Review for Final: Consumer Skills Section

On your scantron paper, write the letter of the choice that BEST completes each statement.

• unexpected expenses.

• routine expenses.

• income increases.

• a decrease in expenses.

What are you doing when you offer to give someone a ride to school in exchange for borrowing a sweater?

• conserving

• polluting

• using natural resources

• bartering

Which is an example of a resource that is in limited supply?

• oil

• skills

• knowledge

• ability to memorize

Saving money to pay for college is an example of a …

• flexible expense.

• source of income.

• long-term goal.

• short-term goal.

Time, energy, and imagination are examples of what type of resource?

• community

• human

• material

• natural

If you have a checking account, it is important to …

• use money orders as often as you can.

• keep accurate records.

• write only one or two checks a month

• decrease your principal

When you choose a savings account, you want one that will …

• earn the highest possible interest.

• earn the lowest possible interest.

• not earn interest.

• decrease your principal.

When you borrow money, you must…

• have someone cosign the loan.

• use a credit card.

• find the highest annual percentage rate available.

• Pay back the money you owe as well as the finance charges.

It is important to keep sales receipts so that you…

• will know how to care for your purchase.

• Can return your purchase if necessary.

• Will know where to address a letter of complaint if necessary.

• Can keep your purchase.

What is the right to be informed?

• A) the right to receive accurate information about a product

• B) the right to make your own decision about what to buy

• C) the right to work for passage of laws that protect consumer rights

• D) the right to complain if a product is unsatisfactory