Term
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Definition
| set of consecutive ages that tend to have similar incomes, needs and expenses |
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Term
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Definition
| people who rely on another person for primary financial support |
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Definition
| state of the economy as measured by economic indicators |
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Definition
| the highest grade in school or degree completed. |
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Term
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Definition
| a person's work circumstances, whether employed or unemployed, full or part time, self or other employed |
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Term
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Definition
| a person's health factors; whether sick or well, injured, able or disabled |
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Definition
| whether single, married, divorced or widowed |
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Term
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Definition
| sum total of assets belonging to one person, includes money, property and personal possessions |
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Term
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Definition
| the stage during which most people form a family, begin to work and earn money |
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Term
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Definition
| the stage that includes the peak earning years, giving money to oneself. |
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Term
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Definition
| stage of retirement and wealth consumption, money given to chosen ones |
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Term
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Definition
| a family of young adults who marry; newlyweds |
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Term
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Definition
| A child bearing family; has one or more young children |
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Term
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Definition
| A developing family, with children growing into middle childhood and early teens |
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Term
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Definition
| a family with middle-age parents and children leaving home for college, etc |
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Definition
| pre-retirement family, no children at home |
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Term
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Definition
| family of elderly adults, usually retired |
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Term
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Definition
| families that do not follow the "typical" life cycle stages |
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Term
| Which is an example of saving? |
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Definition
| Mary put money in a bank account. |
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Term
| Which is an example of spending? |
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Definition
| Mary bought a pair of designer jeans on the Internet. |
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Term
| Which is an example of earning? |
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Definition
| Sam sold things he made at a flea market. |
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Term
| Susan is going to obtain a loan to buy a stereo system. This is an example of which economic activity? |
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Definition
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Term
| Nancy works in a restaurant where she receives tips. Receiving tips is an example of which economic activity? |
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Definition
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Term
| Amanda always wanted to become a nurse even though she knew that health care professionals do not generally make good salaries. Amanda's choice of occupation will directly influence her: |
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Definition
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Term
| Rick cannot afford to buy Christmas gifts for everyone in his family. This illustrates: |
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Definition
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Term
| Sharon paid for an unexpected trip to the emergency room instead of paying her car payment. This illustrates: |
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Definition
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Term
| Tom borrowed $100 from a friend to buy items he needed for work with a retail value of $300. When he gets his next paycheck, he will have enough money to pay off the debt. This illustrates: |
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Definition
| wise use of credit to extend a person's buying power. |
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Term
| Kim has always loved and understood dogs; now she has a part-time job dog-sitting in the neighborhood. This illustrates: |
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Definition
| using one's knowledge to increase earnings. |
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Term
| The Hayes family puts aside $50 every month for unexpected emergencies. When Mr. Hayes lost his job, the family was glad to have this money to pay bills until he could find a new job. This illustrates: |
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Definition
| forming the habit of saving regularly. |
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Term
| Jim decided to save his money for his senior expenses rather than spending it at the mall. This illustrates: |
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Definition
| making wise choices in light of trade-offs. |
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Term
| Fred put 5% of his earnings into an interest-bearing savings account each month. For Fred, this illustrates which benefit of saving? |
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Definition
| Can be used to earn additional income |
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Term
| Which is an example of responsible earning? |
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Definition
| Dorothy decided to keep her part-time job until she could find another so she could continue to meet her monthly expenses. |
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Term
| Which is an example of responsible borrowing? |
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Definition
| Ed accepted a loan from his uncle because he knew he could pay it back. |
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Term
| 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? |
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Definition
| Measurable, but not time-bound |
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Term
| Mary's goal is to put aside money for Christmas presents from May until December. Which phrase BEST describes this goal? |
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Definition
| Time-bound, but not measurable |
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Term
| 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? |
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Definition
| Not measurable and not time-bound |
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Term
| Mrs. Dunn always goes to the cleaners around the corner from her job. This illustrates a decision made: |
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Definition
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Term
| Mr. Matthews bought the first box of candy he saw for his wife's birthday. This illustrates a decision made: |
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Definition
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Term
| 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? |
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Definition
| Identify the decision to be made |
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Term
| 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? |
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Definition
