Personal Finance Unit 10

Unit 10: Consumer Choices

By Laura McReady

• Buy during sales

  • take advantage of seasonal sales

• Join co-op stores

  • Costco, Sam's Club, etc.

• Choose best location

  • don't just consider item price, think about distance, time, gas cost, delivery fees, etc.

• Avoid impulse buying!

• Use coupons and rebates

• Check unit prices

​

​Making Wise Purchases

Can buying a more expensive item save you money?

Multiple Choice

Which of the following explains impulse buying? 

• Carefully shopping for items that are on a pre-determined list. 
• Using a catalog to purchase your items. 
• a sudden decision to buy something you did not plan to purchase
• Shopping at only local stores to give back to your local economy 

Multiple Choice

What is a consumer? 

• A person who buys goods and services. 
• Somebody who eats too much
• Somebody who designs clothing 
• A provider who markets goods and services. 

Multiple Choice

Why do stores like scan and go options, apps, and one-click purchases?

• It is harder for customers to pay, so they end up saving money.

• It makes paying easier and faster, so customers are more likely to overspend.

• Digital pay is the way of the future, and retail stores like being ahead of the times.

Some items, such as cars and houses, come with lots of other expenses once purchased. Don't forget to consider those.

​

​Cost of ownership

Multiple Choice

What is advertisement?

• A text that gives information about a person

• It is a picture, short film, song etc. which try to persuade people to buy a product or service or attend an event

• A text that provides information about something such as a natural phenomena

• A text about some famous persons to get specific information and main idea

Multiple Choice

What is the specific group of people that an advertiser is trying to reach with their advertisement?

• Targeting

• Emotional appeal

• Verbal elements

• Target audience

Multiple Choice

What is the use of emotions such as fear, joy, or anger to persuade the viewer to purchase a product or service?

• Branding

• Targeting

• Emotional appeal

• Jingle

Multiple Choice

What is a statement or phrase that encourages the viewer to take a specific action, such as making a purchase or signing up for a service?

• Target audience

• Call-to-action

• Verbal elements

• Product placement

Multiple Choice

What is the process of identifying a specific group of people as the audience for an advertisement, and creating an ad that will appeal to that group?

• Branding

• Targeting

• Jingle

• Visuals

Multiple Choice

What is a message or announcement designed to promote a product or service and persuade people to purchase it?

• Target audience

• Advertisement

• Call-to-action

• Branding

What is identity theft?

When someone uses your personal or financial information without your permission. It can damage your credit status and cost you time and money.

How do they get your identity?

• Trash

• Stealing (wallet, purse, etc.)

• Change home address to obtain your mail

• Phishing

  • call or email pretending to be someone else to get information, often a link in emails claiming to be from bank, school, work, etc.

• Pretexting/Fraud - calling a place pretending to be you or someone else authorized on account

• Skimming - special devices that can steal credit/debit card info, may be attached to ATMs, gas pumps, etc.

What are the signs someone stole your identity?

• You may get bills for things that you didn't purchase.

• Medical fraud is someone using your health benefits without you knowing

• Debt collectors call to collect money you didn't spend

Multiple Select

What are the long-term negative effects of identity theft? Choose 2.

• Inability to access and use your bank account

• A poor credit score

• Extremely time consuming to fix the problem

• You will likely lose your job

Multiple Select

Which is a warning sign that someone is using your information? (hint: choose 3 correct answers)

• You find credit card charges you did not make

• You get bills for medical services you did not use

• Debt collectors call about debts that are not yours

• Debit card transactions are taking a long time to process

Multiple Choice

Using a fraudulent link to get sensitive information

• Investment scam

• Pyramid Schemes

• Banking scam

• Phishing scam

Multiple Choice

John throws all of the copies of his bills and credit card statements in the trash. He receives a call from his credit card company asking him if he has been to Cancun recently. John has never traveled outside of the United States. Which term describes how a thief got John’s credit card information?

• Hacking

• Phishing

• Pretexting

• Dumpster Diving

Multiple Choice

Sara wants a new outfit but does not have the money to buy it. She calls her friend’s credit card institution pretending to be the friend and tells the company that she has lost her credit card and needs a new one. What term describes what Sara did?

• Skimming

• Fraud

• Phishing

• Hacking

Multiple Choice

You receive a phone call ... 'Today is your lucky day! You have been chosen by the Space Travel Sweepstakes to receive a free trip on the Space Shuttle. All we need is your credit card number and expiration date to verify you as the lucky winner.' Do you give out this information?

• Yes
• No

Multiple Choice

When creating passwords and PINs (personal identification numbers), what information should you avoid using that could easily be discovered by an 'identity thief'?

• Last 4 digits of Social Security number
• Middle Name
• Birthdate
• All of these

Multiple Choice

To minimize the amount of information an 'identity thief' can steal, which of the following should you NOT carry in your wallet or purse unless you absolutely need to?

• Birth Certificate
• Social Security Card
• Passport
• All of these

Multiple Select

What is a reasonable way to protect yourself from identity theft? (hint: choose 3 correct answers)

• Know the signs of phishing

• Always pay cash; never use a debit or credit card

• Strengthen your passwords

• Check your credit report often