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Consumer Skills Unit Test

Total questions: 25

Worksheet time: 1hrs 17mins

Name
Class
Date
1.

Which statement best describes how to comparison shop?

a)

Buy many brands of the same item, see which you like best, and return all the rest

b)

Set a budget, decide what features you want, and see which stores/brands best fit your needs

c)

Visit many stores and ask the salespeople to lower the price until one offers something you can afford

d)

Start your own website that compares the current store prices of items you shop for regularly

2.

You're going to buy a new bicycle. What should be one of your first steps in comparison shopping?

a)

Decide what bicycle features you care most about

b)

Visit the store that sells the least expensive bicycles

c)

Locate a coupon for bicycles

d)

Sell your old bicycle

3.

Randall needs to make two purchases today -- a box of donuts to share with his homeroom and a pair of running shoes for the upcoming track season. For which item should he do MORE comparison shopping?

a)

Neither -- both of these purchases are very easy

b)

The donuts -- because he wants to get a lot of flavors

c)

The shoes -- because they need to fit well and last for the whole season

d)

Both -- you should comparison shop for every item you buy

4.

What Science Says About Discounts, Promotions, and Free Offers:

Which of these are correct from the article that we read in class

(SELECT the 3 correct statements)

a)

Discounts encourage new trials. If a store offers even a small discount, shoppers are more likely to buy a new product.

b)

A personal shopper is the most valued amenity, many shoppers will not shop at a store if they are not given a personal shopper.

c)

Coupons create happiness. study revealed that a $10 coupon increased shoppers’ oxytocin (hormone that produces feelings of love)

d)

The price and power of free. Free samples allow people to try new things and also start the relationship with a new brand

positively.

e)

Early birds, If a store allows shoppers into the store earlier, the shoppers are likely to spend more money.

5.
  1. Sofia wants to buy a new pair of jeans. At Pants World, the jeans she wants cost $40 and they're having a 25% off sale. At All Clothes, the same jeans cost $38 and she has a $6 off coupon. What is the best deal?

a)

Purchase at Pants World, because the cost after discount will be $15

b)

Purchase at Pants World, because the cost after discount will be $30

c)

Purchase at All Clothes, because the cost after coupon will be $32

d)

Purchase at All Clothes, because the cost after coupon will be $34

6.

A popular promotion at stores is "Buy One, Get One Free." Why do stores offer this deal to their customers?

a)

Stores promote the deal but make you pay for the second item anyway once you're at the cash register

b)

Stores make money because you still have to pay taxes on the second item

c)

Most stores are not trying to make a profit, so it doesn't matter if they give away free items

d)
  1. Great deals convince customers to buy things they don't need and stay loyal to the store or brand

7.

On a restaurant receipt, you will commonly find each of these items EXCEPT...

a)

The date and time of your dining

b)

The total cost of your food and drinks

c)

The tax and tip that were added to your bill

d)

The total money in the bank account you used to pay

8.

Naya has done a lot of shopping recently. Which receipt should she probably keep the longest?

a)

CVS receipt for a juice and a pack of ponytail holders

b)

Mall store for 5 shirts and 2 pants, all of which she's tried on and fit

c)

Restaurant receipt for sandwich, salad, and lemonade

d)

Target receipt for bluetooth headphones for her and a popular toy for her niece’s birthday

9.

How many items did Ruth buy?

a)

1

b)

2

c)

3

d)

4

10.

Including tip, how much did Ruth pay for this meal at the cafe?

a)

$1.17

b)

$11.70

c)

$12.87

d)

$14.50

11.

Checking accounts allow you to..................

a)

A. Take out student loans

b)

B. Pay bills, write checks, transfer money, and spend money

c)

C. Invest in stocks and bonds

d)

D. Become wealthy as a crypto bro.

12.

