Unit 3. Buying goods and services Quiz

What is a billing statement?

• A document outlining the monetary amount owed for products or services

• A tool for managing expected income and expenses

• A type of short-term financing for purchases

• A legally binding agreement between parties

What is a budget?

• A payment method using a mobile device

• A resource management tool for expected income and expenses

• A card issued by a bank for purchases

• An agreement to rent a home with an option to buy

What does "buy now pay later" mean?

• A method of comparison shopping

• A type of short-term financing for purchases

• A prepaid card for goods and services

• A zero-based budgeting method

What is comparison shopping?

• Gathering information about similar products to find the best option

• A legally binding agreement between parties

• A payment method using a mobile device

• A budgeting method where income minus expenses equals zero

Who is a consumer?

• An individual who engages in the acquisition of goods or services

• A bank issuing credit cards

• A retailer offering layaway plans

• A person managing a not-for-profit organization

What is a contract?

• A card issued by a bank for purchases

• A legally binding agreement between two or more parties

• A method of retail purchasing

• A budgeting method where expenses vary

What is a credit card?

• A card issued by a bank allowing consumers to borrow funds

• A card that deducts money directly from a checking account

• A card that is not connected to a bank account

• A method of making mobile payments

What are fees?

• Payments required by a bank for various services

• A type of short-term financing

• A method of retail purchasing

• A budgeting method where income equals expenses

What are fixed expenses?

• Expenses that vary from month to month

• Expenses such as rent and insurance premiums

• Payments made using a mobile device

• A method of retail purchasing

What is layaway?

• A method where a consumer makes a downpayment on a good

• A card issued by a bank for purchases

• A budgeting method where income equals expenses

• A payment method using a mobile device