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WorksheetsOTFCS Consumer Education Final Exam
Total questions: 24
Worksheet time: 12mins
What are consumer protections and obligations?
Laws that protect consumers
Obligations consumers have to businesses
Laws that protect the government
Both A and B are correct
Definition of Traditional Economic System.
Full government control, Socialism or Communism are examples
Combination of the other 3 systems, United States has this system
Very little government involvement, controlled by businesses and consumers
Traditions passed down, mainly agricultural, not much technology
Definition of Command Economic System.
Full government control, Socialism or Communism are examples
Combination of the other 3 systems, United States has this system
Very little government involvement, controlled by businesses and consumers
Traditions passed down, mainly agricultural, not much technology
Definition of Market Economic System.
Full government control, Socialism or Communism are examples
Combination of the other 3 systems, United States has this system
Very little government involvement, controlled by businesses and consumers
Traditions passed down, mainly agricultural, not much technology
Definition of Mixed Economic System.
Full government control, Socialism or Communism are examples
Combination of the other 3 systems, United States has this system
Very little government involvement, controlled by businesses and consumers
Traditions passed down, mainly agricultural, not much technology
True or False: Using the rational buying decision steps help people think logically through the decision making process.
True
False
Why is competition in a market a good thing?
It creates lower prices
We get better quality products
We get new features or new products often
All of the above
Which of the options defines Brand advertising?
Appeals to customer’s emotions
Uses name of company or well known logo/character, all about the NAME
Educates you about the products benefits, good for technology
Usually in response to a competitor’s advertisement
Compares their product to the competitor’s product
Which of the options defines Informative advertising?
Appeals to customer’s emotions
Uses name of company or well known logo/character, all about the NAME
Educates you about the products benefits, good for technology
Usually in response to a competitor’s advertisement
Compares their product to the competitor’s product
Which of the options defines Comparative advertising?
Appeals to customer’s emotions
Uses name of company or well known logo/character, all about the NAME
Educates you about the products benefits, good for technology
Usually in response to a competitor’s advertisement
Compares their product to the competitor’s product
Which of the options defines Defensive advertising?
Appeals to customer’s emotions
Uses name of company or well known logo/character, all about the NAME
Educates you about the products benefits, good for technology
Usually in response to a competitor’s advertisement
Compares their product to the competitor’s product
Which of the options defines Persuasive advertising?
Appeals to customer’s emotions
Uses name of company or well known logo/character, all about the NAME
Educates you about the products benefits, good for technology
Usually in response to a competitor’s advertisement
Compares their product to the competitor’s product
What is a credit score?
How much money you have on your credit card
Number that depicts a consumer’s creditworthiness
Ranking of the bank company
None of the above
What is a co-signer for a loan?
The bank personnel that helps you with the paperwork
Your spouse
2nd person who signs loan, obligates them to pay the loan if you default/don’t pay
Item of value used to back a loan
What is an interest rate?
Amount of money owed
Transferring a balance from one card to another
Amount of time allowed before the payment is considered late
Fee for borrowing money
What is identity theft?
Illegal use of an individual’s personal information for fraudulent purposes
Person or organization who works on behalf of consumers
The right to seek legal remedy when laws are violated
Someone who buys and uses products or services
Which is an example of a telemarketing scheme?
The company, Herbalife (the documentary we watched)
Sending emails under the disguise of a “Prince”
Sending emails that someone “won” a prize in order to collect their information
The “IRS” calls and tells you that you owe taxes and to pay over the phone
Checking accounts are typically used for:
Bills and monthly payments
Keeping money in your account (emergency fund, vacation fund, big purchases)
Savings accounts are typically used for:
Bills and monthly payments
Keeping money in your account (emergency fund, vacation fund, big purchases)
What does it mean if you overdraw your checking account?
It’s a line of credit for purchases
Not enough money in your account for checks or debit card purchases
Interest rate is too high
Multiple people have access to one account
What does a Blank endorsement mean?
Transfers the check to another person (“Pay to the Order of ________”)
Only has your signature
Restricts use of the check (“For Deposit Only, For Mobile Deposit Only”)
What does a Special/Endorsement in full mean?
Transfers the check to another person (“Pay to the Order of ________”)
Only has your signature
Restricts use of the check (“For Deposit Only, For Mobile Deposit Only”)
What does a Restrictive Endorsement mean?
Transfers the check to another person (“Pay to the Order of ________”)
Only has your signature
Restricts use of the check (“For Deposit Only, For Mobile Deposit Only”)
What does it mean to reconcile your account?
Balance from your check register matches your reconciliation form
Close your account
Open an account
None of the above