Complete this sentence: A checking account statement...

a)

is the receipt you get from a store when you purchase something using a check

b)

tells you the bank's policies on fees

c)

lists all the purchases and deposits you've made in the previous month

d)

allows you to take out a student loan for college

13.

Which of the following transactions will REDUCE the amount of money in your checking account?

a)

Deposit a check your uncle gives you for your birthday

b)

Use your debit card to get money from an ATM

c)

Buy an expensive new bike using cash

d)

Transfer funds from your saving account to your checking account

14.

What do you need in order to open a checking account?

a)

A form of ID and proof of address

b)

At least $50 saved up

c)

A report card showing you've passed all your classes

d)

Two letters of recommendation

15.

Chang wants to use his mobile wallet at a t-shirt shop on vacation. What does he need to do to pay for the item?

a)

He holds his smart phone next to the store's checkout terminal

b)

He uses his laptop to buy the item on the store's website

c)

He scans the store receipt using his cell phone within the next 24 hours

d)

He uses his phone to buy a gift card from the store and then buys the t-shirt with the gift card

16.

What is the primary difference between a prepaid card and a gift card?

a)

Prepaid cards can be used to shop online, but gift cards cannot

b)

Prepaid cards are made of plastic, but gift cards are usually cardboard

c)

Prepaid cards can be used at many different stores, but gift cards are usually for a specific store

d)

Prepaid cards are only for people without checking accounts, but gift cards are for everyone

17.

Which of these is a common reason someone would use a peer-to-peer payment app?

a)

To deposit a work paycheck into their checking account

b)

To buy groceries at the supermarket

c)

To repay a friend who covered their costs at a restaurant

d)

To keep track of their spending and saving

18.
  1. Why is it a good idea to transfer money from the P2P app (Venmo, Zelle, Paypal, CashApp) to your own bank account as soon as you can?

4 lines
19.
  1. Which statement best describes what it means if your bank is "FDIC insured?"

a)
  1. A. Bank customers can buy car or health insurance at their bank

b)

B. If you lose your wallet and the cash inside is missing, your bank will pay to replace it up to a certain amount

c)

C. If you have money in your checking or savings account and the bank goes out of business, you are guaranteed to get your money back up to a certain limit

d)

D. If a bank customer gets hurt while inside the bank, the customer can sue the bank and their FDIC insurance will cover the costs

20.
  1. What is one BENEFIT of using a savings account instead of a checking account?

a)

A. Your savings account will charge lower ATM fees than your checking accoun

b)

B. Your savings account will earn interest, so the money in your account will grow without you doing anything

c)

C. Your savings account lets you write checks or pay bills easily, while it's more difficult to use your checking account

d)

D. Your savings account allows you to use online banking, while checking accounts require you to visit the bank branch

21.
  1. What is one DOWNSIDE of using a savings account instead of a checking account?

a)

A. Your savings account has a limit of 6 withdrawals per month, while your checking account does not

b)

B. Your savings account has high fees attached to it, while your checking account does not

c)

C. Your parents need to help you open a savings account, but you can open a checking account without them

d)

D. Far fewer banks offer savings accounts, while far more banks offer checking accounts

22.
  1. As a teenager opening a savings account, which two features are MOST important for you to have in your account?

a)

A. No interest rate and no monthly fees

b)

B. No interest rate and no minimum balance requirement

c)

C. No monthly fees and no minimum balance requirement

d)

D. No monthly fee and no FDIC insurance

23.
  1. When you open your first savings account, you will need to bring each of these things EXCEPT......

a)

A. A letter from your employer

b)
  1. B. An adult if you're under 18

c)
  1. C. Proof of your mailing address

d)

D. Some form of identification (ID)

24.
  1. How many times during this statement period was money withdrawn from this account?

a)

A. 0

b)

B. 1

c)

C. 2

d)

D. 3

25.


How much was Roger charged in fees during this statement period?

a)

A. $100

b)

B. 1.25%

c)

C. $0.51

d)

D. $0