Final answer:
Mason should evaluate whether the bike purchase aligns with his budget and long-term goals, considering opportunity cost and other possible uses of his money. Individuals with strong personal finance skills are more likely to meet basic needs, accumulate assets, and avoid financial problems.
Step-by-step explanation:
If Mason wants to consider his short-term and long-term goals before making a purchase, he should ask himself several critical questions. First, he should assess whether the bike fits within his budget and how it aligns with his other spending and saving goals. Will this purchase delay or impede his ability to achieve other important financial objectives? Is there a less costly alternative that might also meet his needs? Additionally, he should contemplate the opportunity cost associated with this purchase; what other things could he spend this money on, and is the bike the best use of his funds?
When it comes to the outcomes that become more likely for someone with strong personal finance skills, both B) A person can be more prepared to meet basic needs, and D) A person can spend money thoughtfully to accumulate assets, are pertinent. Strong budgeting and financial decision-making can lead to a more stable financial situation where basic needs are comfortably met, and thoughtfully spending money can lead to asset accumulation. Option E) A person can spend wisely to avoid financial problems, is also relevant as it underlines the consequence of making informed financial decisions to prevent potential economic hardship.