What is Behavioral Economics?

Behavioral economics studies the impact of psychological factors on economic decision-making.

Behavioral economics focuses solely on market trends.

Behavioral economics ignores human emotions in decision-making.

Behavioral economics is a branch of mathematics.

A budget is a financial plan for managing income and expenses.

A budget is a list of all the products a company sells.

A budget is a type of investment strategy.

A budget is a document for tracking employee performance.

What is the difference between a bank and a credit union?

A bank is for-profit and owned by shareholders, while a credit union is non-profit and owned by its members.

A bank is owned by the government, while a credit union is privately owned.

Both banks and credit unions are non-profit organizations.

A bank offers only savings accounts, while a credit union offers loans exclusively.

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

assume that buying the cheapest item is the smartest choice.

compare the unit price of similar items.

read reviews from unbiased sources.

wait for sales to get the best price.

What is the purpose of setting financial goals?

To guide your saving and spending to achieve your desired outcomes

To make sure you spend all your money

To impress others with how much money you have

What is a Bank Reconciliation?

A bank reconciliation is balancing your financial records with the bank statements.

A bank reconciliation is a report generated by the bank to show profits.

A bank reconciliation is a type of investment strategy.

A bank reconciliation is a method for calculating interest rates.

What is a withdrawal from a checking account?

It is the act of removing funds from a checking account.

It refers to the balance remaining in a checking account.

It is the process of depositing money into a checking account.

A deposit is a sum of money placed into a bank account.

A deposit is a fee charged by the bank for services.

A deposit is a loan taken from a bank.

A deposit is a type of investment in stocks.

What is an endorsement on a check?

An endorsement on a check is a signature or stamp that authorizes its transfer or cashing.

An endorsement is a legal document

An endorsement is a fee charged for cashing a check.

A check endorsement is a type of bank account.

A written order to a bank to pay the amount stated to the person or business named on it.

Why do many banks no longer send paper checks to other banks for processing?

To make processing faster and more efficient

To reduce the number of checks processed

To increase the use of paper checks

To avoid electronic transactions

Where is the payee's name written on a check?

In the "Pay to the Order of" line

How do you sign a check over to a third party?

Endorse the check by signing it and writing 'Pay to the order of [Third Party's Name]'.

Tear the check in half and give it to the third party.

Write 'Cash' on the back of the check.

Sign the check without any additional information.

What is the 50/30/20 rule?

A budgeting rule that divides income into 50% needs, 30% wants, and 20% savings.

A financial strategy that suggests spending 50% on luxury items, 30% on necessities, and saving 20% for emergencies.

A guideline for retirement planning that recommends saving 50% of income, spending 30% on travel, and 20% on education.

A savings plan that allocates 50% to investments, 30% to expenses, and 20% to debt repayment.

Semester Review

Authored by Linda Phillips

Financial Education

9th Grade

Used 1+ times

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36 questions

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MULTIPLE CHOICE QUESTION

2 mins • 2 pts

What does BBB stand for?

Business Bureau of Better

Bureau of Better Business

Better Bureau of Business

Better Business Bureau

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

When looking at advertising "sponsored" reviews are the most reliable.

True

False

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

When looking at advertising "purchase" reviews are the most reliable.

True

False

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

What is One way a consumer can avoid impulse buying?

Shop without a budget in mind.

Conduct Pre-Purchase research

Buy items on sale regardless of need.

Browse online stores aimlessly.

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

Which organization is known for providing consumer protection and business accreditation?

Federal Trade Commission

Better Business Bureau

Consumer Protection Agency

National Consumer League

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

This is an example of a _________

Need

Want

MULTIPLE CHOICE QUESTION

2 mins • 2 pts

Water is an example of a _________

Need

Want

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Semester Review

What does BBB stand for?

When looking at advertising "sponsored" reviews are the most reliable.

When looking at advertising "purchase" reviews are the most reliable.

What is One way a consumer can avoid impulse buying?

Which organization is known for providing consumer protection and business accreditation?

This is an example of a _________

Water is an example of a _________

What is Behavioral Economics?

What is a budget?

Which of the following is an example of a 'want' rather than a 'need'?

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