| Identify the decision to be made |
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Term
| 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? |
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Definition
| Identify resources and gather information |
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Term
| 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? |
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Definition
| Evaluate the outcomes of the decision |
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Term
| 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? |
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Definition
| Put the decision into action |
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Term
| 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? |
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Definition
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Term
| 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? |
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Definition
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Term
| 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? |
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Definition
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Term
| 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? |
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Definition
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Term
| 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? |
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Definition
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Term
| 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? |
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Definition
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Term
| 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? |
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Definition
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Term
| Which is the BEST example of wants influencing financial decisions? The Barton family decided to spend their tax refund to: |
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Definition
| take a trip they had longed for. |
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Term
| Which is the BEST example of standards influencing financial decisions? The Darden family decided to spend their tax refund to: |
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Definition
| keep up with their neighbors by buying a new big-screen television. |
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Term
| Which is the BEST example of family needs influencing financial decisions? The Martin family decided to spend their emergency savings on: |
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Definition
| paying bills while Mr. Martin is laid off. |
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Term
| 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: |
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Definition
| a new stove for the soup kitchen where they volunteer. |
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Term
| Single mom Marjorie works full-time to take care of her two children and her aging grandmother. Which lifestyle conditions does this illustrate? |
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Definition
| Dependents, marital status, and employment status |
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Term
| After her divorce, Marissa earned her master's degree and was hired as an executive in a downtown business firm. Which lifestyle conditions does this illustrate? |
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Definition
| Marital status, education level, and employment status |
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Term
| Doris and Bill Alston met with their lawyer to review their last will to be sure their children would be well-provided-for. Which stage of the financial life cycle does this illustrate? |
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Definition
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Term
| Jenny Jones has reached the top of her career field and earns a six-figure salary. She has invested 20% of her income for the past fifteen years in order to build assets to pay college expenses for her two teen children. Which stage of the financial life cycle does this illustrate? |
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Definition
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Term
| Mark Johnson began work as a bank manager with a good salary after graduation last year. His wife is a full-time university student working on a master's degree. Which stage of the financial life cycle does this illustrate? |
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Definition
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Term
| Pat has decided to attend the local community college before transferring to the nearest state university to earn a degree in computer technology. Which stage of the financial life cycle does this illustrate? |
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Definition
| Before financial life cycle begins |
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Term
| Which is an example of a midlife adult in a launching family? |
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Definition
| Steve, age 45, married, two children in college |
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Term
| Which is an example of an adult in a mid-years family? |
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Definition
| Terry, age 58, lives with her 60-year-old husband, both plan to retire in five years |
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Term
| Which is a typical activity of older adults in an aging family? |
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Definition
| Because Alice and Ashley began to have more health problems after retirement, they increased their insurance coverage. |
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Term
| Which is a typical activity of working parents in a developing family? |
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Definition
| Carol and Chuck are putting money into a college fund for their children. |
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Term
| Which is a typical activity of midlife adults in a launching family? |
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Definition
| While their children are in college, Deb and Dean are revising their retirement plans. |
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Term
| Which is a typical activity of an adult in an parenting family? |
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Definition
| Roxie set up a chores chart with daily tasks for each child in the family. |
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Term
| Which is an example of a typical need of a beginning family? |
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Definition
| Completing education needed to match career goals |
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Term
| Which is an example of a typical need of an expanding family? |
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Definition
| Purchasing supplies for a nursery for the new baby |
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Term
| Which is an example of a typical income for a teen in a parenting family? |
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Definition
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Term
| Which is an example of a typical income for an adult in a mid-years family? |
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Definition
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Term
| Which is a variation of the typical family life cycle? |
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Definition
| A mother's two children are in middle school; the stepfather's two children are grown. |
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Term
| Which is a variation of the typical family life cycle? |
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Definition
| A couple have decided not to have children. |
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Term
| Theo did not feel comfortable telling the high-pressure time-share salesman "no," so he agreed to purchase the time-share condo at the beach even though he did not know how he would make the payments. Theo's behavior illustrates failure to: |
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Definition
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Term
