Chapter 3: Navigating Income and Careers Quiz

1 point(s)

What best describes personal finance?

Managing money to meet daily needs and long-term goals

Correct Incorrect Correct answer

Only saving money for retirement

Correct Incorrect Correct answer

Earning as much income as possible

Correct Incorrect Correct answer

Avoiding all spending

Correct Incorrect Correct answer

1 point(s)

Which activity is NOT part of managing personal finances?

Budgeting

Correct Incorrect Correct answer

Saving

Correct Incorrect Correct answer

Investing

Correct Incorrect Correct answer

Ignoring expenses

Correct Incorrect Correct answer

1 point(s)

What is the main purpose of a budget?

To ensure you do not spend more than you earn

Correct Incorrect Correct answer

To increase income automatically

Correct Incorrect Correct answer

To eliminate all spending

Correct Incorrect Correct answer

To avoid saving money

Correct Incorrect Correct answer

1 point(s)

Which of the following is an example of a need rather than a want?

Housing

Correct Incorrect Correct answer

Luxury clothing

Correct Incorrect Correct answer

Entertainment subscriptions

Correct Incorrect Correct answer

Latest smartphone

Correct Incorrect Correct answer

1 point(s)

What is opportunity cost?

What you give up when making a choice

Correct Incorrect Correct answer

The total price of an item

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The money you save

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The benefit of every decision

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1 point(s)

The PACED model is a structured process used to make rational financial decisions.

True

Correct Incorrect Correct answer

False

Correct Incorrect Correct answer

1 point(s)

A high income always leads to greater financial well-being, regardless of where you live.

True

Correct Incorrect Correct answer

False

Correct Incorrect Correct answer

3 point(s)

Please match the word with its definition.

Sort elements

Something you own that has value
Money you owe to others
Assets minus liabilities

Asset

Correct Incorrect Correct answer

Liability

Correct Incorrect Correct answer

Net Worth

Correct Incorrect Correct answer

3 point(s)

Please match the word with its definition.

Sort elements

Rise in prices over time
Total value of goods and services produced
Limited resources relative to wants

Inflation

Correct Incorrect Correct answer

GDP	Correct Incorrect Correct answer

Scarcity

Correct Incorrect Correct answer

1 point(s)

Arrange the steps of the PACED decision-making model in the correct order. Available choices: Define the problem / List alternatives / Establish criteria / Evaluate alternatives / Make a decision

Correct Correct Answer Incorrect

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1 point(s)

Arrange these life stages in order based on the typical financial lifecycle, from earliest (position #1) to latest (position #4). Available choices: Early career / Wealth accumulation / Retirement / Wealth distribution

Correct Correct Answer Incorrect

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1 point(s)

Why is being financially informed important for long-term financial stability?

This response will be reviewed and graded after submission.

Chapter 3: Navigating Income and Careers Quiz