WorksheetsConsumerism and Consumer Rights Quiz
Total questions: 74
Worksheet time: 37mins
What are values defined as in the context of consumerism?
Desired results a person plans and commits to achieving
Qualities, characteristics, or ideas about which we feel very strongly
Steps needed to complete a goal
Laws against monopolies
What are goals defined as in the context of consumerism?
Desired results a person plans and commits to achieving
Qualities, characteristics, or ideas about which we feel very strongly
Steps needed to complete a goal
Laws against monopolies
Which step in the decision-making process involves identifying the need or want?
Search
Specify
Sift
Select
What does the consumer right to choose entail?
The right to return defective items
The right to a variety of products and services on the market
The right to evaluate product choices using information
The right to inform elected officials about consumer issues
What does the consumer right to be informed entail?
The right to return defective items
The right to evaluate product choices using information
The right to a variety of products and services on the market
The right to inform elected officials about consumer issues
What does the consumer right to be heard entail?
The right to return defective items
The right to inform elected officials about consumer issues
The right to evaluate product choices using information
The right to a variety of products and services on the market
What does the consumer right to redress entail?
The right to return defective items
The right to inform elected officials about consumer issues
The right to evaluate product choices using information
The right to a variety of products and services on the market
What is the definition of a warranty?
A promise to provide free products to customers.
Guarantee that a product will operate the way the company says it will.
A document required for employment under age 16.
A summary of personal information and skills.
What is the difference between a limited warranty and a full warranty?
Limited covers labor, while full covers parts only.
Limited covers parts but not labor, while full promises complete repair or replacement at no cost.
Limited covers only repairs, while full covers replacements.
Limited covers products for a lifetime, while full covers products for a year.
What is the definition of a resume?
A document required for work under age 16.
A guarantee for product operation.
Summary of personal information, education, skills, work experience, activities, and interests.
A list of references for a job application.
What is a work permit?
A document needed to work if you are under age 16.
A summary of personal information and skills.
A guarantee for product operation.
A reference for a job application.
Which of the following is NOT a good tip for a successful job interview?
Professional dress.
Being respectful.
Arrive late.
Good body language.
Which of the following is something you SHOULD NOT do during a job interview?
Active listening.
Good eye contact.
Ask about money at the first interview.
Have questions ready for the interviewer.
What is a reference in relation to a job interview/application?
A document required for work under age 16.
A person who can vouch for your skills, character, and work ethic.
A summary of personal information and skills.
A guarantee for product operation.
What topics are illegal for a potential employer to bring up during a job interview?
Religion, Marital status, Race, Health
Work experience, Education, Skills, References
Salary expectations, Job location, Work hours, Benefits
Hobbies, Interests, Volunteer work, Certifications
What is the definition of a bank?
A financial institution that holds your money and provides financial services; they are 'for-profit'
A financial institution that is member-owned and operates as a 'not-for-profit'
A financial institution that only provides loans and mortgages
A financial institution that exclusively deals with investments
What is the definition of a credit union?
A 'not-for-profit' financial institution that is member-owned and has the same services as a bank
A 'for-profit' financial institution that provides loans and mortgages
A financial institution that exclusively deals with investments
A financial institution that only provides savings accounts
What is one advantage and one disadvantage of a savings account?
Advantage: earning interest; Disadvantage: minimum balance requirement
Advantage: earning interest; Disadvantage: no access to funds
Advantage: no fees; Disadvantage: low interest rates
Advantage: high interest rates; Disadvantage: limited withdrawal options
What is the definition of an outstanding check?
A check that was written by the account holder but has not yet been paid by the bank
A check that has been deposited and cleared by the bank
A check that has been canceled by the account holder
A check that has been lost or stolen
What is the definition of endorsement?
Signing the back of a check so it can be deposited or cashed
Writing the amount on the front of a check
Depositing a check into a savings account
Cancelling a check before it is cashed
What is the definition of insufficient funds?
When there is not enough money in an account to cover a transaction
When a check is lost or stolen
When a bank account is closed
When a deposit is delayed
What is the definition of a payee?
The person or company to whom the check is written
The person who writes the check
The bank that processes the check
The government entity that oversees transactions
What is the definition of stocks?