| After Frank inherited $100,000 from his rich uncle, he thought his financial difficulties had come to an end; but in six months, he had spent all of the inheritance and had very little to show for it. Frank's behavior illustrates failure to: |
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Definition
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Term
| Meredith placed photos of herself wearing skimpy clothing on an interactive website. Now she is searching for a job and keeps getting turned down for interviews. She suspects that others have seen her photos on the website. Meredith's behavior illustrates failure to: |
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Definition
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Term
| After receiving a chain letter promising he would receive lots of cash in the mail, Ted thought how lucky he was and sent cash to five strangers. Ted's behavior illustrates failure to: |
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Definition
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Term
| Lisa did not take time to discuss with her husband her planned purchase of new bedroom furniture. When the furniture was delivered, her husband was not pleased with her choice. Lisa's behavior illustrates failure to: |
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Definition
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Term
| On the day of his Superbowl party, Dan went to the store four times to shop for snacks. Dan's behavior illustrates failure to: |
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Definition
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Term
| Beth quickly purchased a bottle of salad dressing for her mother that she thought would be suitable for her mother's salt-free diet. When she arrived at her mother's apartment, her mother pointed out the high percentage of salt as shown on the label. Beth's behavior illustrates failure to: |
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Definition
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Term
| Which illustrates a typical line from an earn-money-at-home offer? |
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Definition
| "Purchase special software for only $500, start your own business, and earn quick profits." |
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Term
| Which illustrates a typical line from a lottery promotion? |
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Definition
| "Purchase your ticket now for a chance to win over $150,000." |
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Term
| Which illustrates a typical line from a sweepstakes letter? |
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Definition
| "You are the lucky winner. Pay only $50 handling fees and claim your cash prize up to $50,000." |
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Term
| Which illustrates concealing information? The man: |
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Definition
| in the booth at the mall refused to tell where his business was located |
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Term
| Which illustrates a vague offer expecting one to pay up front? The woman: |
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Definition
| promised the shopper she'd tell her how to get the piano at no cost if she'd purchase piano lessons |
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Term
| Which illustrates reporting a fraudulent scam to a consumer government agency? |
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Definition
| Completing a complaint form and submitting it on the Federal Trade Commission website |
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Term
| Which illustrates seeking help from a local agency? |
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Definition
| Contacting the Better Business Bureau |
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Term
| Which illustrates using available media to communicate and protect others? |
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Definition
| Calling your daughter to warn about scam artists going door to door |
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Term
| Elmer decided to take a part-time job at the nursing home because it makes him feel good to help others. Which personal strategy for achieving goals is this? |
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Definition
| Identify types of work that make you feel you are making a difference |
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Term
| George decided to take a course in speed-reading so he could read work materials more quickly. Which education strategy for achieving goals is this? |
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Definition
| Invest in human capital to increase productivity |
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Term
| Jennifer chose to apply for admission to a school known for admitting students with GPAs similar to hers. Which education strategy for achieving goals is this? |
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Definition
| Consider your high school record and performance |
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Term
| After Lorie worked part-time in a shoe store in high school, she planned to go to college to become a teacher. Which strategy for achieving goals is this? |
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Definition
| Select jobs for short-time purposes, careers for longer |
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Term
| Karl went to work as a supermarket checker to help pay his tuition while he was in college. Which strategy for achieving goals is this? |
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Definition
| Use jobs to supplement income |
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Term
| After graduating with a degree in fashion marketing, Nell accepted a job as a department store salesperson hoping she could work her way up to assistant buyer. Which strategy for achieving goals is this? |
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Definition
| Use jobs to serve as stepping-stones to reach career goals |
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Term
| Joan's goal is to earn a few dollars to buy Christmas gifts for her co-workers. Which strategy should she use to accomplish this? |
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Definition
| Look for a part-time job to earn extra income |
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Term
| Mr. East's goal as a teacher is to supplement his income while his son is in college. Which strategy should he use to accomplish this? |
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Definition
| Look for a second job to bring in additional earnings |
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Term
| Darren's goals as a teacher assistant are to obtain more authority to plan instruction and earn a higher income. Which strategy should he use to accomplish these goals? |
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Definition
| Go back to school to earn a degree and teacher certification |
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Term
| Henry works as a teacher Monday through Friday, then as a table server in a restaurant on weekends. Henry has: |
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Definition
| a full-time career and a part-time job. |
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Term
| Beverly is a social worker and earns a good salary with benefits. She has to get continuing education each year. She often has to take work home to keep up with her case load. Barbara has a: |
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Definition
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Term
| Which situation illustrates becoming involved in experiences where qualities for success are learned? |
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Definition
| Greg decided to join a student organization so he could develop teamwork skills. |
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Term
| Which situation illustrates investing in one's own human capital to increase earnings? |
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Definition
| Barry decided to go to college because he wanted to earn a mid- to high-range salary. |
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Term
| Which situation illustrates evaluating the content of a program before enrolling? |
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Definition
| Holly talked with people who had studied at the trade school before deciding to enroll. |
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Term
