WorksheetsRamsey Chapter 5 TEST
Total questions: 20
Worksheet time: 11mins
An example of discretionary spending is...
Utilities and food
Transportation
Monthly rent
Nonessential goods and services
Why do stores like scan and go options, apps, and one-click purchases?
It's harder for customers to pay, so they end up saving money.
It makes paying easier and faster, so customers are more likely to overspend.
Digital pay is the way of the future, and retail stores like being ahead of the time.
It's easier for the retail store clerks.
As as effective marketing strategy, companies pay a lot to ....?
Have their products strategically placed in the store.
Get you to dislike their branding.
Confuse you about their product.
Choose a brand similar to theirs.
When someone steals and uses your debit or credit card info, that's called...
Networking
Borrowing
Fraud
Authorized spending
What does it mean to develop power over purchase?
You are powerless in the face of an impulse purchase.
You can make decisions very quickly when it comes to purchasing items.
You are able to slow down and think through your motives before buying somethings.
You have power to purchase what ever you want, and you do so.
To think big picture, you need to understand that ....
The best way to have more money is to have contentment.
The best way to be content is to have more money.
Your goals are less important than buying the latest and greatest stuff.
You can buy happiness.
Companies use marketing to get your prefrontal cortex off line so you'll be vulnerable to impulse purchases.
True
False
Americans spend over $2,100 a year on...
Impulse purchases
Entertainment
Groceries and eating out
Credit card fees.
What is the digital marketing strategy that tracks users across the web?
Retargeting
Native ads
YouTube videos
Content marketing
Before you insert your debit card at the gas pump, you should always...
Check out the card reader to see if it looks different, loose, or worn
Make sure you have enough money in your account
Ask the store clerk if there has been a their here lately
Pay cash-never use a card at a gas pump.
The key to contentment is grattude.
True
False
Part of being a smart consumer is being able to....
Say no to an unnecessary purchase
Use a credit card for the points without going into debt
Set up digital wallets and mobile payment
Discern when to open a retail store credit card and when not to
Why is paying for something in cash a better option than a virtual payment even if it isn't as convenient?
If you make spending less convenient, you're less likely to buy things you don't need.
It's easier to part ways with cash, so you're more likely to overspend.
It isn't a better option. The perks of virtual payments out weigh the downsides.
It helps the store clerk when you use cash.
You won't find contentment by just continually buying stuff.
True
False
It's okay to make an online purchase if you're on unsecured Wi-Fi, as long as you log off as soon as you're done.
True
False
Appreciating who you are and what you have instead of wanting what your friends have is called...
Comparison
Contentment
Gratitude
Consumerism
Creating a budget, having clear money goals, and slowing down to think through a purchase are all practices of a ...
College student
Wise consumer
Foolish consumer
Free spirit
What is one way to practice power over purchase?
Spend more money
Make quicker decisions when buying
Make sure you're sticking to your budget
Pay with credit cards to earn rewards.
Why does brand recognition help businesses?
It makes their name and logo easily
It helps the business recognize their own logo
It keeps the consumer from buying more of their product or service.
It helps them partner with other businesses.
It's your right as the consumer to.....
Pitch a fit if you don't like the product you just purchased, and demand a refund
Buy whatever you want, as long as you don't go into debt over it
Expect a product to live up to the quality promised to you before you purchased it
Keep a product even if it malfunctions or has manufacturing issues
