Unit 1 Test - Managing Personal Finances

Which of these statements is TRUE about the modern second hand goods market?

• You should never buy clothes second hand because they can’t be trusted
• You can only get a small fraction of your original cost when you sell your second hand items
• You won’t find very high quality goods buying second hand
• You can find a store for almost any kind of style in today’s market

Influencers can have a direct impact on consumers’ financial habits because they…

• Work with their followers to design products that consumers are likely to buy
• Typically encourage consumers to save money instead of spending it
• Rate and review products that their consumers are likely to purchase
• Promote reusing and recycling items their followers may already have at home

Sean wants to buy a new backpack for school. Which of the following factors should he be LEAST concerned about when comparison shopping?

• The PRICE of the backpack
• WHEN the backpack was made
• The QUALITY of the backpack
• REVIEWS left by other consumers

Each of the following is one of the six ways of influence EXCEPT…

• Scarcity
• Blackmail
• Authority
• Social Proof

Which statement is TRUE about child identity theft?

• Children don’t have any assets, so they are not usually a target for identity theft
• Children are not in danger of a data breach
• Child identity theft occurs most often by a stranger in an online chat room
• Child identity theft often goes undiscovered for many years

All of the following statements are true about the difference between shopping at a big retailer versus a small one EXCEPT…

• Big retailers are known for their higher level of customer service when compared to small retailers
• Small retailers may be more appropriate for smaller households so that they aren’t buying as much in bulk
• Big retailers tend to offer significant discounts on big ticket items when compared to small retailers
• Small retailers often do not have membership fees like some big retailers do

Zach receives a notification from the IRS that he owes money. All of the following indicate that this could be a scam EXCEPT…

• The IRS calls him and demands he pay taxes he owes within 24 hours
• The IRS sends him a formal letter in the mail notifying him of taxes he owes
• The IRS texts him from an unknown number
• The IRS threatens to send local law enforcement if he does not send the money he owes in a timely manner

Which type of identity theft is MOST prevalent for those ages 20-39?

• Tax fraud
• Credit card fraud
• Government documents fraud
• Utilities fraud

Which of these is a common dark pattern you might encounter?

• Roach motel
• Wringing the towel
• Robo-assistants
• Tollway monitoring

Price matching is when…

• A store sends you a coupon for an item in your cart to encourage you to buy it sooner
• A store agrees to match the lower price of an identical item that is being offered at another retailer
• A store lets you know ahead of time that an item you’re interested in will be on sale in the next week
• A store agrees to match the lower price you bought an item at in the past