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Managing Your Personal Finances 7th Edition by Joan S. Ryan – Test Bank

1. Do not consider sunk costs when making a purchasing decision.
a. True
b. False
ANSWER: True

2. You sometimes must give up one thing to get another because your resources are limited.
a. True
b. False
ANSWER: True

3. When comparing purchase options, consider time and convenience as well as cost.
a. True
b. False
ANSWER: True

4. Everyone’s wants and needs are basically the same.
a. True
b. False
ANSWER: False

5. In a market economy, it is important to preserve legal and personal rights.
a. True
b. False
ANSWER: True

6. Few people make purchasing decisions based on environmental concerns.
a. True
b. False
ANSWER: False

7. The time you get to spend doing things you like and enjoy is called discretionary time.
a. True
b. False
ANSWER: False

8. Most Americans place a very low value on goods and services provided by the government.
a. True
b. False
ANSWER: False

9. The more personal resources you possess, the greater your purchasing power.
a. True
b. False
ANSWER: True

10. Goals are slow to change, but values change often.
a. True
b. False
ANSWER: False

11. Examples of factors outside yourself that affect your spending patterns include the economy, technological advances, the environment, and social pressures.
a. True
b. False
ANSWER: True