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Consumer Online Semester Assessment Review
Consumer Online Semester Assessment Review
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1
A consumer's right to access his or her credit file is assured by the...
Fair Credit Reporting Act
Truth in Lending Act
Fair Housing Act
Equal Credit Opportunity Act
2
Which of the following is NOT a benefit of starting to plan your career while in high school?
take courses in school that relate to career goals.
work on developing the skills you need to be successful.
explore and investigate a variety of career options.
map out a career path and avoid having to change it later.
3
The ECOA protects against discrimination for all of the following reasons EXCEPT...
sex.
national origin.
employment income.
race.
4
When negotiating a deal for a new car, the consumer should negotiate...
from the invoice price up.
from the base price down.
from the sticker price down.
from the manufacturer's suggested retail price up.
5
Helpful hints for preparing a resume include...
exaggerate when possible.
the longer your resume, the better.
try not to show self-confidence.
proofread for spelling and grammar.
6
You will generally pay higher premiums if you choose to have a higher deductible.
False
True
7
The recommended size of an emergency fund is __ times your monthly net income.
one to two.
three to six.
five to ten.
two.
8
Net pay is the same as...
take-home pay.
hourly pay.
earned pay.
overtime pay.
9
In almost all states, drivers are required by law to have collision coverage.
True
False
10
The money a landlord holds to pay for damages caused by a tenant is a(n)...
inspection fee.
security deposit.
sublet fee.
lease deposit.
11
Which of the following is NOT a typical step in completing the purchase of a home?
The buyer makes an offer with a payment of earnest money.
The buyer, seller, and their agents meet for the closing.
The seller makes a counter offer.
seller accepts the offer but sells the home to another party
12
All of the following strategies will result in borrowing less for a vehicle EXCEPT...
negotiating the lowest possible price on the vehicle
using a trade-in as a down payment
getting a low-interest loan for a long time period
making the largest down payment you can afford
13
Planning for a financially secure retirement includes...
starting early to give your investment time to grow
expecting your employer to be responsible for your plan
depending only on income from Social Security
starting contributions after working for several years
14
Which one is a public assistance program that provides health services to low-income people?
Medicare
disability benefits
SSI
Medicaid
15
Increasing your investment timeline is advantageous because then you can pick investments with
lower risk.
potential for higher returns.
more liquidity.
less volatility.
16
By January 31, your employer sends you Form __, showing your total earnings and taxes withheld.
1099
W-2
W-4
1040
17
Which statement is true?
resources of a society are unlimited, and wants are limited.
resources of a society are limited, and wants are limited
resources of a society are limited, and wants are unlimited.
resources of a society are unlimited and wants are unlimited
18
Which one is NOT provided by the Social Security system?
unemployment benefits
survivors' benefits
disability benefits
retirement benefits
19
Rent is an example of...
discretionary expense.
variable expense.
net expense.
fixed expense.
20
According to the Consumer Expenditure Survey, the 2 largest U.S. consumer expenses are...
housing and transportation.
food and clothing.
food and personal insurance.
health care and utilities.
21
An effective consumer might do any of the following, EXCEPT...
buy a product on impulse.
use a credit card frequently.
order a product from a TV shopping channel.
hire an investment professional.
22
A pay stub shows which of the following.
total hours worked and amount earned for the pay period
total earnings, total deductions and net pay
income taxes and Social Security contributions
all of the above
23
A budget can help you do any of the following EXCEPT...
avoid running out of money between paychecks.
evaluate your spending habits and make better choices.
earn more income to cover your needs and wants.
set aside savings for unexpected expenses.
24
Under most state laws, a lemon is a vehicle that...
a defect that has not been repaired after 4 attempts
been out of service for due to defects for 15 days in a year
fails to start in temperatures below 32 degrees F
averages fewer than 15 mpg in city driving.
25
When you "jump on the bandwagon," you buy a product because...
it's associated with traditional values.
you identify with a particular group shown using it.
you'll be one of the first to have it.
everyone else is buying it.
26
All of the following factors could affect stock prices EXCEPT...
new safety regulations in industry.
ticker symbols.
interest rates.
new world trade legislation.
27
Marketers rely on all of the following subtle tactics to influence consumer spending, EXCEPT...
playing slow, relaxing music to encourage browsing
placing the most profitable items at eye level
placing frequently purchased goods in the nearest corner
projecting a store image that will attract customers
28
The cost of group health and life insurance is often lower than costs for individual coverage.
True
False
29
The agency that enforces laws against dishonest advertising is the...
Consumer Product Safety Commission.
Federal Consumer Information Center.
Federal Trade Commission.
Federal Communications Commission.
30
In order to determine which savings account will earn the most money is to compare their _ .
annual percentage yield
deposit terms
simple interest rates
minimum balance requirements
31
The three C's of credit include all of the following EXCEPT...
character.
capital.
credibility.
capacity.
32
Equal Employment Opportunity Act forbids discrimination by employers on the bases of...
politics.
national origin.
ability.
aptitude.
33
Critical thinking skills you can use to evaluate ads include all of the following EXCEPT...
analyzing what the ad might not tell you about the product.
determine how attention-getting elements relate to a product
recognizing how the ad is trying to influence your feelings.
relying on the claims made about the product.
34
When moving at the end of a lease period, a tenant must do all of the following EXCEPT...
arrange for final inspection with the landlord.
clean the unit thoroughly.
help the landlord find a new tenant.
provide the amount of notice the lease requires.
35
An example of paying yourself first is...
paying for food and household needs then spending on other
having employer deposit a portion of paycheck into savings
having paycheck direct deposited into savings
spending first and saving what's left
36
The actions of consumers have little or no effect on what products are offered for sale.
False
True