A loan given to a company or government
A share in the ownership of a company
A type of savings account
A form of currency used in trading
What is the definition of bonds?
A share in the ownership of a company
Investment securities where an investor lends money to a company or government in exchange for interest
A type of insurance policy
A form of currency used in trading
Why are brand name products usually more expensive than store brands?
They are produced in larger quantities
They have higher marketing and advertising costs
They are made with cheaper materials
They are sold in fewer stores
Which part of the check is labeled as "E"?
Payee
Dollar amount
Bank routing number
Signature line
Where will you find brand name products in a store?
At the back of the store
Eye level on the shelves
On the bottom shelves
Near the checkout counter
What is unit pricing?
The total price of all items in a store
Identification and labeling of items with the retail price per unit for easier price comparisons
A discount applied to bulk purchases
The price of items after tax
What does "bait and switch" refer to?
A type of advertising that offers free products
A deceptive advertising tactic where a company advertises an item that is out of stock and tries to convince you to buy something different
A strategy to reduce prices during sales
A method to attract customers with loyalty programs
What is a budget?
A way to balance your income, expenses, savings, and financial goals for a specific length of time
A list of all your monthly expenses
A plan for spending money on luxury items
A method to calculate taxes
Which of the following is an example of a fixed expense?
Food
Gas for your car
Rent
Clothing
Which of the following is an example of a flexible expense?
Car insurance
Student loans
Food
Mortgage
What information is typically found on a nutrition label?
Calories, percent to daily value, fat, serving size, servings per container, ingredients
Price, expiration date, and brand name
Cooking instructions and storage tips
Nutritional benefits and health warnings
How should you calculate a product’s unit price?
Divide the total price by the number of units or ounces in the package
Multiply the price by the number of units in the package
Subtract the tax from the total price
Add the price of all items in the package
What information can you learn from the ingredient list of a food label?
The price of the product
Ingredients in the product, calories, amount of fat, and percentage of daily values
The expiration date of the product
The brand name of the product
What does "repossessed" mean?
A legally binding agreement between a landlord and tenant
When a lender takes back an item after multiple missed payments
A loan to buy a property or home
Assessment of home value
What is a "down payment"?
Money paid to a landlord for rent
Money put down on a purchase to lower the payment and avoid additional costs
A loan to buy a property or home
Assessment of home value
What is "predatory lending"?
Fair terms in a loan agreement
Unfair or abusive terms in a loan agreement from a lender
A legally binding agreement between a landlord and tenant
A loan to buy a property or home
What is a "lease"?
A loan to buy a property or home
A legally binding agreement between yourself and a landlord
Assessment of home value
Money put down on a purchase
What is a "tenant"?
A person renting a property
A lender taking back an item after missed payments
A loan to buy a property or home
Assessment of home value
What is a "mortgage"?
A loan to buy a property or home
Assessment of home value
Money put down on a purchase
A legally binding agreement between a landlord and tenant
What is an "appraisal"?
A loan to buy a property or home
Assessment of home value, used when determining price
Money put down on a purchase
A legally binding agreement between a landlord and tenant
If you purchase a house for $200,000, what is your down payment amount if you put down the minimum recommended percentage?
$20,000
$40,000
$60,000
$80,000
What does APR stand for?
Annual Payment Rate
Annual Percentage Rate
Average Percentage Rate
Annual Premium Rate
Who is a cosigner?
A person who lends money to the borrower
A person who agrees to pay the loan/debt if the borrower does not pay
A person who manages the borrower’s finances
A person who provides financial advice to the borrower
Which of the following is NOT a tip to earn a good credit score?
Pay accounts on time
Keep balances below 30% of loan value
Skip monthly payments occasionally
Keep credit inquiries to a minimum
What is one benefit of having a good credit score?
Higher APR on purchases
Lower APR on purchases
Increased loan interest rates
Reduced monthly income
What mistake can lower a consumer’s credit score?
Paying bills on time
Skipping a payment for a bill
Keeping balances below 30% of loan value
Avoiding credit inquiries
How can you avoid paying interest on your credit card purchases?
