iCEV Personal Finance Practice Test 2026 – Comprehensive Exam Prep

The term that best describes the mode of living that reflects an individual or group’s attitudes and values is lifestyle. A lifestyle encompasses various aspects of a person's daily life, including their habits, interests, and overall way of interacting with the world. It encompasses how individuals make choices regarding their expenditures, leisure activities, social interactions, and personal values, which collectively influence their purchasing decisions.

In contrast, demographic status refers to statistical characteristics of a population, such as age, gender, income level, and education, but does not inherently describe attitudes and values. The concept of target market focuses on a specific group of consumers at whom a product or service is aimed, often based on demographics and behaviors rather than deep-seated values. Personality pertains to the individual traits that define a person’s behavior, but it is more about psychological characteristics than the broader, collective lifestyle choices that a group of people might share. Therefore, lifestyle is the most encompassing term that integrates attitudes and values into the concept of how individuals or groups live.