Test 4

Question 1

The decision making process steps

Answer 1

1. Define the problem
2. Obtain accurate information
3. Compare choices
4. Make a decision
5. Take action
6. Re-evaluate

Question 2

Basic needs

Answer 2

Food, water, shelter and clothing

Question 3

The ingredients necessary for maintaining physical life

Answer 3

Basic needs

Question 4

Life enhancing items not necessary for survival

Answer 4

Wants

Question 5

Examples of wants

Answer 5

Travel, medical care, gadgetry

Question 6

Biggest disadvantage of renting

Answer 6

Throwing your money away

Question 7

What does FAFSA stand for

Answer 7

Free application for federal student aid

Question 8

What percent of college students borrow money?

Answer 8

60%

Question 9

What percent of college students with loans drop out?

Answer 9

30%

Question 10

What percent of borrowers fall behind in their payments?

Answer 10

41%

Question 11

What is the average student debt amount?

Answer 11

$27,000

Question 12

What is the average student debt per year for a public school?

Answer 12

$8,000

Question 13

What is the average student debt per year for a private school?

Answer 13

$28,000

Question 14

What does the groom pay for?

Answer 14

Rehearsal dinner and tuxedo

Question 15

How long is needed to plan a formal wedding

Answer 15

6 months

Question 16

This is required by many faiths to discuss important issues that will bind a couple

Answer 16

Premarital counseling

Question 17

Number one reason couples get divorced

Answer 17

Money

Question 18

Length of the honeymoon depends on what three factors

Answer 18

Time available, cost, and desires of the couple

Question 19

What is essential for a honeymoon?

Answer 19

Careful planning

Question 20

Marriage requires _____

Answer 20

Compatibility and the sharing of goals

Question 21

When planning a vacation you want to:

Answer 21

Prepare a detailed itinerary and make an advanced reservation

Question 22

Steps for planning a vacation

Answer 22

Make at home preparations 
Stop mail and paper delivery
Make sure house is secure
Provide care for plants/animals
Remember last minute details 
Confirm reservations 
Arrive at airport early

Question 23

What fees come with divorce?

Answer 23

Attorney’s fees
Court costs and filing fees
Child support and alimony
Division of property
Child custody

Question 24

How do you decide what kind of vacation you want?

Answer 24

Decide on time available, how much money you can spend, and what type of recreation you want to participate in

Question 25

How long should it take to buy a car

Answer 25

Weeks

Question 26

5 steps for buying a car

Answer 26

1. Narrow your choices 2. Research and compare 3. Get pre-approval 4. Visit dealerships 5. Prepare to deal

Question 27

Narrow your choices

Answer 27

Needs and wants | Costs

Question 28

Research and compare

Answer 28

Ask about prices Check library Buy quality

Question 29

Get pre-approval

Answer 29

Know how much you can spend | Choose best value

Question 30

Visit dealerships

Answer 30

Don’t be pressured | Get info: ask questions

Question 31

Prepare to deal

Answer 31

Decide on your bottom line Feel good about your decision Avoid highballing and lowballing

Question 32

When financing your car:

Answer 32

Shop for the best loan (interest rates, monthly payments, down payment required)

Question 33

How do you extend the life of your car?

Answer 33

``` Drive wisely Preserve the cars interior Clean and wax your car Keep it in a garage Follow routine maintenance guidelines Change the oil and filter every 3-5 thousand miles ```

Question 34

What choices should you compare when financing a car?

Answer 34

Credit unions Car dealers Banks and other institutions Leasing

Question 35

Housing alternatives

Answer 35

``` On-campus housing (cheapest) Apartments Duplex Condominiums Houses ```

Question 36

When choosing a roommate:

Answer 36

Get to know each other before you move in together

Question 37

#1 reason people move out

Answer 37

Cleanliness vs sloppiness

Question 38

Renting advantages

Answer 38

Mobility Convenience Social life Lower expenses

Question 39

You can move on short notice (a month)

Answer 39

Mobility

Question 40

Rental housing is usually located near major shopping areas, banks, etc

Answer 40

Convenience

Question 41

Many young, single people live in rentals

Answer 41

Social life

Question 42

Apartments are less expensive to rent than houses

Answer 42

Lower expenses

Question 43

Renting disadvantages

Answer 43

Noise Lack of privacy Small quarters Lack of storage area

Question 44

Things you should discuss with a roommate

Answer 44

Finances/sharing expenses Transportation Lifestyle habits, preferences