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Managing Personal Finances Flashcards | StudBud
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Managing Personal Finances
Managing Personal Finances
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Questions
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Answers
1
All of these are common ways credit card information is stolen EXCEPT…
A data leak revealing your personal information
Scammers calling your credit card company pretending to be you
Phishing emails requesting personal information
Accessing your credit card account on a public wi-fi network
2
Which statement is TRUE about the hidden fees consumers frequently encounter while making purchases?
Hidden fees are illegal in most states in the U.S.
Hidden fees are a widely accepted practice despite customer dislike
Hidden fees are rarely successfully disputed and not worth the effort
Hidden fees cost businesses millions of dollars in lost sales annually
3
All of these are ways that social media has an impact on teen spending EXCEPT…
Social media has made it easier than ever to buy immediately on impulse
Influencers typically encourage consumers to save money rather than spend
Social media constantly nudges consumers to buy products they have viewed
Consumers are influenced to buy items related to appearance or experiences
4
All of these are red flags that someone is likely a scammer EXCEPT…
They have an urgent need for money
They respond to an inquiry you made regarding your bank account
They threaten to report you to law enforcement authorities
They ask you for personal or financial information
5
All of these are strategies of comparison shopping EXCEPT…
Reading reviews
Checking competitor prices
Considering the brand reputation
Is it popular or trendy?
6
All of these are potential outcomes of identity theft EXCEPT…
Someone pretending to be you could go to your workplace and replace you
Someone could access your bank account and withdraw your funds
A new loan could be taken out in your name
You might find it more difficult to obtain insurance
7
All of the following are financial scams EXCEPT:
Multilevel Marketing
Phishing
Pyramid Scheme
Pump & Dump
8
All of these are benefits of buying goods second hand EXCEPT…
Marketplace groups exist to give or exchange goods for free
Thrift stores often have the unique styles and fashions
Second hand goods are often much cheaper than a new product
Used goods typically come with better warranties than new products
9
All of these are traits teens found important in influencers they follow EXCEPT…
They are funny
They are authentic
They have an attractive style
They have strong credentials
10
Which of these methods of shopping has the LARGEST negative impact on the environment?
Buying exclusively online with slower shipping
Looking for the product you want in stores and purchasing it there
Buying exclusively online with expedited shipping
Looking for the product you want in stores and then buying it online
11
All of the following are PRACTICAL strategies to reduce the influence of advertisements EXCEPT…
Find an "accountability buddy".
Pause before making a purchase to evaluate if you actually need it
Unsubscribe from shopping emails
Avoid using the internet completely
12
TRUE or FALSE: Older people (ages 70-79) lose money MORE often than younger people (ages 20-29)?
FALSE
TRUE
13
What does FOMO mean?
Finding Only Memories Outside
Fear and Loathing in Las Vegas
Fear of Missing Out
Feeling of Missed Opportunity
14
Which of these accurately describes a common relationship between consumers and subscription services?
Consumers tend to save money by signing up for lots of trial subscriptions
Consumers tend to overestimate what they pay in subscriptions each month
Consumers have been spending less on subscriptions in recent years
Consumers forget how many subscriptions they have and how much they cost
15
What should you do FIRST if you suspect your personal information has been compromised?
Shred all of your credit cards
Go back to the last store you visited and look for clues
File an identity theft report with the FTC
Close all of your bank accounts
16
What is the one factor you would NOT consider when purchasing fireworks?
Quantity
Quality
Longevity
Performance
17
Which product is purchased primarily for it's craftmanship?
Deodorant
Energy Drinks
Furniture
Trendy Clothes
18
Which of the following products are most Americans likely to buy after seeing it on social media?
Electronics
Clothes
Home goods
Cars
19
"How we handle money is, in part, tied up in our unique family histories" explains this life value.
Financial
Inner
Social
Emotional
20
Which of these qualities should be LEAST important when considering purchasing a product?
How long the product will last
The performance of the product
How many of your friends have the product
The quality of the product
