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WorksheetsUnit 3 - Personal Budgets and Consumer Decision Making
Total questions: 29
Worksheet time: 15mins
The debts that you owe?
Liabilities
Income
Surplus
Assets
A mortgage payment is an example of a?
Variable Expense
Fixed Expense
Money left over after paying the essentials (such as food, shelter, transportation)?
Net Pay
Discretionary Income
Deficit
Insolvency
Type of expenses that change from month to month?
Variable Expenses
Fixed Expenses
Financial situation that occurs when you spend more money than you make?
Deficit
Surplus
Cash Flow
Budget
Financial statement that lists items of value owned, debts owed and person's worth>
Cash Flow
Budget
Net Worth
Tax Return
Debt that is paid off within one year, such as medical bills or a credit card bill?
Current Liability
Equity
Liquid Asset
Long Term Liability
Financial state that occurs if liabilities are greater than assets?
Surplus
Budget
Insolvency
Cash Flow
Which of the following is the most liquid asset?
Car
401k
Cash
House
The money you receive (aka cash inflow)
Liabilities
Income
Surplus
Expenses
Any item of value that an individual or company owns?
Liability
Deficit
Expense
Asset
Unwritten guarantee that covers certain aspects of a product or its uses?
Express Warranty
Implied Warranty
Independent agency of the US Government that protects the public against unreasonable risks of injuries and deaths associated with consumer products.
BBB
IRS
CPSC
SEC
An organization focused on advancing marketplace trust by setting ethical standards for businesses, sets standards for advertisements, and evaluates charities.
IRS
BBB
CPSC
SEC
Which of the following would be your best unit price?
30 ounces for $10.00
10 ounces for $2.50
5 ounces for $1.00
15 ounces for $2.25
An attempt by a third party to resolve a conflict between a customer and a business through discussion and negotiation (not through the court system)?
Fraud
Mediation
Arbitration
Conversation
A written guarantee from the manufacturer or distributor that states the condition under which the product can be returned, replaced or repaired?
Pledge
Manufacturer's Promise
Warranty
Rebate
Deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right?
Extended Warranty
Unit Pricing
Fraud
Mediation
Which of the following is not a disadvantage to online shopping?
Hassle to return a product
Can't try on the product
Waiting for the product to be shipped
Convenient - Always open (24/7/365)
Purchasing items on the spur of the moment?
Timing Purchase
Impulse Buying
Comparison Shopping
Unit Pricing
A group of people with the same or similar injuries caused by the same product or action sue the defendant as a group.
Class Action Lawsuit
Mediation
Arbitration
Small Claims Court
A partial refund on the price of a product?
Unit Pricing
Service Contract
Rebate
Warranty
A prolonged warranty offered to consumers in addition to the standard warranty and may be offered by the warranty administrator, retailer, or manufacturer?
Implied Warranty
Extended Warranty
Service Contract
Express Warranty
A process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding?
Mediation
Fraud
Arbitration
Conversation
Independent agency of the US government that promotes consumer protection and the elimination of anti-competitive business practices?
FTC
IRS
CPSC
BBB
Which of the following is not a good strategy to protect yourself from identity theft?
Using public WiFi to access your online banking
Creating strong passwords and updating them frequently
Reviewing your credit report at least once a year
Not carrying your social security card with you
The practice of comparing the price of products or services from different vendors before buying?
Express Warranty
Comparison Shopping
Impulse Buying
Timing Purchases
Written guarantee that comes in two forms: Full Warranty or Limited Warranty.
Implied Warranty
Express Warranty
A separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the item?
Implied Warranty
Service Contract
Extended Warranty
Express Warranty
