WorksheetsUnit 1 Test - Managing Personal Finances
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
Which of these statements is TRUE about the modern second hand goods market?
a)
You should never buy clothes second hand because they can’t be trusted
b)
You can only get a small fraction of your original cost when you sell your second hand items
c)
You won’t find very high quality goods buying second hand
d)
You can find a store for almost any kind of style in today’s market
2.
Influencers can have a direct impact on consumers’ financial habits because they…
a)
Work with their followers to design products that consumers are likely to buy
b)
Typically encourage consumers to save money instead of spending it
c)
Rate and review products that their consumers are likely to purchase
d)
Promote reusing and recycling items their followers may already have at home
3.
Sean wants to buy a new backpack for school. Which of the following factors should he be LEAST concerned about when comparison shopping?
a)
The PRICE of the backpack
b)
WHEN the backpack was made
c)
The QUALITY of the backpack
d)
REVIEWS left by other consumers
4.
Each of the following is one of the six ways of influence EXCEPT…
a)
Scarcity
b)
Blackmail
c)
Authority
d)
Social Proof
5.
Which statement is TRUE about child identity theft?
a)
Children don’t have any assets, so they are not usually a target for identity theft
b)
Children are not in danger of a data breach
c)
Child identity theft occurs most often by a stranger in an online chat room
d)
Child identity theft often goes undiscovered for many years
6.
All of the following statements are true about the difference between shopping at a big retailer versus a small one EXCEPT…
a)
Big retailers are known for their higher level of customer service when compared to small retailers
b)
Small retailers may be more appropriate for smaller households so that they aren’t buying as much in bulk
c)
Big retailers tend to offer significant discounts on big ticket items when compared to small retailers
d)
Small retailers often do not have membership fees like some big retailers do
7.
Zach receives a notification from the IRS that he owes money. All of the following indicate that this could be a scam EXCEPT…
a)
The IRS calls him and demands he pay taxes he owes within 24 hours
b)
The IRS sends him a formal letter in the mail notifying him of taxes he owes
c)
The IRS texts him from an unknown number
d)
The IRS threatens to send local law enforcement if he does not send the money he owes in a timely manner
8.
Which type of identity theft is MOST prevalent for those ages 20-39?
a)
Tax fraud
b)
Credit card fraud
c)
Government documents fraud
d)
Utilities fraud
9.
Which of these is a common dark pattern you might encounter?
a)
Roach motel
b)
Wringing the towel
c)
Robo-assistants
d)
Tollway monitoring
10.
Price matching is when…
a)
A store sends you a coupon for an item in your cart to encourage you to buy it sooner
b)
A store agrees to match the lower price of an identical item that is being offered at another retailer
c)
A store lets you know ahead of time that an item you’re interested in will be on sale in the next week
d)
A store agrees to match the lower price you bought an item at in the past
11.
Your friend Hamlin wants to watch the new season of their favorite show, so they sign up for a free trial of the streaming service it is on. What advice would you give Hamlin about signing up for subscriptions?
a)
“Always set up your autopay so you don’t have to think about paying your subscriptions.”
b)
“Paying month to month for subscriptions is the cheapest way to access the content.”
c)
“Set multiple reminders and alarms to cancel the service or you are very likely to get busy and forget.”
d)
“The more subscriptions you have, the easier life becomes, so always sign up for more.”
12.
All of the following are ways to use social media more mindfully EXCEPT…
a)
Unfollow accounts that encourage you to spend money
b)
Limit how much time you spend on social media
c)
Reconnect with your values to avoid comparing yourself to others
d)
Check your social media accounts frequently throughout the day
13.
All of the following are common types of social media scams EXCEPT…
a)
Investment scams
b)
Romance scams
c)
Online shopping scams
d)
Library scams
14.
Which piece of information is MOST likely to be helpful for an identity thief?
a)
Your pet’s name
b)
Your GPA
c)
Your favorite school subject
d)
Your grandfather’s profession
15.
