Unit 1 Review Personal Finance

When you buy something and you realize that you already have another one like it at home, that is a(n)

• Laziness penalty

• Pity purchase

• Slow and Steady drip

• Needless things

You have a really bad day at school and you go out and buy a new pair of sneakers because you deserve it is

• A pity purchase

• Needless things

• Slow and Steady drip

• Impulsive Buys

You get caught in a speed trap in your neighborhood, and you know an officer is often there. This is a

• Laziness penalty

• Needless things

• Carelessness Fines

• Slow and Steady Drip

Every day after school you stop at QT and buy and energy drink on your way to work. This is a(n)

• Needless things

• Laziness Penalty

• Slow and Steady Drip

• Impulsive Buys

Which of the following does NOT influence your personal values?

• Family

• Experiences

• Beliefs

• Financial Status

Which of the following is a fixed expense?

• Groceries

• Car Payment

• Gas

• The electric bill

An example of an occasional expense is

• getting an oil change on your car

• Buying birthday presents for your family members

• Tickets to dances like prom

• All of these

When using the DECIDE method to make a purchase decision, what is the first thing you need to do?

• Make a goal

• Establish Criteria

• Choose 2 or 3 options

• Evaluate

A disadvantage of setting goals that are very hard is

• You are likely to get discouraged and give up

• You will work really hard

• You can measure your progress

• You can't visualize the goal.

Why should you write down your goal?

• You can change it if necessary

• It helps you clarify what you are going to do

• It will sequence smaller goals

• It will make sure you reach your goal.