Pay off monthly balances
Skip monthly payments
Increase credit inquiries
Keep balances above 50% of loan value
What is the definition of insurance?
A legal contract between the borrower and lender
Receiving financial protection for losses under specific circumstances
A method to increase credit score
A way to avoid paying interest on loans
What is a policy in the context of insurance?
A document that tracks monthly payments
A legal contract between the insurance company and an insured individual
A method to calculate APR
A guideline for managing credit scores
What is the definition of a premium in insurance terms?
The amount of money you pay to have insurance, which can be monthly or a few times a year based on your policy
A request by the policyholder to an insurance company for compensation for a covered loss
The amount of money you pay out of pocket for each claim before the insurance kicks in
The person who will receive your assets after you die
What does the term "claim" mean in the context of insurance?
The amount of money you pay to have insurance
A request by the policyholder to an insurance company for compensation for a covered loss or policy event
The amount of money you pay out of pocket for each claim before the insurance kicks in
The person who will receive your assets after you die
What is a deductible in insurance terms?
The amount of money you pay to have insurance
A request by the policyholder to an insurance company for compensation for a covered loss
The amount of money you pay out of pocket for each claim before the insurance kicks in
The person who will receive your assets after you die
Who is a beneficiary in the context of life insurance?
The amount of money you pay to have insurance
A request by the policyholder to an insurance company for compensation for a covered loss
The amount of money you pay out of pocket for each claim before the insurance kicks in
The person who will receive your assets after you die
Which group of drivers is the most expensive to insure?
Females, 16-25
Males, 16-25
Males, 25-30
Females, 25-30
A driver caused an accident that resulted in $10,000 worth of damage. After paying a $500 deductible, they were responsible for 40% of the remaining bill. How much does the driver owe?
$4,000
$3,800
$4,500
$5,000
What is gross income?
Total income earned - salary or hourly pay
Pay/income you 'take home' after deductions
Money paid by the property owner to the government
Cost added to the purchase of goods from the seller
What is net income?
Total income earned - salary or hourly pay
Pay/income you 'take home' after deductions
Money paid by the property owner to the government
Cost added to the purchase of goods from the seller
What information is included in the W-2 tax form?
Total income earned and deductions
Lists earned income (wages, tips) and deductions (taxes paid)
Form used to file taxes to see if you owe money or will receive a refund
Cost added to the purchase of goods from the seller
When must the W-2 tax form be received from your employer?
By April 15th
By January 31st
By December 31st
By February 15th
What is the purpose of the W-4 tax form?
To determine deductions for paycheck
To file taxes to see if you owe money or will receive a refund
To list earned income and deductions
To calculate sales tax
What is tax form 1040 used for?
To determine deductions for paycheck
To file taxes to see if you owe money or will receive a refund
To list earned income and deductions
To calculate sales tax
When must tax form 1040 be submitted?
By April 15th
By January 31st
By December 31st
By February 15th
What is property tax?
Money paid by the property owner to your local government, used to help schools, law enforcement, city infrastructure
Cost added to the purchase of goods from the seller
Pay/income you 'take home' after deductions
Total income earned - salary or hourly pay
What is sales tax?
Money paid by the property owner to your local government
Cost added to the purchase of goods from the seller and then paid to and used by the government
Pay/income you 'take home' after deductions
Total income earned - salary or hourly pay
How much will Teresa have to pay to avoid paying any interest?
$523.20
$35.00
$1,200.00
$1,686.15
How much can Teresa charge to this account right now?
$1,576.80
$523.20
$1,200.00
$35.00
What was Jane's gross income?
$48,500
$50,000
$6,835
$1,535
What information do you need from this form to file your income tax return?
Gross income, Federal income tax withheld, SS tax withheld, and Medicare tax withheld
Employer's address and ZIP code
Control number and dependent care benefits
Locality name and state wages
When will you get this form? Who will give it to you?
By January 31 from your employer
By February 15 from the IRS
By December 31 from your employer
By March 1 from the IRS
How many servings are in this package?
6
8
10
12
What is the serving size?
1 Cup
2/3 Cup
1/2 Cup
3/4 Cup
What is the main ingredient in this product?
Sugar
Whole Grain Wheat
Corn Syrup
Almonds
