Deck 8: Managing Your Resources

Question 1

The three steps to managing time are analyzing how you use your time, __________, and creating a plan for your time.

A) eliminating your smallest use of time
B) prioritizing your activities
C) charting your time use
D) changing your time use

Answer 1

prioritizing your activities

Question 2

Which of the three steps to managing your time might involve using the 80/20 rule, also known as the Pareto Principle?

A) Creating a plan for your time
B) Taking control of your time
C) Analyzing how you use your time
D) Prioritizing your activities

Answer 2

Prioritizing your activities

Question 3

The three steps to managing your money are to _________, prioritize your expenses, and create a plan for your money.

A) analyze your spending
B) spend less than you ear
C) balance your checkbook
D) separate your credit and utility bills

Answer 3

analyze your spending

Question 4

Which of the three steps to managing your money might involve creating an expense log?

A) Analyzing your spending
B) Balancing your accounts
C) Prioritizing your expenses
D) Creating a plan for your money

Question 5

When you analyze how you spend your time each day, it's helpful to assign each of your activities to one of three different categories: maintenance time, discretionary time, and ___________.

A) recreational time
B) industrious time
C) priority time
D) committed time

Question 6

Which of the following is an example of an activity that falls in the category of maintenance time?

A) Exercising at the gym
B) Volunteering for the local high school
C) Writing reports for work
D) Having drinks with friends

Question 7

When you analyze how you spend your money, it's helpful to assign each of your expenses to one of three different categories: fixed committed expenses, discretionary expenses, and ___________.

A) variable committed expenses
B) credit expenses
C) leisure expenses
D) revolving expenses

Question 8

Which of the following is an example of a common variable committed expense?

A) car payments
B) dining out
C) family birthday gifts
D) student loan payments

Question 9

According to the text, a __________ is a personal checklist of tasks and activities you need to complete over the course of a certain period of time.

A) to-do list
B) schedule
C) chore list
D) plan of action

Question 10

An essential component of creating a plan for your time is to create a ______, which is a chart showing dates and times when tasks must be completed.

A) to-do list
B) schedule
C) chore list
D) plan of action

Question 11

Which of the following is a benefit of creating a schedule for your tasks?

A) You can try to beat your schedule by doing more than planned in order to make room for fun.
B) You can revise times as necessary if you don't meet your dues dates.
C) You can pace yourself and build in leisure time.
D) You can spend more time rechecking the schedule to search for what do next.

Question 12

According to the text, what should you do if are making a schedule and don't know how long a certain task will take?

A) Make an estimate.
B) Estimate it, then double that amount of time.
C) Ask someone who has done the task before.
D) Don't schedule a due date.

Question 13

According to the text, the habit of putting off tasks until the last minute is called _________.

A) procrastination
B) delayed gratification
C) squandering
D) stalling

Question 14

Which of the following is cited in the text as one of the reasons people might procrastinate?

A) They lack responsibility.
B) They enjoy the pressure of last-minute work.
C) They don't think extra time will help them succeed.
D) They wait for a time when they will be in the mood to work.

Question 15

Tyreese is a high school student and member of a band. He frequently extends his band practices the day before his school tests, leaving himself very little time at the last minute to study for them. This type of procrastination is called ____________.

A) deferment
B) self-handicapping
C) slugging
D) self-aggrandizing

Question 16

Sasha knows she frequently procrastinates when it comes to big projects for school. She has a big research paper due in ten days and she still hasn't started working on it. What would you recommend she do?

A) Tell her to wait just a little longer until she's in the right mood to get a lot done.
B) Advise her to divide the project into ten small tasks and do the first one today.
C) Tell her to visualize the perfect topic and organization and begin once she has those.
D) Recommend that she ask her teacher for an extension so she has more time to think about it.

Question 17

A(n) ________ is a money-management plan that specifies how you will spend your money during a particular period of time, usually one month.

A) budget
B) schedule
C) investment plan
D) fiscal balance

Question 18

When experts say that an effective budget should be balanced, what do they mean?

