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Financial Literacy - Ch 5 - Consumer Awareness Flashcards | StudBud
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Financial Literacy - Ch 5 - Consumer Awareness
Financial Literacy - Ch 5 - Consumer Awareness
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Questions
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Answers
1
To think big picture, you need to understand that . . .
You can buy happiness
The best way to have more money is to have contentment
The best way to be content is to have moremoney
Your goals are less important than buyingthe latest and greatest stuf
2
Shoe companies can use influencer marketing to build brand recognition to gain credibility and familiarity
False
True
3
It's your right as the consumer to . . .
Pitch a fit if you don't like the product you purchased, demand a refund
Keep a product even if it malfunctions or hasmanufacturing issues
Buy whatever you want, as long as youdon't go into debt over it
Expect a product to live up to the quality promised before you purchased it
4
Part of being a smart consumer is being able to...
Use a credit card for the points without going into debt
Say no to an unnecessary purchase
Set up digital wallets and mobile payment
Discern when to open a retail store credit card an
5
You won't find contentment by just continually buying stuff.
False
True
6
Tactics of wise spenders are...
Comparison shopping for best prices
All of the above
wait overnight before making the purchase
think about the opportunity cost
7
Personal finance is 20% head knowledge and 80% ___.
Behavior
Good intentions
Motivation
Attitude
8
It's okay to make an online purchase if you're on unsecured Wi-Fi, as long as you log off as soon as you're done.
True
False
9
Contentment is hindered by ___ .
Delayed gratification
Immediate gratification
The Five Foundations
Money principles
10
Americans spend over $600 a month on ____ .
Impulse purchases they didn't plan to buy
Credit card fees
Entertainment
Groceries and eating out
11
What is the digital marketing strategy that tracks users across the web?
YouTube videos
Native ads
Retargeting
Content Marketing
12
When someone steals and uses your debit or credit card info, that's called___.
Networking
Fraud
Spending
Borrowing
13
Appreciating who you are and what you have instead of wanting what your friends have is called ____.
Consumerism
Comparison
Gratitude
Contentment
14
Creating a budget, having clear money goals, and slowing down to think through a purchase are all practices of a ___.
Wise consumer
College student
Foolish consumer
Free spirit
15
The following are way(s) a thief can commit fraud...
intercepting and opening mail from your mailbox
stealing your card from online purchases
All of the above
Card skimmer at gas station
16
There are 5 marketing strategies companies spend most of their budget on.
False
True
17
Why does brand recognition help businesses?
It helps them partner with other businesses.
It helps the business recognize their own logo
It makes their name and logo easily memorable for consumers.
It keeps the consumer from buying more of their product or service.
18
What does it mean to develop power over purchase?
You have power to purchase whatever youwant, and you do so.
You can make decisions very quickly when itcomes to purchasing items.
You're able to slow down, think through motives before buying something
You are powerless in the face of an impulsepurchase.
19
A perk of mobile pay is that it is easy to transfer $ between friends.
False
True
20
Convenience is both a perk and a downside of mobile pay.
True
False
21
Why should you never buy the extended warranty?
You should buy the extended warranty. It is asmart financial decision.
The retailers never keep their promises.
Retail items and products rarely break ormalfunction.
Most retailers will replace or repair the product within the first year.
22
Before you insert your debit card at the gas pump, you should always . . .
Ask the store clerk if there has been a thiefhere lately
Pay cash—never use a card at a gas pump
Make sure you have enough money inyour account
Check out the card reader to see if it looksdifferent, loose, or worn
23
When using mobile pay, real time records of what you’ve spent can help you ____?
Make quicker decisions when buying
Spend more money
Feel good about overspending
Make sure you're sticking to your budget
24
Why is digital ad spending projected to be $524 billion in 2024?
Digital marketing is easier for marketers, sothey prefer this method.
Marketers know you're on a device more than you're reading newspaper ads
Other marketing methods cost more.
Advertisers are tired of old-fashionedmarketing methods.
25
A downside of mobile pay is it makes it easier to spend.
False
True
26
Which of the following has the lowest risk for getting your card information stolen?
Making an online purchase on anunsecured site
Handing your card over to a server ata restaurant
Storing your card information online
Using your debit card and PIN at a reputable store
27
If you're a victim of card fraud . . .
Wait until the next week to contact your bank
Contact your bank immediately
Call 911 before making any other purchases
Wait for your bank to contact you
28
Marketers have sophisticated tech + plans to get your money, what can you do to make sure you don’t fall in their trap?
Never buy anything online.
Be aware of when and where you’re being marketed to.
Make snap decisions to buy products.
Stay off any form of digital media entirely.
29
Why do stores like mobile pay apps?
It's easier for the retail store clerks.
It makes paying easier + faster, so customers are more likely to overspend
Digital pay is the way of the future, and retail stores like being ahead
It’s harder for customers to pay, so they endup saving money.
30
Stuff doesn't equal ___. Debt makes people look better off than they ___ .
Happiness; deserve
Wealth; actually are
Investments; should be
Income; want to be
31
Reading the owner's manual, using the product as intended, and keeping the receipt are ways to . . .
Go into debt over an item
Protect and maintain your purchase
Think through a purchase
Avoid regretting an impulse purchase
32
Why is paying for something in cash a better option than mobile pay even if it isn’t as convenient?
It helps the store clerk when you use cash.
It’s easier to part ways with cash, so you'remore likely to overspend.
You feel the loss of $ when you use cash, you're less likely to overspend.
It isn't a better option. The perks of mobilepay outweigh the downsides
33
What is the main goal of a retail customer reward system?
To get customers to spend more money in the long run.
To help save customers money.
To make customers happy through free products + cash back
To create wise customers who make smart money decisions.
34
The key to contentment is gratitude.
False
True
35
An example of discretionary spending is __.
Transportation
Nonessential goods and service
Monthly rent
Utilities and food
