NGPF Consumer Skills

What is the primary purpose of consumer skills education in social studies?

• To understand economic principles

• To develop critical thinking

• To make informed purchasing decisions

• To learn historical facts

Which of the following is a key component of consumer skills?

• Understanding supply and demand

• Budgeting and financial planning

• Learning about ancient civilizations

• Studying political systems

What is a common strategy for effective budgeting?

• Spending more than you earn

• Ignoring fixed expenses

• Tracking income and expenses

• Relying on credit cards

Which of these is an example of a fixed expense?

• Groceries

• Rent

• Entertainment

• Clothing

What is the benefit of comparing prices before making a purchase?

• Saving money

• Wasting time

• Increasing debt

• Reducing choices

Why is it important to understand interest rates when borrowing money?

• To increase the loan amount

• To know the repayment terms

• To avoid paying back the loan

• To ignore the loan agreement

What does the term 'consumer rights' refer to?

• The right to vote

• The right to fair treatment in the marketplace

• The right to free speech

• The right to privacy

Which of the following is a consumer protection agency in the United States?

• Federal Reserve

• Consumer Financial Protection Bureau

• Department of Defense

• Environmental Protection Agency

What is the purpose of a warranty on a product?

• To increase the product price

• To guarantee product quality

• To limit product use

• To encourage impulse buying

Which of these is a benefit of using a credit card responsibly?

• Accumulating debt

• Building a credit history

• Paying high interest rates

• Overspending