Question 1

Nearly __________ of students are concerned about their ability to pay for their education.

Accepted Answer

According to a survey conducted by Barnes & Noble College Insights, 66% of students are concerned about their ability to pay for their education.

Question 2

When most people get a raise they end up ___________.

Accepted Answer

Studies have shown that when people receive a raise, they are more likely to reward themselves with purchases or experiences they may have been putting off. Saving, donating or investing the extra money are also valid options, but statistically, people tend to spend more after a raise.

Question 3

If you feel guilty about your discretionary purchases you may suffer from _____________.

Accepted Answer

D

Question 4

One definition of financial wellness states it is "a way in which to measure the overall financial aspect of an individual that includes the amount of assets they own and how much income ________"

Accepted Answer

Financial wellness measures the balance between income and expenses, so the amount an individual must pay out to cover regular and other expenses is the best choice to complete the sentence.

Question 5

After you record your spending for a month you should _____________.

Accepted Answer

Reflecting and evaluating your spending habits after a month of tracking can help identify areas where you may need to make adjustments and ensure that you are using your money in a way that aligns with your values and goals. Continuing to spend as you have been or excusing purchases may perpetuate unhealthy spending habits. Trying to get your friends to buy your coffee is not a practical long-term solution for managing your finances.

Question 6

The first step to developing a realistic budget is to ______________.

Accepted Answer

Tracking your expenses for one month is the first step in developing a realistic budget. This allows you to see where your money is going and where you can make cuts or adjustments. Looking for cheaper housing, selling your car, or stopping organic food purchases may be helpful in reducing expenses, but they are not the first step in developing a budget.

Question 7

Your financial health will _________________ throughout your life.

Accepted Answer

Financial health is subject to various factors such as income, expenses, investments, economic conditions, and personal circumstances. Therefore, it is likely to fluctuate at different stages of life. For instance, a person's financial health may increase in their early career and decrease in retirement. Hence, the best option is D - fluctuate.

Question 8

Your daily spend refers to ____________.

Accepted Answer

The answer of Your daily spend refers to ____________.
...

Question 9

Lily just received her student loan.The first thing she should do is ___________.

Accepted Answer

The best choice is to subtract the necessities (such as rent, bills, groceries, etc.) from the full amount of the loan and then divide the extra over eight months. This will ensure that Lily has enough money to cover her basic needs throughout the school year without overspending or running out of money before the next payment. Buying a vehicle or taking out her boyfriend to dinner are both unnecessary expenses that could deplete her funds quickly, and putting it in the bank and forgetting about it could lead to overspending without a proper budget in place.

Question 10

Jolene enjoys her daily iced coffee from her local barista.The end of the semester is coming up and she is running out of student loan money yet she continues to purchase them.What type of personality does Jolene have?

Accepted Answer

Jolene's behavior of continuing to purchase iced coffee despite running low on funds suggests an addictive personality.

Question 11

Alexei enjoys music and he purchases many downloadable songs for his playlist.He spends approximately $10/day on these songs.He has tried to stop is having a difficult time doing so.Alexei is most likely experiencing __________.

Accepted Answer

Alexei is struggling with controlling his spending on downloadable songs, indicating a loss of control over his behavior. The other options do not accurately describe his situation.

Question 12

Suki is an international student and,as such,is unable to work in Canada unless he gets a job on campus.His family supplied him with some spending money but it is quickly running out.Suki is starting to feel symptoms of ____________.

Accepted Answer

Suki is experiencing stress due to his financial situation. Option A "financial illness" is not a commonly used term and does not accurately describe Suki's situation. Option B "financial unrest" is similar to stress but not a commonly used term. Option D "reflexive calm" is the opposite of what Suki is feeling and does not accurately describe his situation.

Question 13

____________________ can lead to extensive stress in students that can negatively affect their physical and mental health.

Accepted Answer

The answer of ____________________ can lead to extensive stress in...

Question 14

A discretionary purchase is one that __________.

Accepted Answer

A discretionary purchase is considered non-essential or frivolous, meaning it is not a necessity and is often made for pleasure or luxury.

Question 15

Final exams are over and Alex is looking for a summer job to help him pay for school next year.However,since the economic downturn,he is finding it hard to find a job because _________.

Accepted Answer

The economic downturn has resulted in a high number of job losses, which means that Alex is competing with a large pool of other job seekers also looking for employment. This makes it more difficult for him to find a job.

Question 16

If you owe money,it is important to _______________ to avoid extra charges.

Accepted Answer

Making payments on time will help you avoid any late charges or penalty fees associated with missed or late payments. It also helps to improve your credit score, which can lead to better interest rates and loan terms in the future. Avoiding obtaining another credit card or obtaining a loan to pay off debts may not necessarily address the issue of making payments on time. Making just the minimum payment may also result in additional interest charges and longer repayment periods.

Question 17

In order to maintain your financial health,you need to know _____________.

Accepted Answer

It is important to know both the amount of money you have and the amount of money you owe to understand your overall financial health. This comparison helps you analyze your debt-to-income ratio and determine if you are living within your means. Knowing how much money your family may give you in case of an emergency is helpful, but it should not be relied upon as a primary financial strategy.

Question 18

A(n)_________ personality is one that will seek the thing it is addicted to without regard for personal wellbeing or financial health.

Accepted Answer

The term "addictive" fits most logically with the sentence as it directly relates to addiction and the disregard for personal wellbeing or financial health. The other choices (approachable, gregarious, outgoing) do not necessarily have any relevance to addiction or reckless behavior.

Question 19

Julie,who is on antipsychosis medication for her manic episodes,has been getting her finances under control.She is able to do this because she _________.

Accepted Answer

The fact that Julie is on antipsychotic medication suggests that she has a mental illness, which may include delusions or grandiose thoughts about her financial means. By no longer having this misconception, Julie is able to get her finances under control. Option A, that she is on long-term disability, does not necessarily indicate that she has control over her finances. Option B, that she is working and earning, is not provided as information in the text. Option C may be a possibility, but it is implied that Julie's previous purchases were "frivolous" rather than necessary expenses.

Question 20

People who are ________ often overspend.

Accepted Answer

During manic episodes, individuals may exhibit behaviors such as overspending or making grandiose purchases, which is characteristic of bipolar disorder.

Quiz 23: Focus on Financial Health