WorksheetsFinancial Decision-Making Practice Questions
Total questions: 12
Worksheet time: 6mins
If you have limited means, you ____.
have too much money
spend too much money
save enough money
can’t have everything
When you must give something up in order to get something else, it is called ____.
a sound investment
an opportunity cost
a lost opportunity
a limited means
Why do you need to use decision-making skills if you have limited means?
Since you are not able to have everything, you must decide what you really need.
Making decisions is possible when you can have everything.
You have a limited number of decisions.
You have too much money which makes decision making hard.
An opportunity cost can make decision making difficult because ____.
you must choose to give up some things in order to get other things
the costs might be extremely high
it’s hard to make decisions about opportunities
you may only get that opportunity once
Before you buy something you want, you should buy ____.
something that is cheap
something you need
something expensive
something on sale
Food, water, shelter and clothing are examples of ____.
limited means
wants
needs
opportunities
If you have limited means you may need to prioritize. This could mean crossing video games off your shopping list and replacing them with ____.
groceries
movie tickets
designer jeans
new sneakers
Setting a goal lets you ____.
achieve nothing
forget next steps
achieve what you want to do
spend more money
When you have a goal, you can ____.
plan out steps to achieve it
avoid bad decisions
buy more of what you want
buy more of what you need
Which of these will not help you achieve a goal?
Setting the goal
Hoping you meet it
Planning out steps to meet it
Prioritizing decision
If you are trying to save money, you should consider ____.
cutting unnecessary expenses
increasing your spending
buying more luxury items
going out to eat more often
To effectively manage your budget, you need to ____.
track your income and expenses
ignore your spending habits
spend without limits