Which student’s reasoning about thrift shopping is FALSE?
a)
Jamison: “I think it will help the environment by reducing demand for new clothing.”
b)
Brendan: “Thrifting has a significant negative impact on supply issues.”
c)
Jalil: “Thrifting should save me money on some of the items I know I need anyway.”
d)
Zeke: “I have a pretty unique style, and the thrift store should have something that I can adapt to fit what I want under budget.”
16.
Kayla wants to buy a new dress. Which of the following would allow her to have the LEAST impact on the environment?
a)
Buy the dress online and select 2-day shipping
b)
Drive to the store to try on different sizes of the dress and then buy the dress online because it’s $5 cheaper
c)
Purchase three different dresses in various sizes online and then drive to the store to return the ones she doesn’t want
d)
Bike to the store and buy the dress there
17.
Sofia receives a text message from her bank. All of the following indicate that the text may actually be a scam EXCEPT…
a)
The text message asks her to call the number that is on the back of her debit card
b)
The text message has a few spelling errors in the body of the text
c)
The text message includes a link that starts with “http”
d)
The text message indicates that she will lose a significant amount of money if she does not respond within 1 hour
18.
Which of these statements describes a shopping trend that is on the rise?
a)
The shopping experience is becoming more personalized and integrated with your digital profile
b)
Governments are mandating a completely online experience in most industries
c)
Sustainability is becoming less important to consumers
d)
Technology has eliminated the need for most consumer goods
19.
What is a hidden cost of using installment plans to pay for items?
a)
You might not be paying enough each time to cover the full price of your items and get hit with a fee
b)
You may be tempted to purchase more than you otherwise would have because the costs appear lower
c)
You can face legal issues because installment payments are not considered legitimate payments in some states
d)
You can only use installment plans for large, expensive items, so you have to pay more for the items you want
20.
The average American teenager is likely to spend MOST of their money on...
a)
Bills and utilities
b)
Transportation
c)
School-related items
d)
Food
21.
Three days ago, Niko used his credit card to buy a new jacket he found through a social media ad. He still has not gotten a receipt of payment or confirmation email regarding the purchase and he’s starting to suspect he was scammed. What is the next BEST thing Niko should do?
a)
Wait for his bank to identify the fraudulent charge and reach out to him within 7 days of the purchase
b)
Report the fraudulent charge to his bank and ask them to reverse the transaction
c)
Wait to see if the transaction shows up on his next credit card statement
d)
Try to contact the vendor to see if they can reverse the transaction
22.
Which of these most accurately defines a dark pattern?
a)
When sellers keep you in the dark by withholding key information about their product
b)
When a salesperson continues to pester you with emails long after you’ve left the store
c)
When a business systematically takes advantage of a subset of customers based on a certain demographic or socioeconomic status
d)
When design features trick users into doing something that benefits the business
23.
Which of these students is doing a POOR job of protecting themselves against identity theft?
a)
Wynn: “I just requested copies of my annual credit report.”
b)
Beatrice: “I have a calendar reminder to check my bank account balance once a week for charges.”
c)
Allison: “I use the same login credentials for all my bank accounts to keep my finances organized together.”
d)
Sonia: “I use 2-factor authentication on my mobile device for all my logins.”
24.
Which of the following is TRUE about recent trends in fraud?
a)
Young people are highly unlikely to become victims of fraud
b)
Digital methods of fraud attempts such as email and social media are typically unsuccessful in having a dollar loss reported
c)
The number of fraud attempts has significantly decreased over the past decade
d)
Fraudsters are increasingly using social media to reach out to potential victims
25.
In which of the following scenarios does it make the MOST sense for the person to comparison shop?
a)
Maxine is at her local grocery store and decides to buy a pack of gum at the register
b)
Vivek is stopping by a cafe before school to get coffee and a bagel
c)
Esperanza’s old phone broke and she is looking to buy a new one
d)
Nghia is on his way to a friend’s birthday party and needs to purchase a card
100 %
