Making Process Quiz
Total questions: 29
Worksheet time: 16mins
Which term describes the cost of the next best alternative that you give up when making a choice?
Scarcity
Opportunity Cost
Budget
Trade-Off
Which of the following refers to goods and services that are limited compared to wants?
Trade-off
Scarcity
Income
Need
What is the process of comparing the benefits and costs of different options before making a choice?
Evaluating alternatives
Spending
Saving
Scarcity
What is a written plan for how you will spend your money called?
Investment
Budget
Scarcity
Expense
Which step in the decision-making process involves reviewing the results of the choice you made?
Identify the problem
Gather information
Evaluate the decision
Make a choice
Maria has $40. She can either buy a new pair of shoes or go to the movies with her friends. She chooses the shoes. What is her opportunity cost?
The shoes
The movie with friends
The $40 she spent
Her budget
Jordan is trying to decide whether to buy a new video game or save his money for a new phone. Which step of the decision-making process is he using when he lists the pros and cons?
Identify the problem
Gather information
Evaluate alternatives
Review the decision
A student is saving money to buy a laptop for school. Instead of eating out every day, they bring lunch from home. What decision-making strategy are they using?
Making a trade-off
Ignoring opportunity cost
Wasting resources
Budgeting
If you buy a product because your favorite celebrity promotes it without comparing other options, which step of the decision-making process did you skip?
Identify the problem
Evaluate alternatives
Review the decision
Make a choice
Samantha made a choice to buy a used car instead of a new one. Later, she reviews whether it was a good decision by looking at gas costs, repairs, and her savings. What step is this?
Identify the problem
Make a choice
Review the decision
Evaluate alternatives
Which term describes the cost of the next best alternative that you give up when making a choice?
Scarcity
Opportunity Cost
Budget
Trade-Off
What is a written plan for how you will spend your money called?
Investment
Budget
Scarcity
Expense
What is the process of comparing the benefits and costs of different options before making a choice?
Evaluating alternatives
Spending
Saving
Scarcity
Which step in the decision-making process involves reviewing the results of the choice you made?
Identify the problem
Gather information
Evaluate the decision
Make a choice
Maria has $40. She can either buy a new pair of shoes or go to the movies with her friends. She chooses the shoes. What is her opportunity cost?
The shoes
The movie with friends
The $40 she spent
Her budget
Jordan is trying to decide whether to buy a new video game or save his money for a new phone. Which step of the decision-making process is he using when he lists the pros and cons?
Identify the problem
Gather information
Evaluate alternatives
Review the decision
A student is saving money to buy a laptop for school. Instead of eating out every day, they bring lunch from home. What decision-making strategy are they using?
Making a trade-off
Ignoring opportunity cost
Wasting resources
Budgeting
If you buy a product because your favorite celebrity promotes it without comparing other options, which step of the decision-making process did you skip?
Identify the problem
Evaluate alternatives
Review the decision
Make a choice
Samantha made a choice to buy a used car instead of a new one. Later, she reviews whether it was a good decision by looking at gas costs, repairs, and her savings. What step is this?
Identify the problem
Make a choice
Review the decision
Evaluate alternatives
Fill in the blank: Step b) _________.
Evaluate alternatives
Ignore the problem
Delay the decision
Repeat step a)
Choose randomly
Fill in the blank: Step c) _________.
Review the decision
Ignore the evidence
Skip the process
Delay the response
Change the topic
A _______ is the giving up of one thing to get something else.
resource
scarcity
trade off
economy
You have a choice between a stuffed animal and a bike. You choose the bike. What is the stuffed animal considered?
trade
benefit
opportunity cost
Things necessary for survival
(a)
What does it mean to "live within your means"?
To spend more money than you have
To only spend the money you have
To borrow money regularly
To ignore your expenses
Why is budgeting important?
It helps you spend more money
It helps you keep track of your money
It makes everything more expensive
It's not important
Money received from completing a job is called?
budget
inheritance
income
investment
The choice between two or more alternatives
(a)