A) Your income should be less than or equal to your expenses.
B) Your income and expenses should always be equal.
C) Your expenses should only outweigh your income every other month.
D) Your expenses should be equal to or less than your income.

Question 19

Most financial experts recommend budgeting at least how much of your income toward savings?

A) 8%
B) 10%
C) 12%
D) 15%

Question 20

Which of the following was one of the criteria for an effective budget cited in the text?

A) It assumes a best-case scenario for discretionary expenses.
B) It is resistant to change.
C) It focuses on your goals and values.
D) It assumes you already have your savings taken care of.

Question 21

David and Gwen are two friends who regularly meet up once a week at the local mall and visit stores and shop while they catch up. David and Gwen are most likely engaging in which of the following potentially dangerous activities?

A) Social ambling
B) Binge purchasing
C) Passive procrastination
D) Binge drinking

Question 22

Nicole went online to buy a birthday present for her sister. Just as she was about to finish up and pay, she noticed an advertisement on the side of the Web page featuring a pair of boots that were just her style. She immediately fell in love with them and added them to her purchase. Nicole engaged in ____________.

A) buyer's remorse
B) direct marketing
C) variable purchasing
D) impulse buying

Question 23

Gretchen has five different credit cards and a large amount of debt among all of them. In order to help her get out of her credit card debt more quickly and by reducing her finance charges, what would you recommend she try?

A) Get a line of cash credit on one of the cards to pay off the others.
B) Just keep paying the minimum on all the cards.
C) Consolidate her credit card debt to the credit card with the smallest interest.
D) Sign up for another credit card to help with her expenses so she can pay a little more of the balance on the other cards each month.

Question 24

Which of the following is not one of the questions you should ask yourself before making a purchase in order to help reduce excess spending?

A) Can I borrow a similar item instead?
B) Do I have room on my credit card for this purchase?
C) Do I want to buy this to satisfy a psychological need?
D) Have I allowed for this item in my budget?

Question 25

Kate's refrigerator broke and she had to buy a new one with a credit card because she did not enough money in her savings to pay for this unexpected but necessary expense. What should Kate do to make sure this doesn't hurt her finances and further?

A) Make cuts to her spending and use that extra money each month toward paying off the credit card bill.
B) Just pay the minimum amount due on the credit card each month until she has saved up enough to pay off the balance.
C) Open up another credit card in order to pay for her bills and other expenses each month while she saves to pay off the card with the refrigerator bill.
D) Just pay the minimum fee on the credit card each month so she doesn't have to cut expenses anywhere else.

Question 26

Explain what an expense log is and how it helps you analyze your spending.

Question 27

What are a couple of the benefits of making a to-do list rather than just trying to remember what you need to do?

Question 28

According to research cited in the text, what is the real difference between A and C students?

Question 29

Why is it important to take your time when creating a budget for yourself?

Question 30

Marla buys a latte from a local coffee shop with her credit card each morning. Why might this be an unwise way to use her credit card?

Question 31

The general steps to follow for both time and money management are to analyze, prioritize, and plan.

Question 32

If you have too much to do and too little time, the most effective and efficient thing to do is to cut back on sleep.

Question 33

Discretionary time is the most flexible type of time.

Question 34

One of the most important money-management skills is the ability to distinguish between fixed committed and variable committed expenses.

Question 35

When creating a schedule, you should plan to work on your most important and demanding tasks for your prime time of day.

Question 36

Although it's tempting, you shouldn't get in the habit of rewarding yourself when you complete tasks on your to-do list, as it will eventually decrease your motivation.

Question 37

The need for perfection can cause some people to procrastinate.

Question 38

Self-handicapping involves creating obstacles to your success in order to have an easy excuse for poor performance.

Question 39

Since you don't always know how much they will be, you don't need to factor discretionary expenses into your monthly budget.

Question 40

When assessing your budget, you don't need to include tips and your allowance in your income, if you receive them.

Question 41

According to a research study published in the Journal of Consumer Research, people with high activity in the area of the brain called the insula are less likely to be big spenders.

Question 42

The average American household has several credit cards and over $8,000 in credit card debt.