Principles of Financial Planning

Question 1

Use what you have learned about wants and needs to complete these statements.

Revolt · Accepted Answer

Frankie already has a pair of basketball shoes that he can wear for the tryout, which makes the new pair a.: want; If Frankie did not have a pair of basketball shoes for the tryout, the new shoes would be considered a.: need

Question 2

want✔ need

Revolt · Accepted Answer

✔ need

Question 3

want need

Revolt · Accepted Answer

want; Selection 1: want

Question 4

In this scenario, Frankie must consider whether making one choice will force him to give up another.Based on what you have read, which economic concept is Frankie faced with?

Revolt · Accepted Answer

opportunity cost

Question 5

What should Frankie consider before buying the car? Check all that apply.

Revolt · Accepted Answer

what he will be giving up if he spends $800 on the car; the cost to maintain (oil, tires, gas, brakes) and insure the car; his short- and long-term financial goals; if an alternate mode of transportation, such as a bicycle or the bus, is sufficient for his needs

Principles of Financial Planning Answers

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