WorksheetsUnit Nine: Critical Consumerism Review
Total questions: 26
Worksheet time: 13mins
The belief that it is good for a society or an individual person to buy and use a large quantity of goods and services.
Communism
Consumerism
Confucianism
Capitalism
This pays back relatively high interest rates, requires a minimum balance, and offers immediate access to money.
Bonds
Money Market Account
IRA
Payday Loans
These plans are often sponsored by your employer, offering a matching contribution.
Roth IRA's
403 (b)
401 (k)
PSP's
Which type of retirement plan is being described: This plan is self-sponsored and is funded with after-taxed money. Because of this you will not have to pay taxes when you withdraw your funds. Very beneficial if you believe you will be in a higher tax bracket at retirement. Generally it is not intended for high income earners.
Traditional IRA
Defined Benefits Plan
Roth IRA
401(k)
A retirement account that is employer-maintained to give you a payout when you retire.
Money Market Account
401(k)
Pension
Roth IRA
A certificate that promises to repay the money loaned, plus interest, on a certain date.
Stock
Certificate of Deposit
Bond
Revenue Share
Type of investment where money is easily accessed. Interest yield is relatively low.
Nominal Accounts
Credit Card Accounts
Expense Accounts
Savings Account
These are groups of stocks, bonds, and other investments managed by an investment firm. Because of this your holdings are diversified and monitored by professionals.
CD’s (Certificates of Deposit)
Mutual Funds
Real Estate
Annuities
Which best explains the key difference(s) between a pyramid scheme and a Multi-Level Marketing (MLM) operation?
MLM's will provide an actual product/service to sell and an opportunity to profit.
MLM's benefit only those at the top, taking from those at the bottom.
Pyramid schemes and MLM's are the same thing and both take from the people at the bottom.
Pyramid schemes will provide an actual product/service to sell and an opportunity to profit.
Reciprocity is defined as:
A mutual exchange of privileges or favors
A one-sided benefit
An act of giving without expecting anything in return
A legal obligation
Define the term 'Liking'.
A strong feeling of affection
A mild feeling of fondness
A sense of obligation
A feeling of indifference
What is the definition of the term 'Scarcity'?
The state of having unlimited resources.
The state of having limited resources and unlimited wants.
The state of having more resources than needed.
The state of having no resources at all.
If you were unsatisfied with the product or service you received from a local business, who might you contact in order to report these bad practices?
Better Business Bureau (BBB)
Federal Communication Commission (FCC)
Federal Trade Commission (FTC)
Securities and Exchange Commission (SEC)
Which of the following best describes the legal recourse granted to the Better Business Bureau (BBB)?
The BBB has no policing authority but can report scams and fraud to local, state, and federal authorities. (Attorneys General)
The BBB will immediately report every complaint to the state attorney general who will suspend business licenses until issues are resolved.
The BBB can immediately shut down any business proven to have unethical practices
The BBB has absolutely no legal recourse it can take. It is there strictly for customer reviews.
You receive a phone call from somebody claiming to be the IRS stating that you owe additional money in taxes that must be paid immediately. This is likely a scam. Which action below would likely NOT be a scam regarding the IRS?
The IRS has contacted you with a formal letter.
The IRS has contacted you by email.
The IRS has insisted on a certain form of payment.
The IRS has threatened to have local law enforcement arrest you for not complying.
Which of these options best defines the term 'phishing'?
A method of stealing personal information by pretending to be a trustworthy entity in electronic communication.
A type of malware that infects a computer and steals data.
A legal process for collecting debts owed to the IRS.
A form of identity theft that involves physical documents.
Which of these options best defines the term 'phishing'?
Phishing is a fraudulent attempt to obtain sensitive information such as usernames, passwords and financial information via electronic communication.
Phishing is a business model that recruits members via a promise of payments or services.
Phishing is a fraudulent attempt to deposit funds into an FDIC insured bank account for later use.
Phishing is a fraudulent attempt to take over or delete your presence on social media.
Which of these most accurately defines a dark pattern?
When sellers keep you in the dark by withholding key information about their product
When a salesperson continues to pester you with emails long after you’ve left the store
When design features trick users into doing something that benefits the business
When a business systematically takes advantage of a subset of customers based on a certain demographic or socioeconomic status
Sofia receives a text message from her bank. All of the following indicate that the text may actually be a scam EXCEPT…
The text message asks her to call the number that is on the back of her debit card
The text message includes a link that starts with “http”
The text message has a few spelling errors in the body of the text
The text message indicates that she will lose a significant amount of money if she does not respond within 1 hour
Which of the following is true in regards to scam and fraud trends?
Older people are more likely to be scammed for money, but younger generations are more likely to lose a greater amount.
Older people are more likely to be scammed and will likely lose more money than younger generations who are scammed.
Which of these statements is true?
Younger people are more likely to be scammed for money, but older generations are more likely to lose a greater amount.
Younger people are more likely to be scammed and will likely lose more money than older generations who are scammed.
Older people are more likely to be scammed and will likely lose more money than younger generations who are scammed.
Older people are more likely to be scammed for money, but younger generations are more likely to lose a greater amount.
Which of these students is doing a POOR job of protecting themselves against identity theft?
Wynn: “I just requested copies of my annual credit report.”
Beatrice: “I have a calendar reminder to check my bank account balance once a week for charges.”
Allison: “I use the same login credentials for all my bank accounts to keep my finances organized together.”
Sonia: “I use 2-factor authentication on my mobile device for all my logins.”
Influencers can have a direct impact on consumers’ financial habits because they…
Rate and review products that their consumers are likely to purchase
Promote reusing and recycling items their followers may already have at home
Typically encourage consumers to save money instead of spending it
Work with their followers to design products that consumers are likely to buy
What is the primary benefit of a 401(k) plan?
Unlimited contributions
Employer matching contributions
Immediate liquidity
Tax-free withdrawals
Which of the following is a characteristic of a Certificate of Deposit (CD)?
Fixed term and interest rate
High liquidity
Variable interest rates
No minimum deposit requirement
What is the main purpose of the Federal Trade Commission (FTC)?
To protect consumers and prevent anticompetitive business practices
To oversee the stock exchange
To regulate financial markets
To manage national monetary policy
