TExES AAFCS Composite Exam (200) Review Questions with Correct Answers 100% Verified By
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AAFCS (American Association of FCS) national organization that influences the education of
individuals in the methodology and knowledge associated with fcs. Influence public policy and
gather support for programs that help educate and protect individuals and families from unsafe
habits, business practices, products, and lifestyles
Grid Analysis dm strategy that takes all of the factors involved with each option, rates each
factor, and then gives each factor a weight based on its importance to the overall decision.
scenario analysis dm method whereby individuals or organizations use their experience,
knowledge and intuition to predict what kidn of situations may arise from each option if that
particular option were chosen. Anticipating every possible outcome that might occur and
accurately predicting what events are most likely to occur in the future can be impossible.
resource anything that can be used to aid either in the daily functioning of an individual or
organization or in the achievement of a particular goal.
land and natural resources anything that comes from the environment, such as water, oil,
soil, timber and the land itself
labor resources the actual effort that various people involved in an organization put into a
project, leading to the completion of that project
capital and capital goods any financial and human-made resources, including money, tools,
equipment, buildings, and houses
information resources any resources that allow an indiv or org to find, compile, and put to
use knowledge that might help in achieving a particular goal
non-financial resources Resources that are not cash or cannot be sold outright and turned
into cash, can be extremely useful to a family that is experiencing financial problems. Can be
used to produce income or reduce costs. Don't sell your house, but rent out a room to make
,some extra money. A family member who is a seamstress could lower a family's costs by
mending everyone's clothing instead of throwing it away or buying new garments.
change management process by which an org attempts to modify a particular aspect of how
it operates with as little harm to the org as possible. must use change management techniques
that do not place too much unnecessary stress upon the members of the org.
empirical-rational strategy strategy of managing change; assumes that people are ultimately
interested in their own well-being and will more quickly accept changes if they believe that
those changes offer them some sort of benefit. (Incentives); d- less effective if the org does not
offer substantial enough incentives
normative-reeducative strategy strategy of managing change; revolves around idea that
peer pressure can bring about the changes that an org needs. People will normally behave
according to the expectations of society. ex: posters in breakroom that affirm the importance of
customer service; d-less effective when relations between management and staff are strained
or when employees feel rush or obligated to execute the changes
power-coercive strategy strategy of managing change; assumes that people will listen to
authority figures and do as they are told. Works by preventing members from choosing any
other option than the one manager wants them to follow. If refuses to accept, org may punish
the individual.; d-can often promote unrest among members of the org
consumer rights series of protections, usually guaranteed by law, that seek to prevent
individuals from being taken advantage of in the marketplace; consumer laws uphold the three
basic rights of the consumer: right to safety, be informed, and be treated fairly
Equal Credit Opportunity Act federal act prohibiting any organization that issues credit to
consumers from denying credit to a consumer on the basis of race, gender, age, marital status,
religion, national origin, or skin color
, Fair Housing Act anti-discrimination act that prevents a seller or organization offering
financing for a home from denying to sell, rent, or finance a residence on the basis of race,
color, gender, religion, family status, national origin, or handicap
Fair Credit Reporting Act states that consumer reporting agencies collecting and distributing
information about consumers for credit related purposes are required to follow certain
guidelines concerning how they maintain and distribute the information they collect.
Fair Debt Collection Practices Act the fair debt collection practices act requires third party
debt collectors, businesses that collect debts due to other individuals or businesses, to refrain
from using abusive or deceptive practices in collecting those debts. Prohibits from calling
consumers at times other than between 8 am and 9 pm.
Truth in Lending Act Requires any organization issuing credit to a consumer to disclose the
full terms of the lending arrangement and all costs associated with entering into that
arrangement.
