Question 1

Which of the following is cited in the text as one of the reasons people might procrastinate?

Accepted Answer

A)  They lack responsibility. 
B)  They enjoy the pressure of last-minute work. 
C)  They don't think extra time will help them succeed. 
D)  They wait for a time when they will be in the mood to work. 
A)  They lack responsibility. 
B)  They enjoy the pressure of last-minute work. 
C)  They don't think extra time will help them succeed. 
D)  They wait for a time when they will be in the mood to work. D

Question 2

Kate's refrigerator broke and she had to buy a new one with a credit card because she did not enough money in her savings to pay for this unexpected but necessary expense. What should Kate do to make sure this doesn't hurt her finances and further?

Accepted Answer

A)  Make cuts to her spending and use that extra money each month toward paying off the credit card bill. 
B)  Just pay the minimum amount due on the credit card each month until she has saved up enough to pay off the balance. 
C)  Open up another credit card in order to pay for her bills and other expenses each month while she saves to pay off the card with the refrigerator bill. 
D)  Just pay the minimum fee on the credit card each month so she doesn't have to cut expenses anywhere else. 
A)  Make cuts to her spending and use that extra money each month toward paying off the credit card bill. 
B)  Just pay the minimum amount due on the credit card each month until she has saved up enough to pay off the balance. 
C)  Open up another credit card in order to pay for her bills and other expenses each month while she saves to pay off the card with the refrigerator bill. 
D)  Just pay the minimum fee on the credit card each month so she doesn't have to cut expenses anywhere else. A

Question 3

Gretchen has five different credit cards and a large amount of debt among all of them. In order to help her get out of her credit card debt more quickly and by reducing her finance charges, what would you recommend she try?

Accepted Answer

A)  Get a line of cash credit on one of the cards to pay off the others. 
B)  Just keep paying the minimum on all the cards. 
C)  Consolidate her credit card debt to the credit card with the smallest interest. 
D)  Sign up for another credit card to help with her expenses so she can pay a little more of the balance on the other cards each month. 
A)  Get a line of cash credit on one of the cards to pay off the others. 
B)  Just keep paying the minimum on all the cards. 
C)  Consolidate her credit card debt to the credit card with the smallest interest. 
D)  Sign up for another credit card to help with her expenses so she can pay a little more of the balance on the other cards each month. C

Question 4

According to the text, the habit of putting off tasks until the last minute is called _________.

Accepted Answer

A)  procrastination 
B)  delayed gratification 
C)  squandering 
D)  stalling 
A)  procrastination 
B)  delayed gratification 
C)  squandering 
D)  stalling

Question 5

When experts say that an effective budget should be balanced, what do they mean?

Accepted Answer

A)  Your income should be less than or equal to your expenses. 
B)  Your income and expenses should always be equal. 
C)  Your expenses should only outweigh your income every other month. 
D)  Your expenses should be equal to or less than your income. 
A)  Your income should be less than or equal to your expenses. 
B)  Your income and expenses should always be equal. 
C)  Your expenses should only outweigh your income every other month. 
D)  Your expenses should be equal to or less than your income.

Question 6

Sasha knows she frequently procrastinates when it comes to big projects for school. She has a big research paper due in ten days and she still hasn't started working on it. What would you recommend she do?

Accepted Answer

A)  Tell her to wait just a little longer until she's in the right mood to get a lot done. 
B)  Advise her to divide the project into ten small tasks and do the first one today. 
C)  Tell her to visualize the perfect topic and organization and begin once she has those. 
D)  Recommend that she ask her teacher for an extension so she has more time to think about it. 
A)  Tell her to wait just a little longer until she's in the right mood to get a lot done. 
B)  Advise her to divide the project into ten small tasks and do the first one today. 
C)  Tell her to visualize the perfect topic and organization and begin once she has those. 
D)  Recommend that she ask her teacher for an extension so she has more time to think about it.

Question 7

A(n) ________ is a money-management plan that specifies how you will spend your money during a particular period of time, usually one month.

Accepted Answer

A)  budget 
B)  schedule 
C)  investment plan 
D)  fiscal balance 
A)  budget 
B)  schedule 
C)  investment plan 
D)  fiscal balance

Question 8

Which of the following was one of the criteria for an effective budget cited in the text?

Accepted Answer

A)  It assumes a best-case scenario for discretionary expenses. 
B)  It is resistant to change. 
C)  It focuses on your goals and values. 
D)  It assumes you already have your savings taken care of. 
A)  It assumes a best-case scenario for discretionary expenses. 
B)  It is resistant to change. 
C)  It focuses on your goals and values. 
D)  It assumes you already have your savings taken care of.

Question 9

Which of the three steps to managing your money might involve creating an expense log?

Accepted Answer

A)  Analyzing your spending 
B)  Balancing your accounts 
C)  Prioritizing your expenses 
D)  Creating a plan for your money 
A)  Analyzing your spending 
B)  Balancing your accounts 
C)  Prioritizing your expenses 
D)  Creating a plan for your money

Question 10

Which of the three steps to managing your time might involve using the 80/20 rule, also known as the Pareto Principle?

Accepted Answer

A)  Creating a plan for your time 
B)  Taking control of your time 
C)  Analyzing how you use your time 
D)  Prioritizing your activities 
A)  Creating a plan for your time 
B)  Taking control of your time 
C)  Analyzing how you use your time 
D)  Prioritizing your activities

Question 11

Discretionary time is the most flexible type of time.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following is an example of a common variable committed expense?

Accepted Answer

A)  car payments 
B)  dining out 
C)  family birthday gifts 
D)  student loan payments 
A)  car payments 
B)  dining out 
C)  family birthday gifts 
D)  student loan payments

Question 13

When creating a schedule, you should plan to work on your most important and demanding tasks for your prime time of day.

