Consumer- Chapter 10 Flashcards

1
Q

If you value security, you are more likely to…

A

save money

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2
Q

When it comes to communicating with others about money, you should not…

A

manipulate

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3
Q

When married couples do not share goals and values in how they manage money, which of the following occurs?

A

all of the above

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4
Q

When communicating with your parents about money, you should…

A

all of the above

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5
Q

Which of the following can be a challenge when managing money on your own as a young, single adult?

A

all of the above

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6
Q

For women, the _____ is the most important key to financial security

A

emergency fund

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7
Q

Men tend to get good deals by…

A

negotiating

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8
Q

The flow of money in a family represents the ____ under which that family operates.

A

value system

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9
Q

Since men and women are different, who is supposed to do the financial decision-making in marriage?

A

both

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10
Q

A great way for a young person to avoid making money mistakes it to…

A

seek advise from a trusted adult

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11
Q

You should community your money goals with your parents and others close to you because…

A

allow others to help you provide accountability and encouragement

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12
Q

T or F: the goal in communicating with your parents about money is to become responsible and independent with the money you have

A

true

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13
Q

T or F: a written plan gives the single person empowerment, self-accountability, and control

A

true

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14
Q

T or F: in marriage, you are financially accountable for each other

A

true

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15
Q

T or F: communication, teamwork, and consistency are all important in handling family finances

A

true

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16
Q

T or F: communicating with others about money is entirely a matter to the other person hearing and following your wishes

A

false

17
Q

T or F: whether you agree with your parents or not regarding money, you should always honor and respect their decisions

A

true

18
Q

T or F: discussing important financial matters with household matters can reduce conflict

A

true

19
Q

the quality or state of being responsible, liable, answerable

A

accountability

20
Q

a person who thinks that everything will work out fine and hates to work with details

A

free spirit

21
Q

a person priorities, benefit, standards, that affect how he/she views the world

A

value system

22
Q

a situation in which a person is lacking time, which leads to stress

A

time poverty

23
Q

the result of achievement toward which effort is directed

A

goal

24
Q

a process by which information is exchanged between individuals

A

communication

25
Q

the state of being free from danger or threat

A

security

26
Q

confidence and satisfaction in oneself

A

self-esteem

27
Q

Describe some general ways that men and women differ when it comes to money.

A

Men usually get deals by negotiating while women get deals by hunting. Men lose self-esteem when money problems pop up, because money usually represents a scoreboard to them. Women experience fear when money problems arise because to them, money represents security.

28
Q

How does communication about important financial matters in households reduce conflict?

A

Communication in households about important financial matters reduces conflict because they are able to talk out ways to solve their financial problems. Both parties will know how they usually like to handle money and they will communicate with each other to find ways to meet in the middle while doing what is best for them and their financial status. Communication is key so everyone is on the same page and able to work together.

29
Q

How does having a budget reduce conflict in relationships?

A

A budget reduces conflict in relationships because it keeps each person accountable and it tells your money what to do.

30
Q

Summarize the challenges you’ll face managing money as a young, single adult

A

You will face many challenges while managing money as a young adult. Some challenges include time poverty and impulse buying. With time poverty, people are so busy and tired to do things that will save them money so they spend money on things they do not need such as fast food. Impulse buying is another big challenge because it is usually brought on by stress. People think that because they have done all of these stressful things that they need a break or need to do something because they “owe it to myself”. They go on shopping sprees or buy things that they do not need.

31
Q

Summarize ways that you can overcome the challenges listed in the question above.

A

Having a written plan and developing an accountability relationship will help to avoid these challenges from #14. A written plan gives the single person empowerment, self-accountability, and control. This includes doing a budget every month which saves you money and keeps you on track to reach your goals. Developing accountability relationships with friends, family, and people you trust will allow you to discuss major purchases and they will also make sure you are sticking to your budget.