ML FBLA Financial Literacy - Consumer Awareness

What is consumer awareness?

• Understanding how to make money

• Knowing how to manage your bank account

• Being informed about products, services, and your rights as a consumer

• Understanding how to avoid taxes

What is the role of the Federal Trade Commission (FTC)?

• To regulate consumer rights and protect against unfair business practices

• To control the prices of products in stores

• To set interest rates on loans

• To enforce taxes on consumers

What does the term "consumer rights" refer to?

• Your right to borrow money from banks

• Your right to purchase products at discounted prices

• Your right to fair treatment when purchasing goods and services

• Your right to sell products in the marketplace

Which of the following is an example of deceptive advertising?

• A company claiming that its product works better than its competitors without evidence

• A company providing a money-back guarantee

• A company showing the benefits of its product in an ad

• A company offering a free trial period for its product

What is the purpose of a warranty?

• To guarantee that the product will work perfectly forever

• To provide repair or replacement if the product breaks within a certain time

• To offer a discount on the product

• To give you a free trial of the product

What should you do if you are unhappy with a product or service?

• Ignore it and move on

• Contact the company or business to resolve the issue

• Tell your friends to avoid the product

• Post a complaint on social media without contacting the company

What is the "fine print" in a contract?

• The product description and features

• Detailed terms, conditions, and limitations of the agreement

• The price of the product

• The company's contact information

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

• A new smartphone

• A new jacket for winter

• A gaming console

• A movie ticket

What is the Consumer Product Safety Commission (CPSC) responsible for?

• Setting the price of consumer goods

• Ensuring the safety of products sold to consumers

• Providing loans to consumers

• Managing bank accounts for consumers

What does it mean to "comparison shop"?

• To buy the cheapest product without considering quality

• To buy products from the same store

• To evaluate and compare prices, features, and quality from different stores before making a purchase

• To only buy products on sale