Multiple Choice
A. Habits
B. Values
B. Values
Opportunity cost is what a person gives up by making a choice.
True
Measurable
A. Take actionable steps that will help you track your progress. It is okay to take small steps.
B. Ask if the steps are realistic given your current circumstances
C. Set a time frame to achieve this goal. It will encourage you to keep going, stop procrastinating, and be accountable.
D. Express your goals in clear numbers, so you can know where you are and when you have succeeded.
E. The goal has to be specific, not generic or vague, and be clear on what you want to accomplish.
D. Express your goals in clear numbers, so you can know where you are and when you have succeeded.
How can needs and wants to help you with your spending habits?
Can help you analyze what are the essential things to buy
What is a SMART goal?
The DECIDE Module has seven elements.
False
Realistic:
A. Take actionable steps that will help you track your progress. It is okay to take small steps.
B. Ask if the steps are realistic given your current circumstances.
C. Set a time frame to achieve this goal. It will encourage you to keep going, stop procrastinating, and be accountable.
D. Express your goals in clear numbers, so you can know where you are and when you have succeeded.
E. The goal has to be specific, not generic or vague, and be clear on what you
B. Ask if the steps are realistic given your current circumstances.
List 2 examples of needs and wants.
Car=need
Athletic Shoes=want
Starbucks=Want
Food=Need
When you are deciding what to buy, you should not...
Values are ideas and beliefs that are not important or meaningful to you.
False
Achievable
A. Take actionable steps that will help you track your progress. It is okay to take small steps.
B. Ask if the steps are realistic given your current circumstances.
C. Set a time frame to achieve this goal. It will encourage you to keep going, stop procrastinating, and be accountable.
D. Express your goals in clear numbers, so you can know where you are and when you have succeeded.
E. The goal has to be specific, not generic or vague, and be clear on what you
A. Take actionable steps that will help you track your progress. It is okay to take small steps.
Name the two types of opportunity cost and explain what each one involves.
Personal and Financial.
Personal involves time, energy, health, abilities, and knowledge.
Financial involves current needs, future uncertainty, interest rates, or your investments.
Suppose that you deciding between seeing a movie and going to a concert on a particular Saturday evening. You are willing to pay $20 to see the movie. You are willing to pay $80 for the concert. The opportunity cost of going to the movie is:
A. $20
B. $60
B. $60
Achievable in the smart approach means setting a time for the goal to be completed.
False
Take actionable steps that will help you track your progress.
Specific
A. Take actionable steps that will help you track your progress. It is okay to take small steps.
B. Ask if the steps are realistic given your current circumstances.
C. Set a time frame to achieve this goal. It will encourage you to keep going, stop procrastinating, and be accountable.
D. Express your goals in clear numbers, so you can know where you are and when you have succeeded.
E. The goal has to be specific, not generic or vague, and be clear on what you accomplish.
E. The goal has to be specific, not generic or vague, and be clear on what you accomplish.
Establishing criteria on the DECIDE module; what are the things that we need to consider?
Consider your needs, wants, and values.
When I get a loan for a car, I consider how much the lender will charge me for borrowing money. What factor is influencing my decision?
Needs and wants can help you analyze what are the essential things to buy.
True
Time-Based
A. Take actionable steps that will help you track your progress. It is okay to take small steps.
B. Ask if the steps are realistic given your current circumstances.
C. Set a time frame to achieve this goal. It will encourage you to keep going, stop procrastinating, and be accountable.
D. Express your goals in clear numbers, so you can know where you are and when you have succeeded.
E. The goal has to be specific, not generic or vague, and be clear on what you
C. Set a time frame to achieve this goal. It will encourage you to keep going, stop procrastinating, and be accountable.
You would like to buy a house that is currently on the market at $85,000, but you cannot afford it right now. However, you think that you would be able to buy it after 4 years. If the expected inflation rate as applied to the price of this house is 6% per year, what is its expected price after four years?
$107,310.54