WorksheetsFinancial Lit: End of Unit Fraud and Social Services
Total questions: 40
Worksheet time: 22mins
Welfare is best defined as:
Government aid to those in need
A type of insurance policy
A form of entertainment
A method of transportation
The poverty line is defined as:
The minimum level of income deemed adequate in a particular country.
The average income of all citizens in a country.
The maximum amount of money a person can earn before paying taxes.
A line drawn on a map to separate rich and poor neighborhoods.
Temporary Assistance for Needy Families (TANF) is defined as:
A federal program that provides financial assistance to low-income families with children.
A government health insurance program for the elderly.
A student loan program for higher education.
A retirement savings plan for employees.
Food stamps are defined as:
A government-issued benefit to help low-income individuals buy food.
A type of postage stamp used for mailing food packages.
A coupon for discounts at restaurants.
A reward program for frequent grocery shoppers.
Supplemental Security Income (SSI) is defined as:
A federal program that provides monthly payments to people with low income and limited resources who are aged, blind, or disabled.
A retirement savings plan for employees in the private sector.
A type of health insurance for children under 18.
A government loan program for small businesses.
Public housing is defined as:
Government-owned housing provided at low cost to people with low incomes.
Privately owned luxury apartments for wealthy individuals.
Temporary shelters for tourists and travelers.
Housing built exclusively for military personnel.
Fill in the blank: ________ are deceptive practices intended to gain an unfair or unlawful financial advantage.
Fraud
Charity
Investment
Donation
Fill in the blank: ________ are schemes designed to trick individuals into giving away personal information or money.
Scams
Passwords
Browsers
Networks
Fill in the blank: ________ are illegal acts involving money, such as embezzlement, forgery, and identity theft.
Financial Crimes
Traffic Violations
Environmental Hazards
Medical Procedures
Fill in the blank: ________ are deceptive practices in the investment industry, often involving false promises of high returns.
Investment Fraud
Stock Analysis
Financial Planning
Market Research
Fill in the blank: ________ are deceptive practices involving financial institutions, such as check fraud, credit card fraud, or account takeovers.
Bank Fraud
Money Laundering
Identity Theft
Insider Trading
Fill in the blank: ________ is a fraudulent business model that relies on recruiting new members to pay existing members.
Pyramid Schemes
Ponzi Bonds
Stock Options
Credit Unions
Fill in the blank: ________ are scams that promise unrealistic returns on investments, often with high-pressure sales tactics.
Investment Scams
Charity Donations
Online Shopping Deals
Job Offers
Fill in the blank: ________ involves forging or altering checks.
Check Fraud
Identity Theft
Money Laundering
Embezzlement
Fill in the blank: ________ is the unauthorized use of credit or debit cards.
Credit Card Fraud
Identity Theft
Phishing
Money Laundering
Which type of scam involves gaining trust of a potential date and then asking for money or crypto?
Dating Apps
Investment Fraud
Account Takeover
Insider Trading
Which of the following is a red flag for investment fraud?
Too good to be true offers
Low returns with high risk
Transparent fees
Accredited advisors
Scammers often use high-pressure sales tactics to get you to invest before you have time to think. What is this red flag called?
Pressure to invest quickly
Guaranteed returns
Low-risk investment
Insider information
Never give out your personal information, like your social security number or bank account details, to unsolicited callers or emails. This is an example of:
Requests for personal information
Lack of transparency
Unsolicited offers
Pressure to invest quickly
Avoid investments that require you to pay with gift cards, wire transfers, or cryptocurrency. This is a red flag known as:
Requests for unusual payment methods
Guaranteed returns
Insider trading
Accredited investor requirement
Double-check the legitimacy of websites, phone numbers, and investment opportunities. This is called:
Verify information
Ignore information
Share information
Delete information
Destroy documents with bank statements, credit card information, and other sensitive data to protect yourself from fraud.
True
False
Don't respond to unsolicited emails, calls, or text messages. This is an example of:
Be wary of unsolicited offers
Pressure to invest quickly
Lack of transparency
Requests for unusual payment methods
Which of the following is defined as unauthorized access to a bank account?
Account Takeover
Money Laundering
Insider Trading
Debt Collection Fraud
Fill in the blank: ________ is a fraudulent investment scheme where returns are paid to earlier investors with money taken from later investors.
Ponzi Schemes
Mutual Funds
Index Funds
Savings Accounts
Fill in the blank: ________ is a fraudulent business model that relies on recruiting new members to pay existing members.
Pyramid Schemes
Ponzi Bonds
Stock Options
Credit Unions
Fill in the blank: ________ are scams that promise unrealistic returns on investments, often with high-pressure sales tactics.
Investment Scams
Charity Donations
Online Shopping Deals
Job Offers
Don't overshare personal information online or over the phone. This is an example of:
Be cautious with your information
Verify information
Use strong passwords
Shred documents with personal information
Fill in the blank: ______ is the act of using a car for a set period of time by making regular payments, without owning the car at the end of the term.
Leasing
Financing
Renting
Purchasing
Interest may be charged but can be avoided by paying the entire balance each month.
Debit Card
Credit Card
Both
A Consolidation Loan is a loan that combines multiple debts into one payment.
It is a loan that combines multiple debts into one payment.
It is a loan that consolidates real estate properties.
It is a loan designed to merge business accounts.
It is a loan that is only used for credit card debts.
Who is a Cosigner? A cosigner is a person who signs with a borrower to guarantee the loan repayment.
A person who signs with a borrower to guarantee the loan repayment
A person who borrows money
A person who assists in loan documentation
A person who finances the loan
The possibility of losing all or part of your investment is known as
asset allocation
compounding
return
risk
When is it best to start saving for retirement?
after your home is paid off
after you get a promotion
after you get your dream job
ASAP
Why is diversification a recommended investment strategy?
Investing in a diversified portfolio guarantees that you won’t lose money with your investments
If you tell your fund manager to use diversification, they’ll charge you lower fees
Diversifying your portfolio helps reduce risk
If you diversify your portfolio, you will definitely earn a high return