"caveat emptor" let the buyer beware
want anything that a person desires
need anything that a person requires to continue functioning; needs are universal
decision process before making a purchase 1.need recognition
2.information gather
3.evaluate choices
4.decide and purchase
5.post purchase evaluation
Experts| Latest Update Guaranteed Success
AAFCS (American Association of FCS) national organization that influences the education of
individuals in the methodology and knowledge associated with fcs. Influence public policy and
gather support for programs that help educate and protect individuals and families from unsafe
habits, business practices, products, and lifestyles
Grid Analysis dm strategy that takes all of the factors involved with each option, rates each
factor, and then gives each factor a weight based on its importance to the overall decision.
scenario analysis dm method whereby individuals or organizations use their experience,
knowledge and intuition to predict what kidn of situations may arise from each option if that
particular option were chosen. Anticipating every possible outcome that might occur and
accurately predicting what events are most likely to occur in the future can be impossible.
resource anything that can be used to aid either in the daily functioning of an individual or
organization or in the achievement of a particular goal.
land and natural resources anything that comes from the environment, such as water, oil,
soil, timber and the land itself
labor resources the actual effort that various people involved in an organization put into a
project, leading to the completion of that project
capital and capital goods any financial and human-made resources, including money, tools,
equipment, buildings, and houses
information resources any resources that allow an indiv or org to find, compile, and put to
use knowledge that might help in achieving a particular goal
non-financial resources Resources that are not cash or cannot be sold outright and turned
into cash, can be extremely useful to a family that is experiencing financial problems. Can be
used to produce income or reduce costs. Don't sell your house, but rent out a room to make
,some extra money. A family member who is a seamstress could lower a family's costs by
mending everyone's clothing instead of throwing it away or buying new garments.
change management process by which an org attempts to modify a particular aspect of how
it operates with as little harm to the org as possible. must use change management techniques
that do not place too much unnecessary stress upon the members of the org.
empirical-rational strategy strategy of managing change; assumes that people are ultimately
interested in their own well-being and will more quickly accept changes if they believe that
those changes offer them some sort of benefit. (Incentives); d- less effective if the org does not
offer substantial enough incentives
normative-reeducative strategy strategy of managing change; revolves around idea that
peer pressure can bring about the changes that an org needs. People will normally behave
according to the expectations of society. ex: posters in breakroom that affirm the importance of
customer service; d-less effective when relations between management and staff are strained
or when employees feel rush or obligated to execute the changes
power-coercive strategy strategy of managing change; assumes that people will listen to
authority figures and do as they are told. Works by preventing members from choosing any
other option than the one manager wants them to follow. If refuses to accept, org may punish
the individual.; d-can often promote unrest among members of the org
consumer rights series of protections, usually guaranteed by law, that seek to prevent
individuals from being taken advantage of in the marketplace; consumer laws uphold the three
basic rights of the consumer: right to safety, be informed, and be treated fairly
Equal Credit Opportunity Act federal act prohibiting any organization that issues credit to
consumers from denying credit to a consumer on the basis of race, gender, age, marital status,
religion, national origin, or skin color
, Fair Housing Act anti-discrimination act that prevents a seller or organization offering
financing for a home from denying to sell, rent, or finance a residence on the basis of race,
color, gender, religion, family status, national origin, or handicap
Fair Credit Reporting Act states that consumer reporting agencies collecting and distributing
information about consumers for credit related purposes are required to follow certain
guidelines concerning how they maintain and distribute the information they collect.
Fair Debt Collection Practices Act the fair debt collection practices act requires third party
debt collectors, businesses that collect debts due to other individuals or businesses, to refrain
from using abusive or deceptive practices in collecting those debts. Prohibits from calling
consumers at times other than between 8 am and 9 pm.
Truth in Lending Act Requires any organization issuing credit to a consumer to disclose the
full terms of the lending arrangement and all costs associated with entering into that
arrangement.
"caveat emptor" let the buyer beware
want anything that a person desires
need anything that a person requires to continue functioning; needs are universal
decision process before making a purchase 1.need recognition
2.information gather
3.evaluate choices
4.decide and purchase
5.post purchase evaluation
