Test 4 Flashcards
The decision making process steps
- Define the problem
- Obtain accurate information
- Compare choices
- Make a decision
- Take action
- Re-evaluate
Basic needs
Food, water, shelter and clothing
The ingredients necessary for maintaining physical life
Basic needs
Life enhancing items not necessary for survival
Wants
Examples of wants
Travel, medical care, gadgetry
Biggest disadvantage of renting
Throwing your money away
What does FAFSA stand for
Free application for federal student aid
What percent of college students borrow money?
60%
What percent of college students with loans drop out?
30%
What percent of borrowers fall behind in their payments?
41%
What is the average student debt amount?
$27,000
What is the average student debt per year for a public school?
$8,000
What is the average student debt per year for a private school?
$28,000
What does the groom pay for?
Rehearsal dinner and tuxedo
How long is needed to plan a formal wedding
6 months
This is required by many faiths to discuss important issues that will bind a couple
Premarital counseling
Number one reason couples get divorced
Money
Length of the honeymoon depends on what three factors
Time available, cost, and desires of the couple
What is essential for a honeymoon?
Careful planning
Marriage requires _____
Compatibility and the sharing of goals
When planning a vacation you want to:
Prepare a detailed itinerary and make an advanced reservation
Steps for planning a vacation
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
What fees come with divorce?
Attorney’s fees Court costs and filing fees Child support and alimony Division of property Child custody
How do you decide what kind of vacation you want?
Decide on time available, how much money you can spend, and what type of recreation you want to participate in
How long should it take to buy a car
Weeks
5 steps for buying a car
- Narrow your choices
- Research and compare
- Get pre-approval
- Visit dealerships
- Prepare to deal
Narrow your choices
Needs and wants
Costs
Research and compare
Ask about prices
Check library
Buy quality
Get pre-approval
Know how much you can spend
Choose best value
Visit dealerships
Don’t be pressured
Get info: ask questions
Prepare to deal
Decide on your bottom line
Feel good about your decision
Avoid highballing and lowballing
When financing your car:
Shop for the best loan (interest rates, monthly payments, down payment required)
How do you extend the life of your car?
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
What choices should you compare when financing a car?
Credit unions
Car dealers
Banks and other institutions
Leasing
Housing alternatives
On-campus housing (cheapest) Apartments Duplex Condominiums Houses
When choosing a roommate:
Get to know each other before you move in together
1 reason people move out
Cleanliness vs sloppiness
Renting advantages
Mobility
Convenience
Social life
Lower expenses
You can move on short notice (a month)
Mobility
Rental housing is usually located near major shopping areas, banks, etc
Convenience
Many young, single people live in rentals
Social life
Apartments are less expensive to rent than houses
Lower expenses
Renting disadvantages
Noise
Lack of privacy
Small quarters
Lack of storage area
Things you should discuss with a roommate
Finances/sharing expenses
Transportation
Lifestyle habits, preferences
