Final Exam Review (Part 2)

Front

Charlotte started a new job and is having some of her paycheck deposited directly into a savings account. Which of the following values BEST explains why Charlotte does this on a regular basis? Inner, Social, Physical, Financial

Back

Financial

Front

What are social values, as they pertain to money?

Back

How your family, friends, and community members impact your feelings about money

Front

Lily has been reading articles that support her belief that a particular diet is the best for health, while ignoring articles that suggest otherwise. Which cognitive bias might be influencing Lily's decision making?

Back

Confirmation bias

Front

Arjun is curious about why people often make decisions that seem irrational, like spending more money on a brand-name product when a cheaper, identical product is available. Which field of study would help Arjun understand this behavior?

Back

Combines economics and psychology to study why people behave the way they do in the real world.

Front

You go to a concert and buy an expensive ticket. Even though you're tired, you stay until the end because it was costly. This is an example of...

Back

The Sunk Cost Fallacy

Front

Why is it important for Maya to create a budget?

Back

A budget will help you save money and prioritize your spending.

Front

What does it mean for Hannah to "pay herself first?"

Back

Auto-deposit a set amount of money into savings after each paycheck so that you don't spend all your income.

Front

What budgeting advice would you give to Djamila, who has only $5 left in her Restaurant envelope while using the envelope budgeting method?

Back

Suggest other options to her friends that don’t involve going out to eat.

Front

Scarlett is planning her monthly budget. All of the following are types of utilities she may have to budget for EXCEPT: Electric, Water/Sewer, Gas, Rent

Back

Rent

Front

Sophia is considering buying a home. What two financial goals can she achieve at the same time by doing so?

Back

Providing a place to live, investing for the future