2. 1.02 Review Personal Finance

3. Since his Bar Mitvah, Ben wears a skull cap at both synagogue and high school. Which type of factor MOST LIKELY influenced Ben's decision? A. Cultural B. Media C. Social D. Technology

4. Sabrina saw a scrapbooking kit on a TV shopping network and decided immediately to call in an order. Which type of factor MOST LIKELY influenced Sabrina's decision? A. Cultural B. Economic C. Legal D. Media

5. Sarah's concern over the rate of inflation caused her to set a goal to reduce the amount of money she spends on impulse purchases. Which type of factor MOST LIKELY influenced Sarah's decision? A. Cultural B. Economic C. Social D. Technology

6. Mary's goal is to put aside money for Christmas presents from May until December. Which phrase BEST describes this goal? A. Attainable and measurable B. Realistic, but not time-bound C. Time-bound, but not realistic D. Time-bound, but not measurable

7. Mr. Matthews bought the first box of candy he saw for his wife's birthday. This illustrates a decision made: A. by following logical steps. B. from habit. C. on impulse. D. with options in mind.

8. Cal decided to take community college classes the summer after he graduated because high unemployment made it difficult to find summer jobs. Which type of factor MOST LIKELY influenced Cal's decision? A. Personal B. Social C. Technology D. The workplace

9. Mark's car refused to start. He checked an online repair manual, looked at his bank balance, and asked his uncle, who is a mechanic, if he could teach him how to make needed repairs. Which step in decision-making is this? A. Identify the decision to be made B. Identify resources and gather information C. Identify the options D. Identify the pros and cons of each option

10. Mandy researched the male/female ratios to help her select between the three universities that sent acceptance letters. She decided on the one with the largest male-to-female ratio. Which type of factor MOST LIKELY influenced Mandy's decision? A. Cultural B. Demography C. Social D. The marketplace

11. At breakfast, Carla's Dad announced a family trip to visit his mother. At lunch, Mary invited Carla on a shopping trip and Jeff invited Carla to join him for a picnic lunch. Then Carla realized that all the invitations were for the same day and she would have to make a choice. Which step in decision-making is this? A. Identify the decision to be made B. Identify resources and gather information C. Identify the options D. Identify the pros and cons of each option

12. Which is the BEST example of a family value of helping others influencing financial decisions? The Sigmon family decided to spend their emergency savings on: A. a new stove for the soup kitchen where they volunteer. A. a new stove for the soup kitchen where they volunteer. B. surround sound for their new media room like their neighbors have. B. surround sound for their new media room like their neighbors have. C. paying the mortgage while Mr. Sigmon is laid off. C. paying the mortgage while Mr. Sigmon is laid off. D. taking a cruise with Mrs. Sigmon's sister's family. D. taking a cruise with Mrs. Sigmon's sister's family.

13. Ted earns $250 a week from his part-time job. His goal is to save $150 each month to go on a vacation. Which phrase BEST describes this goal? A. Attainable, but not measurable B. Measureable and time-bound C. Measurable, but not time-bound D. Specific, but not measurable

14. Which is the BEST example of family needs influencing financial decisions? The Martin family decided to spend their emergency savings on: A. surround sound for their new media room like their neighbors have. A. surround sound for their new media room like their neighbors have. B. helping the soup kitchen where they volunteer replace their broken stove. B. helping the soup kitchen where they volunteer replace their broken stove. C. paying bills while Mr. Martin is laid off. D. taking a cruise with Mrs. Martin's sister's family. D. taking a cruise with Mrs. Martin's sister's family.

15. At the end of her freshman year at State University, Vera thought about the decision she had made to go to a state-supported university and realized she had made a smart choice. Which step in decision-making is this? A. Identify the pros and cons of each option B. Choose the best option C. Put the decision into action D. Evaluate the outcomes of the decision

16. Mrs. Dunn always goes to the cleaners around the corner from her job. This illustrates a decision made: A. by following logical steps. B. from habit. C. on impulse. D. with options in mind.

17. Which is the BEST example of wants influencing financial decisions? The Barton family decided to spend their tax refund to: A. keep up with their neighbors by buying a new big-screen television. A. keep up with their neighbors by buying a new big-screen television. B. make a large donation to a favorite charity that was very important to them. B. make a large donation to a favorite charity that was very important to them. C. repair their leaky roof. D. take a trip they had longed for since their children had grown out of diapers. D. take a trip they had longed for since their children had grown out of diapers.

18. Matt's goal is to save his pocket money to buy a used CD player from his cousin who has just bought a new player. Which phrase BEST describes this goal? A. Measurable and time-bound B. Measurable, but not time-bound C. Not measurable and not time-bound D. Time-bound, but not measurable

19. The Perkins have one family member who is employed, another who has just been laid off, and two children in college. They decided to plant a vegetable garden to save money on food. Which type of factor MOST LIKELY influenced the Perkins' decision? A. Cultural B. Family C. Legal D. Technology

20. Which is the BEST example of standards influencing financial decisions? The Darden family decided to spend their tax refund to: A. keep up with their neighbors by buying a new big-screen television. A. keep up with their neighbors by buying a new big-screen television. B. make a large donation to a favorite charity that was very important to them. B. make a large donation to a favorite charity that was very important to them. C. repair their leaky roof. D. take a trip they had longed for since their children had grown out of diapers. D. take a trip they had longed for since their children had grown out of diapers.

21. Since she did not approve of slaughtering animals for their fur, Hilton decided not to purchase a coat with a natural fur collar. Which type of factor MOST LIKELY influenced Hilton's decision? A. Economic B. Legal C. Moral D. Technology

22. After he made up his mind to quit his job, Mr. Johnson wrote his letter of resignation with no difficulty. Which step in decision-making is this? A. Identify resources and gather information B. Identify the options C. Identify the pros and cons of each option D. Put the decision into action