18 Questions
What type of goal focuses on the actions required to achieve an outcome?
Process goal
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.
What is the primary factor that can lead to an erroneous decision?
Lack of information
What is the definition of decision making?
The process of choosing a valid option according to the problem presented
What type of goal focuses on external references to measure success?
Outcome goal
What personality trait is commonly associated with good decision-makers?
Consciousness
What is the first step to determining your money values?
Reflect on the money beliefs you grew up with
What is the purpose of making a list of ways money impacts your life?
To set financial goals
Why is it important to revisit your money values over time?
Because your values may shift as your life changes
What is the relationship between personal values and money values?
Money values are rooted in personal values
What is the purpose of figuring out your priorities in finance?
To focus on what matters most in your financial life
What is the key distinction in understanding needs versus wants?
Between essential expenses and discretionary spending
What is a characteristic of good wellbeing?
Presence of positive emotions and moods
What is an indication of what people value?
The things they spend their time and money on
Where do people typically get their values from?
Home, school, society, friends, TV, music, church, books, and culture
How do values influence financial goals?
They help in achieving financial goals
What is a common form of investing?
All of the above
What can lead to unmanageable debts?
Lack of financial knowledge
Understand the difference between needs and wants in budgeting, and learn about the process of goal setting, including the types of goals. Test your knowledge of personal finance and goal achievement.
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