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Unit 3 - Personal Budgets and Consumer Decision Making

Total questions: 29

Worksheet time: 15mins

Name
Class
Date
1.

The debts that you owe?

a)

Liabilities

b)

Income

c)

Surplus

d)

Assets

2.

A mortgage payment is an example of a?

a)

Variable Expense

b)

Fixed Expense

3.

Money left over after paying the essentials (such as food, shelter, transportation)?

a)

Net Pay

b)

Discretionary Income

c)

Deficit

d)

Insolvency

4.

Type of expenses that change from month to month?

a)

Variable Expenses

b)

Fixed Expenses

5.

Financial situation that occurs when you spend more money than you make?

a)

Deficit

b)

Surplus

c)

Cash Flow

d)

Budget

6.

Financial statement that lists items of value owned, debts owed and person's worth>

a)

Cash Flow

b)

Budget

c)

Net Worth

d)

Tax Return

7.

Debt that is paid off within one year, such as medical bills or a credit card bill?

a)

Current Liability

b)

Equity

c)

Liquid Asset

d)

Long Term Liability

8.

Financial state that occurs if liabilities are greater than assets?

a)

Surplus

b)

Budget

c)

Insolvency

d)

Cash Flow

9.

Which of the following is the most liquid asset?

a)

Car

b)

401k

c)

Cash

d)

House

10.

The money you receive (aka cash inflow)

a)

Liabilities

b)

Income

c)

Surplus

d)

Expenses

11.

Any item of value that an individual or company owns?

a)

Liability

b)

Deficit

c)

Expense

d)

Asset

12.

Unwritten guarantee that covers certain aspects of a product or its uses?

a)

Express Warranty

b)

Implied Warranty

13.

Independent agency of the US Government that protects the public against unreasonable risks of injuries and deaths associated with consumer products.

a)

BBB

b)

IRS

c)

CPSC

d)

SEC

14.

An organization focused on advancing marketplace trust by setting ethical standards for businesses, sets standards for advertisements, and evaluates charities.

a)

IRS

b)

BBB

c)

CPSC

d)

SEC

15.

Which of the following would be your best unit price?

a)

30 ounces for $10.00

b)

10 ounces for $2.50

c)

5 ounces for $1.00

d)

15 ounces for $2.25

16.

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)?

a)

Fraud

b)

Mediation

c)

Arbitration

d)

Conversation

17.

A written guarantee from the manufacturer or distributor that states the condition under which the product can be returned, replaced or repaired?

a)

Pledge

b)

Manufacturer's Promise

c)

Warranty

d)

Rebate

18.

Deliberate deception to secure unfair or unlawful gain, or to deprive a victim of a legal right?

a)

Extended Warranty

b)

Unit Pricing

c)

Fraud

d)

Mediation

19.

Which of the following is not a disadvantage to online shopping?

a)

Hassle to return a product

b)

Can't try on the product

c)

Waiting for the product to be shipped

d)

Convenient - Always open (24/7/365)

20.

Purchasing items on the spur of the moment?

a)

Timing Purchase

b)

Impulse Buying

c)

Comparison Shopping

d)

Unit Pricing

21.

A group of people with the same or similar injuries caused by the same product or action sue the defendant as a group.

a)

Class Action Lawsuit

b)

Mediation

c)

Arbitration

d)

Small Claims Court

22.

A partial refund on the price of a product?

a)

Unit Pricing

b)

Service Contract

c)

Rebate

d)

Warranty

23.

A prolonged warranty offered to consumers in addition to the standard warranty and may be offered by the warranty administrator, retailer, or manufacturer?

a)

Implied Warranty

b)

Extended Warranty

c)

Service Contract

d)

Express Warranty

24.

A process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding?

a)

Mediation

b)

Fraud

c)

Arbitration

d)

Conversation

25.

Independent agency of the US government that promotes consumer protection and the elimination of anti-competitive business practices?

a)

FTC

b)

IRS

c)

CPSC

d)

BBB

26.

Which of the following is not a good strategy to protect yourself from identity theft?

a)

Using public WiFi to access your online banking

b)

Creating strong passwords and updating them frequently

c)

Reviewing your credit report at least once a year

d)

Not carrying your social security card with you

27.

The practice of comparing the price of products or services from different vendors before buying?

a)

Express Warranty

b)

Comparison Shopping

c)

Impulse Buying

d)

Timing Purchases

28.

Written guarantee that comes in two forms: Full Warranty or Limited Warranty.

a)

Implied Warranty

b)

Express Warranty

29.

A separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the item?

a)

Implied Warranty

b)

Service Contract

c)

Extended Warranty

d)

Express Warranty