Test 2

Question 1

Fast, slow, and develops over time

Answer 1

Decision making styles

Question 2

• central satellite
• chain
• decision tree

Answer 2

3 models of decision making

Question 3

Knowing what to do without having to go the though the rational process

Answer 3

The role of intuition in decision making

Question 4

Individual you don’t have to worry about how it will affect other family members or take into account of their opinions.

Answer 4

Individual decision making vs. family decision making

Question 5

• accommodation
• consensual
• de facto

Answer 5

3 categories of family decision making

Question 6

Problem- questions or situations that present difficulty of risks
Decision- conclusions or judgement about some issue or matter

Answer 6

Problems vs. decisions

Question 7

Detailed strategy worked out ahead of time for how you will reach your goal or result

Answer 7

Attributes of a good plan

Question 8

• directional
• contingency
• strategic

Answer 8

3 types of plans

Question 9

Planning is proactive what you do ahead of time not reactive

Answer 9

Proactive/reactive planning

Question 10

External and internal noise

Answer 10

Interference with communication

Question 11

1) speak calmly
2) take turns and do not interrupt
3) listening
4) ask questions—> be clear
5) advance notice with giving new information

Answer 11

Keys to effective communication

Question 12

Show that you are paying attention with body language, eye contact, Marie comments, take notes, and ask questions

Answer 12

Being an effective listener

Question 13

1) critical
2) reflective or empathic
3) informational
4) pleasurable

Answer 13

4 types of listening

Question 14

Verbal- words

Non-verbal- anything else

Answer 14

Verbal vs. non-verbal communication

Question 15

Everyone’s opinion and how it will affect everyone

Answer 15

Particular characteristics of family communication

Question 16

Becoming exhausted with the activity of communication

Answer 16

Interaction fatigue

Question 17

Ordering 
Threatening
Criticizing
Analyzing 
Interrogating

Answer 17

Avoiding communication conflicts

Question 18

Men- offer solutions

Women- talk it out

Answer 18

Communication styles of men and women

Question 19

Gross
Disposable
Discretionary

Answer 19

3 types of income

Question 20

Determine by subtracting liabilities from assets

Answer 20

Net worth

Question 21

Income and expenditures

Answer 21

Components of a budget or spending plan

Question 22

Setting money aside for future use

Answer 22

Saving

Question 23

Committing money to productive use

Answer 23

Investing

Question 24

• Have enough cash for daily and monthly expenses.
• you have a savings fund (3-6 months pay) for emergencies
• all credit cards paid off
• you have the insurance you need to protect you from major risks to your finances

Answer 24

Prerequisites to investing

Question 25

Stocks
Bonds
Mutual funds
Real estate 
IRAs, retirement plans

Answer 25

Most common types of investments —know each

Question 26

• quality
• acceptance
• flexibility
• clarity

Answer 26

Characteristics of good decision making