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WorksheetsLAST REVIEW QUIZ
Total questions: 40
Worksheet time: 39mins
What is identity theft?
Identity theft is a legal way to assume someone else's identity.
Identity theft is a harmless prank played on someone by stealing their personal information.
Identity theft is a term used to describe when someone forgets their own identity.
Identity theft is a crime where someone wrongfully obtains and uses another person's personal information.
How can someone avoid falling victim to a scam?
Click on suspicious links and attachments; provide personal information when asked; use weak passwords.
Ignore suspicious emails and links; visit any website without verifying its legitimacy; use the same password for all accounts.
Open emails from unknown senders; click on any link or attachment; use simple and easily guessable passwords.
Be cautious of suspicious emails, links, and attachments; verify website legitimacy; use strong passwords.
What are some red flags to look out for when shopping online?
suspiciously low prices, unsecured payment methods, lack of customer reviews or ratings, unfamiliar or untrustworthy websites, and poor customer service
high prices, unsecured payment methods, lack of customer reviews or ratings, unfamiliar or untrustworthy websites, and poor customer service
low prices, secure payment methods, positive customer reviews or ratings, familiar and trustworthy websites, and excellent customer service
high prices, secure payment methods, positive customer reviews or ratings, familiar and trustworthy websites, and excellent customer service
Imagine William, Scarlett, and Maya are planning to do some online shopping for the upcoming school event. What advice would you give them to protect themselves from online shopping fraud?
Only shop on websites that have a lot of ads
Share personal information freely with online sellers
Use the same password for all online accounts
Use secure and reputable websites, verify the seller's reputation, avoid sharing personal information, use strong and unique passwords, regularly monitor bank statements, and be cautious of suspicious emails or links.
What are some common types of social media scams?
cat phishing scams, fake giveaways, romance scams, and identity theft scams
investment scams
email scams
lottery scams
What are some preventive measures to avoid credit fraud and scams?
Regularly monitor credit reports, be cautious of phishing scams, use strong passwords, avoid sharing personal information, be careful with credit card and ATM transactions, keep devices and software updated
Check credit reports once in a while, click on suspicious links and emails, use common passwords, freely share personal information, be careless with credit card and ATM transactions, never update devices and software
Ignore credit reports, trust all emails and messages, use simple passwords, freely share personal information, be careless with credit card and ATM transactions, never update devices and software
Never check credit reports, fall for phishing scams, use weak passwords, share personal information freely, be careless with credit card and ATM transactions, never update devices and software
Grace, Priya, and Avery are discussing safe practices for using credit cards online. They came up with different sets of practices. Can you identify the safest set among these?
Use secure websites, connect to public Wi-Fi, ignore statements, use weak passwords, trust all emails, never consider virtual credit cards
Use secure websites, avoid public Wi-Fi, monitor statements, use strong passwords, be cautious of phishing emails, consider virtual credit cards
Use secure websites, avoid public Wi-Fi, ignore statements, use weak passwords, trust all emails, never consider virtual credit cards
Use unsecured websites, connect to public Wi-Fi, ignore statements, use weak passwords, trust all emails, never consider virtual credit cards
Which of the following is an example of a secondary market?
Initial Public Offering (IPO)
Stock exchange
Venture capital investment
Commercial bank deposit
What is a financial asset?
A form of government bond
A claim on the property and income of the borrower
A type of savings account
A type of physical property
What is the role of savings in the financial system?
To increase consumption
To reduce the need for financial intermediaries
To provide funds for borrowers
To decrease economic growth
What is the premium in a life insurance policy?
The amount paid out upon death
The interest earned on the policy
The periodic fee paid by the insured
The total value of the policy
What happens when people save money?
They increase their immediate consumption
They decrease economic growth
They make funds available for others to use
They reduce the funds available for others
What is the basic definition of insurance?
A contract that pays someone for lost or damaged property, injury or death
A financial plan that describes how to build wealth
A credit to cover cost of damage/injury caused to someone due to accident
An organization that manages investments and provides financial advice
What is the possibility of loss or injury to an individual called?
Benefit
Insurance
Cause
Risk
What type of insurance covers a person for a specified amount of time?
Annuity
Term
Whole
Universal
Which type of auto insurance covers damage to a car when collision is not involved?
Personal Property
Disaster Warranty
Liability
Comprehensive
Liability Insurance for your car is optional
True
False
Homeowners Insurance protects the lender as much as the homeowner in case of damage to the home
True
False
Your health insurance copay is
Paid by the insurer
Amount paid out of pocket before your insurance coverage kicks in
A fee you pay each time you visit the doctor
Applied on an annual basis
What does the term length of a life insurance policy determine?
The time period of coverage
The premium amount
The amount of money paid out
The number of beneficiaries
In Economics, Trade-off and Opportunity Cost mean the same thing.
True!
False!
What should be the most important factor considered when you make a decision?
the Trade-offs
the Opportunity Cost
the lost opportunities
the opinions of others
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Analyses
Investments
A Trade-off is
a purchase in a marketplace.
an alternative that we sacrifice when we make a decision.
any good or service a consumer needs.
a factor of production.
Economics is the study of money and how to get rich.
True
False
Every decision you make has a cost.
True
False
What name is given to the value of the next best alternative that you give up when you make a decision?
Trade-offs
Opportunity cost
Lost opportunities
Options
Juan came up with the following priority (in order) list of what he could do Friday after school.
1) Go to work (what he did)
2) Go to a football game
3) Go to a friend's house
4) Go home and sleep
What are the Trade-offs of Juan's decision to go to work?
Go to work
Go to a football game
Go to a friend's house
Go home and sleep
Why do all societies have to make decisions about how resources will be used?
People are greedy
There are not enough resources for those who want them
Resources are too expensive for most people
Because there is a huge gap between the rich and poor
Who is affected by the condition of scarcity?
The rich
Large economies
All societies
Producers (ie: businesses)
Opportunity cost is your ____.
first choice
second best alternative
trade-off of a choice
allocation of a good or service
In two hours, John can write two essays or construct one presentation. His opportunity cost of constructing one presentation is:
feeding the dog
one essay
two essays
calculus homework
Why is it important to keep a budget?
Budgets make sure you do not spend more money than you can afford.
Budgets can help you save for large purchases.
Budgets show you how much money you get and spend.
All of the above.
The goal of a budget is to SPEND less than you EARN.
True
False
What is Revenue?
The amount spent to make a product
Money received from the sale of the product or service
Money left over after all the expenses are paid
The cost of raw materials used in production
What are the different components of a pay check?
Hourly rate, annual salary, commission
Gross pay, deductions, net pay, additional earnings or bonuses
Taxes, insurance, retirement savings
Overtime pay, holiday pay, sick pay
What is the purpose of a pay stub?
To show the employee's favorite color
To provide detailed information about an employee's pay
To provide information about company policies
To track employee attendance
What is the difference between gross pay and net pay?
Gross pay is the total earnings before deductions, while net pay is the amount left after all deductions are made.
Gross pay is the amount left after all deductions are made, while net pay is the total earnings before deductions.
Gross pay and net pay are the same.
Gross pay is the amount of money an employee earns per hour, while net pay is the total earnings for the year.
What is the difference between a salary and a wage?
A salary is a fixed amount of money paid to an employee for a set period of time, while a wage is paid based on the number of hours worked.
A salary is paid based on the number of hours worked, while a wage is a fixed amount of money paid to an employee for a set period of time.
A salary and a wage are the same.
A salary is the amount of money an employee earns per hour, while a wage is the total earnings for the year.
What is the definition of Gross Pay?
state taxes
income after deductions
federal taxes
total income
