Consumer- Chapter 10

Question 1

If you value security, you are more likely to…

Answer 1

save money

Question 2

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

Answer 2

manipulate

Question 3

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

Answer 3

all of the above

Question 4

When communicating with your parents about money, you should…

Answer 4

all of the above

Question 5

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

Answer 5

all of the above

Question 6

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

Answer 6

emergency fund

Question 7

Men tend to get good deals by…

Answer 7

negotiating

Question 8

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

Answer 8

value system

Question 9

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

Answer 9

both

Question 10

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

Answer 10

seek advise from a trusted adult

Question 11

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

Answer 11

allow others to help you provide accountability and encouragement

Question 12

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

Answer 12

true

Question 13

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

Answer 13

true

Question 14

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

Answer 14

true

Question 15

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

Answer 15

true

Question 16

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

Answer 16

false

Question 17

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

Answer 17

true

Question 18

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

Answer 18

true

Question 19

the quality or state of being responsible, liable, answerable

Answer 19

accountability

Question 20

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

Answer 20

free spirit

Question 21

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

Answer 21

value system

Question 22

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

Answer 22

time poverty

Question 23

the result of achievement toward which effort is directed

Answer 23

goal

Question 24

a process by which information is exchanged between individuals

Answer 24

communication

Question 25

the state of being free from danger or threat

Answer 25

security

Question 26

confidence and satisfaction in oneself

Answer 26

self-esteem

Question 27

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

Answer 27

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.

Question 28

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

Answer 28

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.

Question 29

How does having a budget reduce conflict in relationships?

Answer 29

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

Question 30

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

Answer 30

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.

Question 31

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

Answer 31

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.