Unit 6: Financial Literacy

Which of the following are examples of needs?

• An iced coffee and a cinnamon roll

• A large SUV with extra features

• Water and a place to live

• A cell phone and a tablet

The definition of income is

• saving and borrowing

• the use of credit cards

• spending and saving

•   money earned

At a middle school, the 7th graders will conduct a survey for where to go on a field trip. Which method will result in the least biased decision?

•   to randomly ask 8th grade students who went last year

• to randomly choose some 7th grade students to select a location

• to ask all 7th grade teachers for a location

• to ask the student council to choose a location

The following is an example of

• bias

•   propaganda

• consumerism

• investment

When is someone entitled to refund on something they have purchased?

• They buy a sweater without trying it on, wear it and realize it is uncomfortable.

• They buy a cell phone, drop and break the phone upon leaving the store.

• They buy coffee, take it home and realize they don't like it.

• They buy a pair of jeans without trying them on, discover that the zipper is broke when arriving home.

What is the relationship between risk and reward?

• The greater the risk, the greater the potential reward.

• The lower the risk, the higher the potential reward.

• The greater the risk, the lower the potential reward.

• The lower the risk, the more growth in value of the return.

A business must ensure that its products _______________.

• continue to work forever.

• do not endanger a consumer’s life or health.

• never break

• are useful to the people who buy them.

Which advertisement/propaganda technique is this?

• testimonial

• card stacking

• plain folks

• bandwagon

Which advertisement/propaganda technique is this?

• glittering generalities

• bandwagon

• transfer

• name calling

Money that is earned is called

• investments

• income

• expenses

• savings