Making Decisions
There are several different ways you could solve a problem.
Your choices are called:
a. alternatives.
b. consequences.
c. risks.
d. opportunity costs.
alternatives
Which of these is NOT an employee benefit?
a. health insurance
b. retirement plan
c. paid vacation
d. wage deductions
wage deductions
Which of these is NOT a source of income?
a. Allowance
b. Salary
c. Interest
d. Savings
savings
What is a financial decision you may have to make?
buying a car, saving money, getting a credit card, moving away from home, etc.
Groceries
Food
Joe forgot to mail in his car payment on time. As a result, he has to pay a late fee. This late fee is:
a. an alternative.
b. a consequence.
c. a risk.
d. an opportunity cost.
a consequence
A common deduction on a person’s pay stub is:
a. gross pay.
b. net pay.
c. state income tax.
d. employee discounts.
state income tax
What can help you buy your future wants and needs?
a. Impulse buying
b. Expenses
c.Savings
d.Overspending
savings
Alicia decides to watch a movie instead of doing her math homework. What are some possible consequences of her decision?
She might fail math, might not learn the material, the math teacher might be angry, she might copy a friend’s homework, her math grade could go down.
Oil change for car
Automobile
The first step of the decision-making process is:
a. listing your choices.
b. stating the problem.
c. evaluating the results of your choice.
d. getting information.
stating the problem
The amount of pay you take home after deductions is called:
a. gross pay.
b. net pay.
c. pay period.
d. wage deductions.
net pay
An example of a flexible expense is:
a. rent
b. car payment
c. home insurance
d. entertainment
entertainment
What is a reason to work?
Leaky pipe needs fixed
Household
People paying money for goods and services is called:
a. the unemployment rate.
b. consumer spending.
c. income risk.
d. interest rates.
consumer spending
Which of the following is NOT a typical benefit at a job?
a. health insurance.
b. interest rates.
c. paid holidays.
d. disability insurance
interest rates
An example of a fixed expense is:
a. clothing.
b. car insurance.
c. food.
d. educational expenses.
car insurance
How do you impress a potential employer?
dress properly, arrive a little early, shake hands, eye contact, smile, positive attitude, prepared, ask questions about the job, etc.
Entertainment
The amount you pay to borrow money is called:
a. income risk.
b. consumer spending.
c. interest rate.
d. personal risk.
interest rate
Where can you find information about a job?
internet, social media, employment sites, manager of job, guardian/friend
Name one spending category
Automobile, Clothing, Computer, Donations/Gifts, Entertainment, Food, Household/Rent, Personal Care, Recreation, Savings, School, Transportation
Why is it important to keep a budget?
keep track of spending and saving, gives sense of security
Bike tire needs replaced
Transportation