CJ: Unit 1 & 2 Quiz: Money Relationships & Consumer Skills

1. Which statement best describes how to comparison shop?

• Buy many brands of the same item, see which you like best, and return all the rest
• Set a budget, decide what features you want, and see which stores/brands best fit your needs
• Visit many stores and ask the salespeople to lower the price until one offers something you can afford
• Start your own website that compares the current store prices of items you shop for regularly

2. You're going to buy a new bicycle. What should be one of your first steps in comparison shopping?

• Decide what bicycle features you care most about
• Visit the store that sells the least expensive bicycles
• Locate a coupon for bicycles
• Sell your old bicycle

3. Randall needs to make two purchases today -- a box of donuts to share with his homeroom and a pair of running shoes for the upcoming track season. For which item should he do MORE comparison shopping?

• Neither -- both of these purchases are very easy
• The donuts -- because he wants to get a lot of flavors
• The shoes -- because they need to fit well and last for the whole season
• Both -- you should comparison shop for every item you buy

4. Which of the following scenarios accurately defines a financial trade-off (a.k.a an "opportunity cost")?

• A person invests their money.
• Taking a day off work to see your favorite band, while losing that day's pay.
• Taking money from someone else who has more than you.
• The total amount of money you have between your bank accounts and you cash.

5. Here's Ruth's receipt from the onsite cafe at her job. How many items did Ruth buy?

• 1
• 2
• 3
• 4

6. Here's Ruth's receipt from the onsite cafe at her job. How much did this meal cost her?

• $1.17
• $11.70
• $12.87
• $14.50

7. Complete this sentence: A checking account statement...

• is the receipt you get from a store when you purchase something using a check
• tells you the bank's policies on fees
• lists all the purchases and deposits you've made in the previous month
• allows you to take out a student loan for college

8. Which of the following transactions will REDUCE the amount of money in your checking account?

• Deposit a check your uncle gives you for your birthday
• Use your debit card to get money from an ATM
• Buy an expensive new bike using cash
• Transfer funds from your saving account to your checking account

9. What do you need in order to open a checking account?

• A form of ID and proof of address
• At least $50 saved up
• A report card showing you've passed all your classes
• Two letters of recommendation

10. Chang wants to use his mobile wallet at a t-shirt shop on vacation. What does he need to do to pay for the item?

• He holds his smart phone next to the store's checkout terminal
• He uses his laptop to buy the item on the store's website
• He scans the store receipt using his cell phone within the next 24 hours
• He uses his phone to buy a gift card from the store and then buys the t-shirt with the gift card