Question

1. the smart acronym stands for: a. special, magical, above and beyond, rich, and tight b. specific, measurable, attainable, relevant, and timely c. stringent, memorable, ambitious, resourceful, tremendous d. sweet, manageable, abstract, rememberable, tangible 7. what is the first step of a decision making process a. solve the problem b. select your alternative c. select your criteria d. define the problem 8. which of the following do economists not view as capital? a. tools b. money c. factories d. machines 9. according to the harvard study, people who set financial goals and write them down are more likely to: a. live longer than people who don’t b. love their family more c. become wealthier than those who don’t d. attend more school 10. which of the following is not a good reason to make a decision making grid? a. problem: i don’t get to hang out with my friends often enough. b. problem: what type of car should i buy? c. problem: what should i do after i graduate high school? d. problem: i don’t know where to plan my next big vacation.

Explanation:

• Question 6: SMART in business - goal - setting stands for Specific, Measurable, Attainable, Relevant, and Timely.
• Question 7: The first step in decision - making is to define the problem to understand what needs to be decided.
• Question 8: In economics, money is a medium of exchange and not considered capital in the traditional sense of factors of production like tools, factories, and machines.
• Question 9: Harvard study shows setting and writing financial goals is associated with becoming wealthier.
• Question 10: A decision - making grid is useful for complex decisions with multiple factors. Not hanging out with friends often is a simple issue not well - suited for a decision - making grid.

Answer:

1. b. Specific, Measurable, Attainable, Relevant, and Timely
2. d. Define the problem
3. b. money
4. c. Become wealthier than those who don’t
5. a. Problem: I don’t get to hang out with my friends often enough.