The consumer movement emerged to fight unfair business practices, and because of this movement public and private agencies, policies, laws, and regulations were developed to protect consumer interests.

If you have a complaint against a business, the first thing you should do is contact the place of purchase.

In the United States, telemarketing is the main source of fraudulent offers to consumers.

Money management refers to creating long-term goals to achieve financial security.

A personal balance sheet reports assets, liabilities, and net worth on a given date.

Cash flows include net wages, food, and clothing while excluding other living costs for a given period.

Variable expenses are costs that occur on a regular basis and are for the same amount each time.

A successful budget will be realistic, flexible, evaluated regularly, well planned, clearly communicated to those involved, and formatted simply.

Your financial needs will change as you move through your life.

Because the IRS collects taxes, it is not a good source for tax information and assistance.

When selecting a financial service company, you should compare services offered, safety, convenience, fees and charges, and restrictions.

An interest-earning checking account is probably the best choice for people who write only a few checks each month.

When you write a check, it must be written in ink and postdated.

Prepaid debit cards involve the use of an app to transfer money to another person.

Checking accounts and debit cards are examples of a financial institution’s lending services.

Some benefits of having credit include that it makes some buying more convenient and gives the purchaser immediate possession rather than waiting until later.

The misuse of credit may result in overbuying and paying higher prices in stores that grant credit, which can lead to excessive debt.

The Fair Credit Billing Act requires prompt correction of billing mistakes.

Bankruptcy should be the first option for those with credit problems.

The earnings on money market accounts are usually lower than they are on regular savings accounts because money market accounts are less risky.

When evaluating savings and investments, investors should consider safety, yield, liquidity, and taxes.

Investors who do their own research about what stocks to buy can save money by using a full-service broker.

Assessed value is the amount of equity a person has in their house.

The more frequently interest is compounded, the slower the growth in savings.

A person’s reputation for paying bills on time is known as collateral.

Which of the following is NOT a government agency that supplies consumer information?

A no-frills outlet retailer that often emphasizes the sale of large quantities at reasonable prices is a

Which is the most important responsibility you have as a consumer?

Federal income taxes

Some installment loans use an amortization schedule in which

Which tax is based upon the value of land and buildings?

A good first step in financial planning is

The main deposit-type institutions are commercial banks, savings and loan associations, mutual savings banks, and

Which of the following is a non-deposit financial institution?

With , you authorize preset amounts of monthly expenses and the bank deducts payments from your account and transfers them to the appropriate companies.

A check that a bank draws on its own funds is called a

Which law limits your liability to $50 for unauthorized credit card purchases made prior to notifying the card issuer?

Which of the following is probably the MOST risky savings/investment choice?

Liquidity could be important for a saver or investor because it indicates

Municipal bonds

Which type of mutual fund seeks quick growth but also has higher risk?

Corporate bonds

The general increase in the value of property that occurs over time is called

The major costs associated with owning a house include each of the following EXCEPT

Which type of auto insurance covers property damage not involving a collision?

Which statement does NOT reflect a possible outcome for someone who causes an accident and cannot pay for damages or injuries through insurance?

Which type of insurance provides protection against the high costs of serious illnesses or injuries and supplements other medical insurance?

Which of these is NOT covered by a renters insurance policy?

The person named in a life insurance policy to receive benefits is the

What is the most important factor that determines the price you pay for homeowners insurance?