Practice Test 1

1. A person who buys or receives goods/services

• Producer
• Copay
• Consumer
• Creator

2. Merchandise or things you own.

• Goods
• Services
• Grants
• Expenses

3. An act that is completed for pay (lawn mowing, babysitting, car repair)

• Goods
• Services
• Scholarships
• Loans

4. What best describes a Sponsored Review?

• A review written by a regular customer who bought the product
• A trustworthy review written by a customer with over 100 products reviewed
• A product review paid for by the company to promote the product

5. What best describes a credit card?

• A card connected to your checking account used to buy goods and services
• A card that lets you buy an item now, and pay for it later - usually at the end of the month
• A card that can be exchanged for specific cash value at particular stores, given as a gift
• A payment type that transfers funds electronically, like PayPal or CashApp

6. What best describes a debit card?

• A card that lets you buy things now and pay for them later - usually in a month
• A card connected to your checking account used to buy goods/services
• A card that has cash value for a particular store, usually given as a gift
• A way to transfer funds electronically like PayPal or CashApp

7. A payment type where funds are transferred from one party to another using electronic means such as PayPal, CashApp, Venmo, and others.

• Credit Card
• Debit Card
• Gift Card
• Electronic Payment

8. The cost divided by a measurement or weight. $12 / 12oz = $1 per ounce

• Max Price
• Sales Price
• Premium Price
• Unit Price (or price per unit)

9. A 10-ounce bottle of your favorite lotion that you use every day costs $9.50. The 5-ounce bottle only costs $5. What is a better deal and why?

• 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.

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

• Read reviews from other customers
• Read product descriptions online
• Buy the lowest priced item
• Buy the highest priced item