| Which situation illustrates thinking of a career as a lifetime investment? |
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Definition
| Everett decided he would enjoy starting his career in education as a teacher, but hoped one day to become a high school principal. |
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Term
| The average cost of homes in Asheville is $189,564. The average cost of homes in Lexington is $193,286. This information indicates that the cost of living |
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Definition
| in Lexington is probably higher than in Asheville. |
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Term
| How are abilities and career preparation related? Abilities: |
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Definition
| provide guidance to the best career options available. |
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Term
| How are educational requirements and career options related? Educational requirements: |
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Definition
| provide criteria that guide career pathways. |
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Term
| Which type of information found in The Occupational Outlook Handbook can be accessed through the internet? |
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Definition
| Potential earnings for a career |
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Term
| A career as a secretary is expected to decline with less jobs being available. This is an example of: |
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Definition
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Term
| A career as a professional athlete involves travel during most of each playing season. This is an example of: |
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Definition
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Term
| Careers in biotechnology are expected to increase over the next decade. This is an example of: |
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Definition
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Term
| Individuals who have gained more educational training are MORE LIKELY to have: |
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Definition
| higher estimated lifetime earnings. |
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Term
| The salary range for a specific career is $25,000-$45,000 per year. A salary of $35,000 salary represents the: |
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Definition
| the midpoint, or middle salary, in the median range of salaries. |
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Term
| The salary range for a specific career is $20,000-$70,000 per year. The $20,000 salary represents the: |
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Definition
| lowest salary for a specific career per year. |
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Term
| Tom was offered $50,000 for his first job as an accountant after graduating from college. This salary represents the: |
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Definition
| base salary for this career position. |
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Term
| A community with a cost of living index of 110.0 has a(n): |
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Definition
| above average cost of living. |
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Term
| Which characteristic of a job offer illustrates opportunity for job or career advancement? |
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Definition
| Guaranteed pay raises with years of service |
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Term
| Stock options, company car, relocation expenses, and tuition reimbursement are all examples of: |
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Definition
| additional perks of the job. |
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Term
| Choosing a work community that has good health care services, schools, and child care are all examples of: |
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Definition
| location and environment. |
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Term
| Students should become familiar with as many careers as possible in order to: |
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Definition
| learn which careers match personal interests. |
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Term
| The Klines made sure the refrigerator and dishwasher were working before they signed a lease to rent. Which part of the rental property is being inspected? |
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Definition
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Term
| The Abbots checked to be sure the apartment house laundry room was clean and functioning well before they signed a lease to rent. Which part of the rental property is being inspected? |
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Definition
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Term
| The Elams are considering buying or renting a home for their growing family. Which would be an advantage of buying? |
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Definition
| Buying is an investment and increases wealth |
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Term
| Lisa and Luke are preparing to move to a new city where Luke will begin a new job. Until Lisa can find employment, they need to watch their budget carefully. Which housing want or need should they consider when selecting housing? |
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Definition
| Cost of rent and utilities |
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Term
| John is very busy with his career. He is looking for housing intended for singles, with no outside maintenance and a place to entertain. Which type of housing would BEST match his housing wants and needs? |
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Definition
| Apartment with a clubhouse and pool |
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Term
| Jane's landlord signed an agreement to allow her to sublet her apartment if needed. What type of document is this? |
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Definition
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Term
| The Mabreys decided the price, characteristics, age, and size of home they are looking for. Which step in purchasing a home is this? |
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Definition
| Find an appropriate home to meet your needs |
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Term
| The Fultons sold the home in which they were currently living while the owner completed repairs to the home they would purchase. Which step in purchasing a home is this? |
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Definition
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Term
| The Tatums, a low-income family, obtained a loan from Federal Housing to build their new home. Which type of mortgage or special loan is this? |
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Definition
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Term
| The Foremans are debating whether to rent or buy a home. Mr. Foreman is disabled and Mrs. Foreman is retired. Which would be an ADVANTAGE of renting? |
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Definition
| Fewer home and lawn responsibilities |
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Term
| Two friends decide to buy a townhome. They disagree about how much each person should receive when they sell. Which DISADVANTAGE of buying is this? |
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Definition
| Complications of joint buying |
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Term
| When Patricia's automobile was severely damaged by branches falling from a tree, her insurance paid for the damages. Which type of insurance is this? |
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Definition
| Comprehensive physical damage |
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Term
| Kara is comparing the estimated value of the make, model, and year for three different used cars. Which type of pricing is this? |
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Definition
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Term
| When researching makes and models of cars, Lucas asked about the car's acceleration for speed on the highway and going up steep hills. Which factor to consider when buying vehicles is this? |
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Definition
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