Font size
WorksheetsChapter 5 Consumer Awareness
Total questions: 30
Worksheet time: 15mins
An example of discretionary spending is ________.
Utilities and food
Transportation
Monthly rent
Nonessential goods and services
Why do stores like mobile pay apps?
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 times.
It's easier for the retail store clerks.
Why is digital ad spending projected to be $524 billion in 2024?
Advertisers are tired of old-fashioned marketing methods.
Marketers know that you're on your mobile device more than you're reading newspaper ads or listening to live radio ads.
Digital marketing is easier for marketers, so they prefer this method.
Other marketing methods cost more.
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 something.
You have power to purchase whatever 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
Convenience is both a perk and a downside of mobile pay.
True
False
Americans spend over $600 a month on _________.
Impulse purchases they didn’t plan to buy
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 thief here lately
Pay cash—never use a card at a gas pump
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
The key to contentment is gratitude.
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 mobile pay even if it isn’t as convenient?
You feel the loss of money when you use cash, so you’re less likely to overspend.
It’s easier to part ways with cash, so you’re more likely to overspend.
It isn’t a better option. The perks of mobile pay outweigh the downsides.
It helps the store clerk when you use cash.
You won’t find contentment by just continually buying stuff.
True
False
Why does brand recognition help businesses?
It makes their name and logo easily memorable for consumers.
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 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
Why should you never buy the extended warranty?
Retail items and products rarely break or malfunction.
You should buy the extended warranty. It is a smart financial decision.
Most retailers will replace or repair the product if it stops working within the first year.
The retailers never keep their promises.
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
When using mobile pay, real time records of what you've spent can help you __________?
Spend more money
Make quicker decisions when buying
Make sure you're sticking to your budget
Feel good about overspending
Which of the following has the lowest risk for getting your card information stolen?
Handing your card over to a server at a restaurant.
Making an online purchase on an unsecured site
Using your debit card and PIN at a reputable store
Storing your card information online
Shoe companies can use influencer marketing to build brand recognition to gain credibility and familiarity.
True
False
Reading the owner's manual, using the product as intended, and keeping the receipt are ways to...
Protect and maintain your purchase
Go into debt over an item
Think through a purchase
Avoid regretting an impulse purchase
Stuff doesn't equal ____. Debt makes people look better off than they ____.
Wealth; actually are
Investments; should be
Happiness; deserve
Income; want to be
Personal finance is 20% head knowledge and 80% ____.
Behavior
Attitude
Good intentions
Motivation
What is the main goal of a retail customer reward system?
To make customers happy through free products and cash back.
To get customers to spend more money in the long run.
To create wise customers who make smart money decisions.
To help save customers money.
Since marketers have sophisticated technology and plans to get your money, what can you do to make sure you don't fall into their trap?
Make snap decisions to buy products.
Be aware of when and where you're being marketed to.
Stay off any form of digital media entirely.
Never buy anything online.
If you're a victim of card fraud...
Contact your bank immediately
Wait until the next week to contact your bank
Wait for your bank to contact you
Call 911 before making any other purchases
Contentment is hindered by ____.
Immediate gratification
Delayed gratification
Money principles
The Five Foundations
