Personal Finance & Spending
This term describes comparing prices, features, and quality before making a purchase.
What is comparison shopping.
The first step in the decision-making process is called
What is define the problem?
These are principles or beliefs that guide your decision and actions.
What are values?
What are public goods?
What is alimony?
When you give up one option to choose another because of limited resources.
What is trade-off?
These type of goals are specific, measurable, attainable, realistic and timely.
What are SMART goals?
Factors like technology, advertising, and social trends are known as these influences on spending.
What is external influences?
All activities related to producing and distributing goods and services is called this.
What is the economy?
Payments made to support children after a divorce are called this?
What is child support?
Which type of cost cannot be recovered once it is spent.
What is sunk cost?
This step in the decision-making process involves evaluating results after a choice is made.
What is reevaluate?
The time you spend doing thinks you enjoy is called this?
What is discretionary time?
A national park is an example of this type of good.
The final legal document ending a marriage is called this.
What is a divorce decree?
Money earned from work or investments is all this?
What is income?
What part of the SMART goals ensures your goal has a deadline?
What is timely?
These values represent what is important to society as a whole?
What are collective values?
What are basic needs?
What is outpatient services?
This type of purchase is made quickly without careful thought or comparison.
What is impulse buying?
Choosing between alternatives after gathering information is this step.
What is making a decision?
Your age, marital status, and job are examples of this.
What is your position in life?
A luxury item like a smartwatch would be classified as this?
What is want (or life-enhancing want)?
Reserving a flight or hotel in advance is known as making this>
What is a reservation?