Management - Financial Literacy

Why should you work to be an informed consumer?

• To stay informed about trends

• To get the most value for your money

• To ensure you pay the right sales tax

• To spend the least amount of money

• The 5-ounce bottle is a better deal because it costs less.

• The 5-ounce bottle is a better deal because you don't need that much.

• The 10-ounce bottle is a better deal because the price per unit is lower.

• The 10-ounce bottle is a better deal because you use it every day.

Which of the following is accurate about the benefits and risks of using credit cards to make purchases?

• Credit cards come with fraud protection, but credit card numbers can be copied by identity thieves.

• While credit cards are accepted almost everywhere, they put you at higher risk of being overcharged at the cash register.

• Credit cards allow you to pay for items later, but may cause you to miss out on better deals.

• Credit cards allow you to spend as much as you want, but are not accepted for most transactions.

Which of the following are things a skilled consumer does?

• Research before buying, buy only from clearance sales, avoid using credit, consider unit prices

• Research before buying, buy only what you need, consider unit prices, choose the best payment method

• Buy only what you need, shop locally, avoid using credit, buy only from clearance sales.

• Buy only from clearance sales, pay in cash, consider unit prices, buy only local goods.

Which is a good way to make an informed decision about a purchase?

• Read reviews from other consumers

• Read the product descriptions online

• Buy the Reviews if you'd like to review. lowest priced item

• Buy the highest priced item

Are sponsored reviews or verified purchaser reviews more reliable? Why?

• Verified purchaser reviews are more reliable because the reviewer knows more about the product.

• Verified purchaser reviews are more reliable because the reviewer isn't being paid for a positive review.

• Sponsored reviewers are more reliable because the reviewers is being paid for their honest opinion of the product.

• Sponsored reviews are more reliable because the reviewer is an expert in the field.

What is a risk of using cash?

• Paying more for purchases

• Not having fraud protection

• Not being able to shop in stores

• Paying interest on purchases

What is the benefit of a checking account?

• it allows you to save money and earn interest.

• It helps you spend money without carrying cash.

• It allows you to spend money and pay the bill later.

• It helps you invest money and gain a greater return.

Your favorite cousin Briar's birthday is coming up, and you'd like to gift her some money from your checking account. What is the benefit of gifting money via check?

• It is better because you get to earn interest.

• It is safer because you can trace the transaction.

• It is faster because money will be available instantly.

• It is cheaper because it has a flat fee per transaction.

11. Alejandro realized that he forgot his wallet when he was about to pay at a store. He only has his smartphone with him. How can he make a payment with money from his checking account?

• He can use a mobile payment app with his phone.

• He can write a check with his mobile banking app.

• He can send his checking account number via text

• He can show a picture of his debit card in his phone.