WorksheetsConsumer Spending - Take Home
Total questions: 48
Worksheet time: 24mins
Name
Class
Date
1.
True or False: After you decide to spend your money, you should understand how that decision fits with your overall spending plan.
a)
True
b)
False
2.
True or False. The planned buying process is an essential consumer skill for managing your purchasing decisions.
a)
True
b)
False
3.
True or False. Durable goods provide a stream of services to the user over a period of time and do not quickly wear out.
a)
True
b)
False
4.
True or False. A consumable good - like food or gas - is consumed shortly after you buy it.
a)
True
b)
False
5.
True or False: When you spend money on a durable good, that is an asset.
a)
True
b)
False
6.
True or False: When you spend money on a consumable good, that is an asset.
a)
True
b)
False
7.
When you spend money on a durable good, your net worth usually _______, at least at first:
a)
Stays the same
b)
Increases
c)
Decreases
8.
When you spend money on a consumable good, your net worth always:
a)
Stays the same
b)
Increases
c)
Decreases
9.
When researching before buying a durable good, you should normally research _____ than you would research before buying a consumable good
a)
More
b)
Less
c)
The same
10.
Which FOUR of these are purchsing options:
a)
New or Used
b)
Store brand or name brand
c)
Where to buy
d)
When to buy
e)
Seller
11.
Which FOUR of these are options for product research:
a)
Info from the Seller
b)
Expert Product Reviews
c)
Consumer Product Reviews
d)
Info about the seller
e)
New or Used
12.
Which TWO of these are sources of funds to pay for the things that you buy:
a)
Use assets
b)
Increase liabilities
c)
New or Used
d)
Store brand or name brand
e)
Where to buy
13.
True or False. You should always pay the “sticker price” - negotiating for a lower price is uncool.
a)
True
b)
False
14.
True or False. The key to making sure you are getting a good price is to compare the sales price to the sticker price.
a)
True
b)
False
15.
True or False. The key to negotiating a lower price is to talk to several sellers, and make sure they all know that you are talking to several sellers.
a)
True
b)
False
16.
True or False. When buying online you should use a debit card.
a)
True
b)
False
17.
True or False. When buying online you should find out what the return policy is, including who pays for return shipping.
a)
True
b)
False
18.
True or False. Many online sellers are motivated to help you fix any problems you have with their product, because they don’t want a negative review.
a)
True
b)
False
19.
Who is responsible to make sure that you are getting a good price when you buy something:
a)
You
b)
The seller
c)
The state government
d)
The federal government
e)
None of these
20.
Who is responsible to make sure that you are getting good quality when you buy something:
a)
You
b)
The seller
c)
The state government
d)
The federal government
e)
None of these
21.
What does caveat emptor mean?
a)
Seller beware
b)
Buyer beware
c)
Neither of these
d)
Both of these
22.
Which of these is the key to getting a good price:
a)
Negotiate with several sellers
b)
Compare the sales price with the sticker price
c)
Both of these
d)
Neither of these
23.
Which of these go on a Balance Sheet:
a)
Assets
b)
Liabilities
c)
Net Worth
d)
Income
e)
Expenses
24.
Which of these go on an Income Statement:
a)
Income
b)
Expenses
c)
Surplus
d)
Deficit
e)
Assets
25.
If you spend money on something that WILL last a year or more, it is an ______ .
a)
Asset
b)
Income
c)
Expense
d)
Surplus
e)
Deficit
26.
If you spend money on something that WILL NOT last a year or more, it is an ______ .
a)
Expense
b)
Income
c)
Surplus
d)
Deficit
e)
Asset
27.
For every dollar of ____, your net worth will go down.
a)
Expense
b)
Deficit
c)
Income
d)
Surplus
e)
Asset
28.
For every dollar of ____, your net worth will go up.
a)
Income
b)
Surplus
c)
Expense
d)
Deficit
e)
Asset
29.
A millionaire is someone with _____ of $1 million or more.
a)
Net Worth
b)
Income
c)
Expense
d)
Surplus
e)
Deficit
30.
We use ____ to pay for everything - college, cars, houses, vacations, retirement.
a)
Net Worth
b)
Income
c)
Expense
d)
Surplus
e)
Deficit
31.
If you spend money on a ______, your net worth drops by the amount you spent.
a)
asset
b)
consumable good
c)
neither of these
d)
both of these
32.
If you spend money on a ______, your net worth does not drop by the amount you spent.
a)
asset
b)
consumable good
c)
neither of these
d)
both of these
33.
If you spend money on a ______, your net worth MAY go up (appreciation) or down (depreciation).
a)
asset
b)
consumable good
c)
neither of these
d)
both of these
34.
Drayden's annual net income his first year out of college is $75,000. Drayden's student loans should be $ (a) or less.
35.
True or False. Sponsors and brands and corporations spend millions on influencers.
a)
True
b)
False
36.
Hyperconsumerism can be detrimental to:
a)
Our net worth
b)
Our environment
c)
Both of these
d)
Neither of these
37.
True or False. On average, it costs several hundred dollars to just under $1,000 to attend prom.
a)
True
b)
False
38.
The increase in social media has caused people to spend ____ on prom.
a)
more money
b)
less money
39.
Flowers are usually cheaper if you buy them from:
a)
A flower shop
b)
A florist
c)
A grocery store
40.
Someone who spends $200 on a prom dress and only wears the dress to prom once will have a cost per use of:
a)
$200
b)
$100
c)
$1
d)
None of these
41.
Which of these is the LEAST likely to happen to you:
a)
Win the lottery
b)
Becoming a victim of identify theft
c)
Be killed by hornets, wasps, or bees
d)
Getting struck by lightning
e)
Drawing a royal flush in the first hand of poker
42.
Which of these is the MOST likely to happen to you:
a)
Win the lottery
b)
Becoming a victim of identify theft
c)
Be killed by hornets, wasps, or bees
d)
Getting struck by lightning
e)
Drawing a royal flush in the first hand of poker
43.
True or False.There’s a new victim of identity theft every 2 seconds
a)
True
b)
False
44.
Which of these are good ways to prevent identity theft:
a)
All of these
b)
changing passwords regularly
c)
being cautious when putting personal information on social media
d)
checking your bank and credit accounts frequently to spot fraudulent transactions
e)
monitoring credit reports and credit score changes
45.
Which type of income volatility results in lower financial well-being and less savings:
a)
Gain - income suddenly increases
b)
Loss - income suddenly decreases
c)
Neither of these
d)
Either of these
46.
If your income is greater than your expenses, you have a _____.
a)
Surplus
b)
Deficit
c)
Neither of these
d)
Both of these
47.
If your income is less than your expenses, you have a _____.
a)
Surplus
b)
Deficit
c)
Neither of these
d)
Both of these
48.
True or False. If your income is less than your expenses, it will always decrease your net worth.
a)
True
b)
False
100 %
