Question

the importance of personal finances
which of these outcomes become more likely for someone with strong personal finance skills? check all that apply.
a person can avoid opportunity cost.
a person can be more prepared to meet basic needs.
a person can avoid financial decision - making.
a person can spend money thoughtfully to accumulate assets.
a person can spend wisely to avoid financial problems.

Explanation:

• Option A: Opportunity cost is inherent in choices, so it can't be avoided, even with strong finance skills. Eliminate A.
• Option B: Strong personal finance skills help in budgeting and saving, making one more prepared to meet basic needs (like food, shelter). This is correct.
• Option C: Financial decision - making is unavoidable (e.g., choosing how to spend, save, invest). So one can't avoid it. Eliminate C.
• Option D: With good finance skills, a person can make thoughtful spending decisions that help in accumulating assets (like buying a house as an asset). This is correct.
• Option E: Wise spending, which comes from strong finance skills, helps in avoiding financial problems (like debt). This is correct.

Answer:

B. A person can be more prepared to meet basic needs.
D. A person can spend money thoughtfully to accumulate assets.
E. A person can spend wisely to avoid financial problems.