WorksheetsBusiness Concepts — Chapter 1
Total questions: 17
Worksheet time: 9mins
Austin wants to buy a new winter coat. Which of the following factors should he LEAST be concerned about when comparison shopping?
The price of the coat
When the coat was designed
The quality of the coat
Reviews left by other consumers
When deciding to follow an influencer on social media, the most important thing teens value is…
How authentic the influencer appears
The number of followers the influencer has
Who sponsors the influencer
The types of products and services the influencer promotes
Tim receives a notification from the IRS that he owes money. Which of the following indicates that the notification is real and not a scam?
The IRS calls him and demands he pay taxes he owes within 24 hours
The IRS sends him a formal letter in the mail notifying him of taxes he owes
The IRS texts him from an unknown number
The IRS threatens to send local law enforcement if he does not send the money he owes in a timely manner
Which of the following is TRUE about scams?
You are guaranteed to get your money back from a scam by filing a claim with your local police department
Scams today most commonly occur through paper mail you receive
There are a number of red flags you can be aware of that can help you avoid being scammed
Young people don’t have to worry about being targeted for scams unless they have a bank account
All of the following are ways to use social media more mindfully EXCEPT…
Make a budget and use it to track and adjust your spending from social media
Unfollow or mute accounts that encourage you to spend more money than you’d like
Don’t save your payment information to your social media accounts
Check your social media accounts frequently throughout the day
How might freezing your credit help you protect your personal information?
Your credit information is locked for ten years but can be accessed by auto and mortgage lenders
All of your credit cards are canceled and removed from your credit file
Your credit information is blocked to help prevent someone from opening accounts in your name
Your credit report continues to include past credit information but does not include new accounts you open
What does it mean if a fraudster accessed your personal information through phishing?
The fraudster got your information by going through the physical mail you threw out in the trash
The fraudster tricked you into revealing personal information through email, texts, or other communication
The fraudster contacted your relatives and friends and got your information by pretending to be a hiring manager for a large company
The fraudster obtained your information through the dark web
. The two major signs of a scam are a request for personal information and ________.
A free 30 day trial of a product or service
A coupon code offered for a current sale
A request to like and subscribe an account on social media
An urgent need for money
What are TWO ways social media can influence you to spend money? Select all that apply.
Targeted ads tailored to your interests
Influencer posts and sponsored recommendations
Built-in budgeting tools that cap your spending automatically
Reminders to log off earlier each day
Tina wants to take steps to prevent being a victim of identity theft. What are TWO things she can do? Select all that apply.
Use strong, unique passwords and enable two-factor authentication
Place a fraud alert or freeze her credit with the credit bureaus
Share her Social Security number in emails only with people she knows
Reuse the same password across accounts to make them easier to remember
Why might someone fall for a scam even if they are aware of the common signs or red flags?
Pressure, urgency, or fear can cause rushed decisions that override good judgment
Banks guarantee full reimbursement for every scam, so there is little risk
Scams only come through physical mail, so online messages are always safe
Scammers always use perfect grammar and spelling, which makes them trustworthy
What is a disadvantage to buying a generic product?
Costs more than name brand
They are often sold out in stores
May be lower quality than name brand
They cannot be returned or exchanged
What is an impulse buy?
A purchase made spontaneously without planning, often driven by emotion or promotion
A purchase made only after comparing prices at three different stores
A purchase that is required by a school or employer
A purchase that can only be returned for store credit
What does it mean to time your purchases?
Plan to buy items when prices are lower, such as during sales or seasonal discounts
Buy items immediately to avoid missing out regardless of price
Wait to purchase only after a product goes out of stock
Make purchases on the same day each week to build a habit
Bradley is not worried about identity theft because, “My accounts have fraud protection. I’ll get back any money that is taken.” Explain to him why he should still be concerned.
Fraud protection may not cover all losses, and recovery can take time, damage credit, and cause stress
Fraud protection permanently blocks scammers from contacting you again
Fraud protection eliminates the need to monitor your accounts
Fraud protection guarantees instant refunds within 24 hours
Multi-level marketing companies are legal businesses. Why should you still be cautious before choosing to sell with one?
Earnings often depend on recruiting and product sales may be limited, leading many participants to lose money
All participants are guaranteed a steady salary and benefits
Products are always cheaper than retail alternatives by law
Joining automatically builds your credit score
Megan received a legitimate notification that her information was compromised and she is likely a victim of identity theft. What should she do next?
Go to identifytheft.gov to make a plan
Ignore it because legitimate notices never require any action
Post the alert on social media to crowdsource advice
Close all credit bureaus permanently by opting out online
