Unit 1: Mindset

Multiple Choice

100

______ are the ideas and beliefs that are most important or most meaningful to you.

A. Habits

B. Values

C. Experience

D. Goals

B. Values

200

What is a SMART goal?

A. A SMART Goal is a strategy to create a goal that you are more likely to accomplish.

B. A SMART goal is a strategy to create a budget.

C. A SMART Goal is a strategy to buy big-ticket items

D. A SMART Goal is a strategy to help you make decisions.

A. A SMART Goal is a strategy to create a goal that you are more likely to accomplish.

300

When you are deciding what to buy, you should not...

A. Compare the unit price of similar items.

B. Read reviews from unbiased sources.

C. Assume that buying the cheapest item is the smartest choice.

D. Wait for sales to get the best price.

C. Assume that buying the cheapest item is the smartest choice.

400

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

C. $80

D. $100

B. $60

500

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?

A. Consumer Prices

B. Money Supply

C. Interest Rates

D. Personal Risk

C. Interest Rates

True and False

100

Opportunity cost is what a person gives up by making a choice.

True

200

The DECIDE Module has seven elements.

False

300

Values are ideas and beliefs that are not important or meaningful to you.

False

400

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.

500

Needs and wants can help you analyze what are the essential things to buy.

True

Matching

100

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.

200

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.

300

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.

400

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. 

500

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.

Short anwers

100

How can needs and wants to help you with your spending habits?

 Can help you analyze what are the essential things to buy

200

List 2 examples of needs and wants.

Car=need

Athletic Shoes=want

Starbucks=Want

Food=Need

300

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.

400

Establishing criteria on the DECIDE module; what are the things that we need to consider?

Consider your needs, wants, and values.

500

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