WorksheetsUnit 3: Consumer Protection and Budgets
Total questions: 38
Worksheet time: 19mins
Which of the following is not a disadvantage to online shopping?
Waiting for the product to arrive
Hassle to return the product
Convenient (always open 24/7/365)
Can't try on the product or test a product
Debt that is paid off within one year, such as medical bills or a credit card bill:
Long Term Liability
Current Liability
Equity
Liquid Asset
Financial situation that occurs when you spend more money than you make
Budget
Surplus
Cash flow
Deficit
Purchasing items at the spur of the moment
Comparison shopping
Impulse buying
Unit pricing
Timing purchase
The debts that you owe
Surplus
Income
Net worth
Liabilities
Any item of value that a person or company owns
Deficit
Expense
Asset
Liability
A process whereby a dispute between a customer and a company is solved by an impartial third party whose decision is legally binding
Conversation
Arbitration
Mediation
Fraud
Money that is left over after paying the essentials (like food, water, clothing, transportation, and shelter)
Discretionary income
Insolvency
Deficit
Net Pay
Independent government agency that promotes consumer protection, handles reports of fraud, and the elimination of anti-competitive business practices and monopolies
BBB
FCC
FTC
CPSC
Financial state where deficits is greater than your earnings
Surplus
Insolvency
Liability
Budget
A separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the product
Service contract
Extended Warranty
Limited Warranty
Implied warranty
A prolonged warranty offered to customers in addition to the standard warranty and may be offered by the warranty administrator, distributor, retailer, or manufacturer?
Express Warranty
Service Contract
Limited Warranty
Extended Warranty
Mortgage payments/rent payments are an example of
Fixed Expense
Variable Expense
Money to buy groceries is an example of what type of expense:
Fixed Expense
Variable Expense
A cell phone plan is what type of expense:
Fixed Expense
Variable Expense
Which of the following is the most liquid asset?
Cash
House
Retirement accounts
Savings account
Which of the following is not a good strategy to protect yourself from identity theft?
Creating strong and unique passwords for each of your accounts and updating them frequently
Review your bank statements of purchases every month
Not carrying your social security card in your wallet
Doing online shopping through a hotel's free public wi-fi
Types of expenses that change month to month. For example one month you may need to pay for a medical bill but you won't for other months.
Fixed Expense
Variable Expense
What is the formula for unit pricing?
# of something (pounds, miles, gallons, etc.) / $
$ / # of something
An attempt by a third party to help facilitate discussion between the two parties and help form a compromise or consensus that benefits both sides.
Conversation
Arbitration
Mediation
Fraud
An organization focused on advancing marketplace trust by setting ethical standards for businesses and business practices.
CPSC
SEC
IRS
BBB
A written guarantee from the manufacturer or distributor that states the condition under which the product can be returned, replaced, or repaired
Manufacturer's promise
Pledge
Warranty
Rebate
The money you receive (cash inflow)
Expense
Liabilities
Surplus
Income
When is the time you would make a cash flow statement
At the start of a year to set a financial goal for that year
A few months before a deadline of a major financial goal
During a month to keep track of your spending
At the end of a month as a way for you to review your budget
The independent US government agency that protects the public against unreasonable injuries as results of a product and can issue recalls.
CPSC
FTC
FCC
BBB
The process of examining the price of products by looking at different companies before buying is called:
Buyer's remorse
Comparison shopping
Timing purchases
Impulse buying
A partial refund of the price of a product
Rebate
Discount
Unit pricing
Service contract
Written guarantee that comes in two variations: Full Warranty and Limited Warranty
Express Warranty
Implied Warranty
A group of people that formed together because they shared a common injury or felt wronged by a company or product and sue a company as a group
Class action lawsuit
Small Claims Court
Mediation
Arbitration
Financial statement that lists items of value owned, debt's owed, and a person's monetary holdings
Cash Flow Statement
Budget
Net Worth
Tax Return
Deliberate deception to secure unfair or unlawful gain, to deprive a victim of a legal right
Mediation
Arbitration
Extended Warranty
Fraud
Unwritten guarantee that covers certain aspects of a product or its uses?
Implied Warranty
Express Warranty
The act when a person claims they are someone else in an email fraud is called:
Phishing
Spoofing
Catfishing
Deception
Which of the following is not one of the 4 p's of Imposter Fraud
Presenting
Problem
Pay
Peace out
The criminal act when a person installs an electronic device over an existing card terminal (like a card reader at a gas station or gas pump) to steal card and bank information is called:
Phishing
Imposter Fraud
Spoofing
Skimming
What is the key for making an effective zero based budget
Budget every expense down to the cent
Limit your variable expenses to 3 items or less
Always use an electronic budgeting app (even if you need to pay a subscription)
Budget all your expenses and any surplus goes to savings
True or False: In the envelope saving method, if you have leftover funds from a previous month, you should add that to the next month.
True
False
What percentages of expenses fit in the 50-30-20 budget strategy
50% savings
30% wants
20% needs
50% needs
30% savings
20% wants
50% wants
30% needs
20% savings
50% needs
30% wants
20% savings/debts
