PoFHS - Section 3.02 Review Question Preview (ID: 47213)
PoFHS - Section 3.02 Review.
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Johnny is observed wearing a short sleeved shirt as he waits for the bus on a cold morning. A jacket for Johnny would be considered a:
a) need
b) want
c) wish
d) priority
The newlyweds wanted to start their marriage being financially responsible. What tool could they use to keep track of where their money is going?
a) spending plan
b) income
c) expenses
d) savings account
Which is the best way to increase the amount of one's savings, without depositing more money?
a) save at least two months’ worth of expenses
b) take advantage of the time value of money
c) save money in a safe at home to protect it against loss
d) practice “pay yourself last”
Why is saving important?
a) because the future is unpredictable
b) because people need to buy goods and services to grow the economy
c) because protecting assets such as a house and vehicles is critical in case of accidents
d) because people need to support local banks and credit unions
An ability to borrow a limited amount of money on demand, small monthly payments, and no end date are characteristics of which money tool?
a) debit card
b) mortgage
c) credit card
d) car loan
When Greg received his first paycheck, he was surprised to see it was much lower than expected. He had not considered the regular deductions that would be taken out of his check. The amount Greg received is referred to as:
a) gross income
b) net income
c) hourly wage
d) weekly wage
Fundamental beliefs or practices of personal importance should be placed in which category?
a) wants
b) needs
c) values
d) income
Sarah was very upset when her new phone broke the week after she purchased it. In her anger, she went to the local phone store and yelled at the sales person who had nothing to do with it. Which characteristic of being a wise consumer did Sarah viola
a) read labels and follow instructions
b) use products safely
c) complain effectively and refuse poor equipment
d) resist high pressure sales people
When Miranda opened her credit card bill, she was surprised to see that the amount she owed was more than the cost of the things she had purchased. What is the probable cause of this difference?
a) credit
b) debit
c) interest
d) equity
Which consumer responsibility is being exercised when a consumer checks the prices of different stores to ensure the best price for a product?
a) the responsibility to make reasonable complaints
b) the responsibility to use ethical behavior
c) the responsibility to use products wisely
d) the responsibility to be wise with purchasing decisions
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