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WorksheetsConsumer Services Review
Total questions: 20
Worksheet time: 10mins
Mike has saved $6,000 for his college expenses by working part-time. He plans to start college next year and needs all of the money he saved. Which of the following is the safest place for his college money.
Stocks
Corporate bonds
A bank savings account
Locked in a closet at home
Which of the following is an advantage of using cash over a credit card?
It's easier to buy things online.
It is easier to keep a record of how you spend your money.
It is easier to rent a car.
It is easier to control the amount you spend.
Cassandra is a 21-year-old who is still in college. She wants a credit card so she can order items online. Her mother offers to let Cassandra use her card, but Cassandra would like it in her own name. What is the advantage of having it in her own name?
She will be given more time to pay her bills.
She will get a finance charge with a lower APR.
If she pays her bills promptly she is establishing a good credit history.
Her credit score will go up by 200 points.
You have $150 in your checking account and have the choice of paying for a $100 purchase with either your credit card or your debit card. What will your balance in your checking account be after you pay for that purchase with your credit card?
$50
$100
$150
$200
What answer best describes something that identity thieves can do to get your personal information?
Pretend to be from a financial institution or company by emailing or calling you.
Complete a change of address form to divert billing statement.
Rummage through your trash.
All of the the answer are correct.
Overspending results when income is greater than expenses.
True
False
If a consumer abuses or uses a product in a way that is not intended, the consumer has the right to ask for compensation.
True
False
Labels such as energy efficient, made from recycled content or biodegradable are used to indicate that a company is producing __________ products.
sustainable
unsustainable
inexpensive
healthy
To take action to have a wrong corrected is an example of a __________.
consumer responsibility
consumer advocacy
financial services
buying
Which of the following is NOT a sustainable shopping technique?
Buy locally grown fruits and vegetables
Buy single-packaged items to avoid buying products in bulk.
Look for biodegradable cleaning products
Use a reusable stainless steel water bottle rather than bottled water.
Saving money can only occur when __________.
income is equal to expenses
income is less than expenses
income is greater than expenses
expenses are greater than income
Setting money aside.
income
expenses
savings
interest
Money earned.
income
expenses
savings
principal
Looking at different makes and models of a product at various stores to make a wise choice in purchasing products.
comparison shopping
saving
direct deposit
budget
Written financial plan to manage income, expenses and savings.
principal
credit
budget
investing
Putting money into something to gain a financial return.
electronic banking
sustainable purchasing
investing
self-advocacy
Original amount of money invested.
expenses
revolving credit
budget
principal
Goods & services requiring payment.
income
expenses
investment
budget
Written guarantee from the manufacturer that the product is in good condition.
return policy
savings
warranty
income
If Elisa gets an allowance of $35 per week and spends $10 of it on food and drink, $5 on entertainment and $5 on miscellaneous things, how much does she have available to put aside for savings each week?
$0
$5
$10
$15
