EverFi Financial Literacy Lesson 4: Consumer Skills

When you are deciding what to buy, you should not...

• compare the unit price of similar items.

• read reviews from unbiased sources.

• assume that buying the cheapest item is the smartest choice.

• wait for sales to get the best price.

Making a good purchasing decision requires __________.

• comparing the prices of similar items

• reading reviews of the product

• waiting until the product is on sale, if possible

• All of the above

When you are deciding what to buy, you should...

• pick the cheapest item to get the best deal.

• pick the most expensive item to get the best quality.

• trust influencers to pick the best items for you.

• compare the unit price of items similar to the one you want.

How is an advertisement different from a comment from a regular consumer?

• It isn’t any different.

• The advertisement is likely one-sided.

• The advertisement may have been posted by the seller.

• The advertisement is made by an influencer who gets paid.

How is a post from a social media influencer different than a comment from a regular consumer?

• It isn’t any different.

• The post by the influencer is likely one-sided.

• The post by the influencer may have been posted by the seller.

• The influencer is paid to post the product.

What is one of the best ways to get reliable information about a product?

• Follow a social media influencer

• Look for the advertisements

• Search online reviews

• Ask someone who has never used it

Which example shows an advantages of owning a car over leasing one?

• Smaller monthly payments and good warranty to cover repairs.

• Expiring warranty means that you will get to handle repair payments.

• No restrictions on the number of miles to drive and the ability to customize, or make changes to the car.

• You will drive a fairly new car for a limited period of time.

Which of the following is NOT an advantage of owning a car?

• Smaller down and monthly payments than leasing a car

• Drive unlimited number of miles

• Flexibility to be able to customize it

• Yours to keep and sell when you wish

What is the best reason for why someone would want to lease a house instead of buy one?

• They want full responsibility of all repairs.

• They want to be able to hopefully make money when they sell the place.

• They are planning on living there for a short period of time.

• They want to avoid rent increases and dealing with a landlord.

A pack of 24 pencils is more expensive than 12 pencils, but why could buying the 24 pack be the better deal?

• The price of each pencil, or the unit price, is actually cheaper in the 12 pack.

• The price of each pencil, or the unit price, is actually cheaper in the 24 pack.

• The 24 pack comes with a carrying case.

• This statement is false. Buying fewer pencils will always be a better deal.