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Decision Making
Saving Methods
Spending Plans
Comparison Shopping
Random
100
Choices that have long-term effects on a person's life
What is a major decision?
100
A portion of income not spent on current expenses
What is savings?
100
Something that is a necessity; food, water, shelter.
What is a need?
100
Unplanned buying with little consideration of the product or other options
What is impulse buying?
100
Savings account, money market account, certificate of deposit
What are savings tools?
200
Made on a day-to-day basis without a lot of thought
What is a routine decision?
200
10% of your income
What is the amount of recommended savings?
200
Something that is not a necessity but is desired; cell phone, big screen TV, video game.
What is a want?
200
Planned buying with careful consideration of the product, features, price, and quality.
What is comparison shopping?
200
Savings tool with the potential to earn the most interest.
What is a certificate of deposit?
300
Major decision that impacts an individual's or family's well-being. Example: Saving money for a family vacation
What is a financial decision?
300
Holds money not spend on current expenses with a low interest rate.
What is a savings account?
300
Tool to help people manage their money.
What is a spending plan?
300
Something an individual gives up to receive another such as quality, price, or features of a product.
What is opportunity cost?
300
Savings tool with a limited amount of transactions each month.
What is money market account?
400
Identify the problem, list alternatives, decide, evaluate the results
What is the decision making process?
400
Holds money for savings but pays a higher interest rate than a savings account.
What is a money market deposit account?
400
Money earned from a job, birthday, or even a hobby
What is income?
400
Helps build a positive financial future?
What is a benefit of comparison shopping?
400
Listing alternatives to help solve a problem.
What is the second step of the decision making process?
500
Fundamental beliefs or practices about what is desirable, worthwhile, and important.
What is a value?
500
Pays interest on a lump sum of money but restricts access to money for a long period of time (6 months, 1 year, 5 year)
What is a certificate of deposit?
500
Cable bill, electric bill, fuel for your car, groceries
What is an expense?
500
Decide exactly what is needed before shopping, evaluate the quality of the product you are using, examine total cost along with how the product will be used, consider the opportunity cost and make a decision.
What are the comparison shopping steps?
500
Deciding what type of car to buy or where to attend college
What is a major decision?