WorksheetsReview: Spending Decisions (Intuit)
Total questions: 34
Worksheet time: 23mins
What is PACED?
Using untrue or misleading information to influence buying decisions
A decision-making model that helps an individual make smart financial decisions
Tangible products that do not need to be purchased very often
Tangible products that are purchased for immediate use or consumption
What is false advertising?
A strategy to provide the best deals during sales
A technique to ensure product information is accurate
Using untrue or misleading information to persuade an individual to buy something
A legal method to compare products in the market
What is a durable good?
A service that lasts for at least three years
A product that is consumed immediately
Tangible products that do not need to be purchased very often and have an average life of at least three years.
Intangible products that have a short lifespan
What is a non-durable good?
A product that lasts for more than three years
Tangible products that are purchased for immediate use or consumption.
A service that is provided on a subscription basis
An intangible product that is used over a long period
What is a "Negotiable Price"?
A price that is set by the government and cannot be changed.
A price that is determined by the quality of the product alone.
The price of a product or service that is not firmly established and can be subject to change.
A price that is the same across all brands and sellers.
What does "Comparison Shopping" mean?
Shopping at the same store repeatedly.
The practice of comparing products or services from different sellers to find the best value.
Negotiating the price of a single item at one store.
Buying the first item you find without comparing.
What is "Identity Theft"?
Forgetting one's own personal information.
Legally changing one's identity.
When someone uses personal or financial information without permission.
Protecting one's identity from being stolen.
What is the definition of "Fraud"?
A legal method of gaining financial advantage.
When someone intentionally misrepresents the truth, or withholds or conceals important information, resulting in harm, such as monetary loss.
A financial strategy for investment.
A government policy to enhance economic growth.
What are "Scams"?
The act of reporting false information to authorities to gain financial benefits.
When someone unintentionally misrepresents the truth, or withholds or conceals important information, resulting in harm, such as monetary loss.
A type of fraud in which someone intentionally uses dishonest tactics to get an individual to give them their money.
Legal methods of obtaining money through clever marketing strategies.
What is the purpose of "Consumer Protection Agencies"?
To provide legal representation in court for fraud cases.
To offer insurance against any type of fraud or scam.
To regulate the sale of goods and services.
These are designed to help protect from fraud and scams and help deal with them if an individual becomes the victim of a scam.
What does the term "Spending Decisions" refer to?
A person who purchases goods and services for personal use.
The amount something is worth.
The act of making a choice or taking a course of action regarding the allocation of financial resources to purchase goods, services, or assets.
How much profit is made relative to the amount spent on the investment.
Who is considered a "Consumer"?
The act of making a choice or taking a course of action regarding the allocation of financial resources to purchase goods, services, or assets.
The amount something is worth.
A person who purchases goods and services for personal use.
How much profit is made relative to the amount spent on the investment.
What is the definition of "Value"?
The price at which an item is sold.
The cost of producing a good or service.
The amount something is worth.
The depreciation of an asset over time.
What does "Return on Investment (ROI)" measure?
The total revenue generated from a business operation.
The amount of capital invested in a project.
How much profit is made relative to the amount spent on the investment.
The percentage of market share a company holds.
What is the definition of "Resale Value"?
The environmental impact of a purchase.
Using untrue or misleading information to influence buying decisions.
The predicted price you could sell for in the future.
A strategy to attract customers to a store.
Which term refers to using untrue or misleading information presented using words or images to influence purchasing decisions?
Marketing
Resale Value
False Advertising
Environmental Impact
What are pricing strategies?
The economic principles that govern the price of goods and services.
Methods used by retailers to determine how they will price their goods and services.
The regulations set by the government to control the pricing of products.
The competition between different retailers to offer the best price.
Which of the following best describes a misleading or deceptive pricing strategy?
A strategy where prices are set according to the quality of the product.
A strategy where prices are increased during sales to offer apparent discounts.
A strategy where retailers establish prices that trick customers into thinking they're paying less for products.
A strategy where prices are set very low to eliminate competition.
What is often the result of the rising prices of goods and services over an extended time?
Deflation
Stagnation
Inflation
Recession
During times of inflation, how do people tend to spend?
People tend to spend more since goods and services are less expensive.
People tend to spend the same amount as they do during times of economic stability.
People tend to spend less since goods and services are more expensive.
People tend to invest more in stocks and bonds.
Ads are...
One of the ways that people and companies try to get you to buy their product or service.
The sudden and immediate purchase of a product without any pre-shopping intention.
The act of making a choice or taking a course of action regarding the allocation of financial resources to purchase goods, services, or assets.
The price of a product or service is not firmly established and can be subject to change.
The price for a single unit of measure of a product sold in more or less than the single unit. (a)
The sudden and immediate purchase of a product without any pre-shopping intention. (a)
Or Best Offer; (a)
A good indicator that the seller is willing to accept a lower price if it sounds reasonable to them.
The PACED Decision Making framework helps you make informed spending decisions. What does each letter stand for in PACED.
P: (a)
A: (b)
C: (c)
E: (d)
D: (e)
Match the following tricks of advertising with their description.
Pricing an item for $4.99 instead of $5 tricks your brain into thinking the price is a deal.
Price
Words like sale or 50% off are designed to get you to buy something because it looks like a great deal.
Words
Ads are timed based on what you’re watching, where you are located and what type of shows you watch.
Timing
Social media apps use algorithms to learn your likes and behavior and tailor ads to the things you like the most and are most likely to want to buy.
Your Behavior
Match the following tactics used by advertisers with the correct description.
Emotional Appeals
Tactics that evoke emotions.
Limited Time Offers
Tactics that create a sense of urgency.
Impulse Triggers
Tactics that trigger impulsive reactions
Social Proof
Tactics that create social validation.
Cross-selling/Upselling
Tactics that recommend upgrades.
Find the unit price:
a dozen pencils for $3.95
33 cents per pencil
30 cents per pencil
29 cents per pencil
31 cents per pencil
Find the unit price:
20 gallons of gas for $65.39
$3.00 per gallon
$3.15 per gallon
$3.27 per gallon
$3.47 per gallon
Find the unit price:
3 pounds of peanuts for $5.50
$1.80 per pound
$1.83 per pound
$1.86 per pound
$1.89 per pound
Prices for commodities, consumer goods, housing, education, and healthcare can all be affected by inflation.
True
False
Laws that are designed on the national level are laws that
control quality and function of products and services
deal with dishonest actions, or when promises about a product are broken
Laws that are designed on the state level are laws that
control quality and function of products and services
deal with dishonest actions, or when promises about a product are broken
PII is an acronym for
Personal Income Information
Personal Inventory Information
Personal Identifiable Information
Personal Injury Information
