Personal Finance: Needs, Wants, and Goal Setting
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Questions and Answers

What type of goal focuses on the actions required to achieve an outcome?

  • Outcome goal
  • Process outcome goal
  • Performance goal
  • Process goal (correct)

    • What is the primary difference between a need and a want?

  • A need is essential, while a want is something you would like to have. (correct)
  • A need is a long-term desire, while a want is a short-term goal.
  • A need is based on personal standards, while a want is based on external references.
  • A need is something you can live without, while a want is essential.

    • What is the primary factor that can lead to an erroneous decision?

  • Personality traits
  • Lack of information (correct)
  • Lack of education
  • Poor time management

    • What is the definition of decision making?

    <p>The process of choosing a valid option according to the problem presented</p> Signup and view all the answers

    What type of goal focuses on external references to measure success?

    <p>Outcome goal</p> Signup and view all the answers

    What personality trait is commonly associated with good decision-makers?

    <p>Consciousness</p> Signup and view all the answers

    What is the first step to determining your money values?

    <p>Reflect on the money beliefs you grew up with</p> Signup and view all the answers

    What is the purpose of making a list of ways money impacts your life?

    <p>To set financial goals</p> Signup and view all the answers

    Why is it important to revisit your money values over time?

    <p>Because your values may shift as your life changes</p> Signup and view all the answers

    What is the relationship between personal values and money values?

    <p>Money values are rooted in personal values</p> Signup and view all the answers

    What is the purpose of figuring out your priorities in finance?

    <p>To focus on what matters most in your financial life</p> Signup and view all the answers

    What is the key distinction in understanding needs versus wants?

    <p>Between essential expenses and discretionary spending</p> Signup and view all the answers

    What is a characteristic of good wellbeing?

    <p>Presence of positive emotions and moods</p> Signup and view all the answers

    What is an indication of what people value?

    <p>The things they spend their time and money on</p> Signup and view all the answers

    Where do people typically get their values from?

    <p>Home, school, society, friends, TV, music, church, books, and culture</p> Signup and view all the answers

    How do values influence financial goals?

    <p>They help in achieving financial goals</p> Signup and view all the answers

    What is a common form of investing?

    <p>All of the above</p> Signup and view all the answers

    What can lead to unmanageable debts?

    <p>Lack of financial knowledge</p> Signup and view all the answers

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