Financial Decision making

A financial decision is a decision about how to manage your money

• True

• False

Financial needs and financial wants both

• are needed to survive

• cost money

• are the same

• none of the above

Your financial wants are the things you need to maintain a certain

• Short-term goal

• income bracket

• Standard of living

• Long-term goal

Which is the first step to making a financial decision?

• Make and implement a plan of action

• Identifying the decision to be made

• Considering the possibilities

• Selecting the best option

The last step in the financial decision making process is to

• Evaluate the decision, process, and outcome

• Consider all possible options

• Never start the process

• Identify the decision to be made

Which of the following defines frugal?

• An unplanned, spontaneous purchase

• Not being wasteful

• Awareness of one's environment

• The ability to hold back one's actions

Peer pressure is also known as

• Civic consciousness

• Work ethic

• The bandwagon effect

• Restraint

Scarcity is the problem of society having limited wants and needs, while possessing unlimited resources.

• True

• False

Impulse buying appeals to the emotional side of the consumer

• True

• False

To give or pay a tax; usually 10%

• Frugal

• Goals

• Tradeoff

• Tithe