Decision Making
You take a chance and buy a lottery ticket. The possibility that you'll lose your money is called:
a. an alternative
b. a risk
What is a risk?
You do what everyone else is doing.
a. synthesis
b. compliance
c. procrastination
What is compliance?
People paying money for goods and services:
a. the unemployment rate
b. consumer spending
c. interest rates
What is consumer spending?
Making decisions together with others can be easier because it allows you to __________.
a.
seek advice from others about the decision
b.
collaborate with others on various factors influencing the decision
c.
gain new perspectives about the decision
d.
all of the above
What is D. all of the above?
The results of a decision are the;
a. alternatives
b. consequences
What are consequences?
You choose the first thing that you think of.
a. procrastination
b. spontaneity
c. avoidance
What is spontaneity?
When prices go up it is called:
a. personal risk
b. income risk
c. inflation
What is inflation?
The desire for goods and services that can increase our quality of life but not absolutely necessary for our survival.
a. need
b. want
What is a want?
You give up something because you want something more. What you give up is called:
a. an alternative
b. a risk
c. opportunity cost
What is an opportunity cost?
You wait too long to decide.
a. compliance
b. procrastination
c. desire
What is procrastination?
The number of people out of work:
a. inflation
b. consumer prices
c. the unemployment rate
What is the unemployment rate?
The value of the next best alternative that must be forgone as a result of a decision:
a. value
b. opportunity cost
What is an opportunity cost?
There are several different ways you could solve a problem. Your choices are called:
a. alternatives
b. risks
c. consequences
What are alternatives?
You are confused by too much information:
a. agonizing
b. security
3.desire
What is agonizing?
The amount you pay to borrow money?
a. income risk
b. consumer spending
c. interest rate
What is interest rate?
Managing money continuously through life in order to reach your financial goals:
a. financial planning
b. opportunity cost
What is financial planning?
What is the first step of the decision making process?
a. listing choices
b. stating the problem
c. evaluating the results of your choice
What is stating the problem?
You choose a safe, less risky option:
a. security
b. spontaneity
c. synthesis
What is security?
The chance that you might earn less money is called:
a. consumer prices
b. inflation risk
c. income risk
What is income risk?
Specific objectives that are accomplished through financial planning:
a. financial goals
b. long-term goals
What are financial goals?