Accepted Answer

A) True 
 B)False

Question 14

When assessing your budget, you don't need to include tips and your allowance in your income, if you receive them.

Accepted Answer

A) True 
 B)False

Question 15

The general steps to follow for both time and money management are to analyze, prioritize, and plan.

Accepted Answer

A) True 
 B)False

Question 16

When you analyze how you spend your money, it's helpful to assign each of your expenses to one of three different categories: fixed committed expenses, discretionary expenses, and ___________.

Accepted Answer

A)  variable committed expenses 
B)  credit expenses 
C)  leisure expenses 
D)  revolving expenses 
A)  variable committed expenses 
B)  credit expenses 
C)  leisure expenses 
D)  revolving expenses

Question 17

Self-handicapping involves creating obstacles to your success in order to have an easy excuse for poor performance.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following is a benefit of creating a schedule for your tasks?

Accepted Answer

A)  You can try to beat your schedule by doing more than planned in order to make room for fun. 
B)  You can revise times as necessary if you don't meet your dues dates. 
C)  You can pace yourself and build in leisure time. 
D)  You can spend more time rechecking the schedule to search for what do next. 
A)  You can try to beat your schedule by doing more than planned in order to make room for fun. 
B)  You can revise times as necessary if you don't meet your dues dates. 
C)  You can pace yourself and build in leisure time. 
D)  You can spend more time rechecking the schedule to search for what do next.

Question 19

What are a couple of the benefits of making a to-do list rather than just trying to remember what you need to do?

Accepted Answer

By recording your tasks on paper, you do

Question 20

One of the most important money-management skills is the ability to distinguish between fixed committed and variable committed expenses.

Accepted Answer

A) True 
 B)False

Which of the following is cited in the text as one of the reasons people might procrastinate?

Kate's refrigerator broke and she had to buy a new one with a credit card because she did not enough money in her savings to pay for this unexpected but necessary expense. What should Kate do to make sure this doesn't hurt her finances and further?

Gretchen has five different credit cards and a large amount of debt among all of them. In order to help her get out of her credit card debt more quickly and by reducing her finance charges, what would you recommend she try?

According to the text, the habit of putting off tasks until the last minute is called _________.

When experts say that an effective budget should be balanced, what do they mean?

Sasha knows she frequently procrastinates when it comes to big projects for school. She has a big research paper due in ten days and she still hasn't started working on it. What would you recommend she do?

A(n) ________ is a money-management plan that specifies how you will spend your money during a particular period of time, usually one month.

Which of the following was one of the criteria for an effective budget cited in the text?

Which of the three steps to managing your money might involve creating an expense log?

Which of the three steps to managing your time might involve using the 80/20 rule, also known as the Pareto Principle?

Discretionary time is the most flexible type of time.

Which of the following is an example of a common variable committed expense?

When creating a schedule, you should plan to work on your most important and demanding tasks for your prime time of day.

When assessing your budget, you don't need to include tips and your allowance in your income, if you receive them.

The general steps to follow for both time and money management are to analyze, prioritize, and plan.

When you analyze how you spend your money, it's helpful to assign each of your expenses to one of three different categories: fixed committed expenses, discretionary expenses, and ___________.

Self-handicapping involves creating obstacles to your success in order to have an easy excuse for poor performance.

Which of the following is a benefit of creating a schedule for your tasks?

What are a couple of the benefits of making a to-do list rather than just trying to remember what you need to do?

One of the most important money-management skills is the ability to distinguish between fixed committed and variable committed expenses.

Psychology and Success

Self-Awareness

Goals and Obstacles

Self-Esteem

Positive Thinking

Self-Discipline

Self-Motivation

Communication and Relationships

Filters

Exam 8: Managing Your Resources

Which of the following is cited in the text as one of the reasons people might procrastinate?

Kate's refrigerator broke and she had to buy a new one with a credit card because she did not enough money in her savings to pay for this unexpected but necessary expense. What should Kate do to make sure this doesn't hurt her finances and further?

Gretchen has five different credit cards and a large amount of debt among all of them. In order to help her get out of her credit card debt more quickly and by reducing her finance charges, what would you recommend she try?

According to the text, the habit of putting off tasks until the last minute is called _________.

When experts say that an effective budget should be balanced, what do they mean?

Sasha knows she frequently procrastinates when it comes to big projects for school. She has a big research paper due in ten days and she still hasn't started working on it. What would you recommend she do?

A(n) ________ is a money-management plan that specifies how you will spend your money during a particular period of time, usually one month.

Which of the following was one of the criteria for an effective budget cited in the text?

Which of the three steps to managing your money might involve creating an expense log?

Which of the three steps to managing your time might involve using the 80/20 rule, also known as the Pareto Principle?

Discretionary time is the most flexible type of time.

Which of the following is an example of a common variable committed expense?

When creating a schedule, you should plan to work on your most important and demanding tasks for your prime time of day.

When assessing your budget, you don't need to include tips and your allowance in your income, if you receive them.

The general steps to follow for both time and money management are to analyze, prioritize, and plan.

When you analyze how you spend your money, it's helpful to assign each of your expenses to one of three different categories: fixed committed expenses, discretionary expenses, and ___________.

Self-handicapping involves creating obstacles to your success in order to have an easy excuse for poor performance.

Which of the following is a benefit of creating a schedule for your tasks?

What are a couple of the benefits of making a to-do list rather than just trying to remember what you need to do?

One of the most important money-management skills is the ability to distinguish between fixed committed and variable committed expenses.

Psychology and Success

Self-Awareness

Goals and Obstacles

Self-Esteem

Positive Thinking

Self-Discipline

Self-Motivation

Communication and Relationships

Filters