Principles of Financial Planning

Question 1

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 2

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 3

want✔ need

Revolt · Accepted Answer

need

Question 4

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

Question 5

want need

Revolt · Accepted Answer

want; Selection 1: want

Question 6

Use what you have learned about wants and needs to complete these statements. Frankie already has a pair of basketball shoes that he can wear for the tryout, which makes the new pair a. If Frankie did not have a pair of basketball shoes for the tryout, the new shoes would be considered a.

Revolt · Accepted Answer

Selection 1: want; Selection 2: need

Question 7

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

Principles of Financial Planning Answers

More from this Course

TRY EDGENUITY HACKS