EVERFI Financial Literacy Post Assessment - Consumer Skills

Making a good purchasing decision requires

comparing the prices of similar items B. reading reviews of the product C. waiting until the product is on sale, if possible D. All of the above

Which payment option can offer additional security like fraud protection?

Credit Card

Which fact supports the idea that renting is a good option for living in a place for a short period of time?

Landlords take care of most maintenance.

How does a consumer know whether a purchase may be a good deal?

A large percentage of positive customer ratings offer detailed explanations. The item has the most features compared to other similar items.

Which forms of payment is linked to a bank account which limits the amount of money you can spend to balance in your account?

Checks & debit cards

Which payment option takes money out of your bank immediately?

Debit Card

How is a post from a social media influencer different than a comment from a regular consumer?

The influencer is paid to post the product.

Why is figuring out the unit price of something useful when shopping?

It helps you determine the best deal.

What can help you meet your budget while shopping for important items?

Prioritizing features to meet your needs.

Which of the following is NOT a useful strategy when making an informed purchase?

Purchase a product based on a social media influencer.

What is one of the best ways to get reliable information about a product?

Search online reviews

Which example shows an advantage of owning a car over leasing one?

No restrictions on the number of miles to drive and the ability to customize, or make changes to the

How is an advertisement different from a comment from a regular consumer?

The advertisement is likely one-sided.

Which method of payment actually is a form of borrowing money that needs to be paid back later?

Credit Card

When comparison shopping, all of these hint at a good deal EXCEPT_____________________.

lower-priced models offer more features.

Leasing a car may be a better option than buying a car if...

you don't plan on having it for long and don't want to worry about regular maintenance.

Which housing option gives you more freedom and more responsibility?

Buying a house.

Which payment option is not accepted online?

Cash

When making a large purchase, you should avoid everything EXCEPT

a price that fits comfortably in your budget.

When you are deciding what to buy, you should...

compare the unit price of items similar to the one you want.

The price of a single item within a group of items is known as the ______________ of the item.

unit price

Which of the following is NOT be a warning sign of a scam when buying a car or other big purchases?

A price that fits comfortably in your budget

What are possible red flags or signs of a scam when buying a car?

A. Being told your financing fell through C. Charging of excessive fees (Its both)

Making a good purchasing decision requires __________.

A. comparing prices and features B. reading consumer reviews (Aka both choices)

Which of the following is NOT an advantage of owning a car?

Smaller down and monthly payments than leasing a car

What is the best reason for why someone would want to lease a house instead of buy one?

They are planning on living there for a short period of time.

When you are deciding what to buy, you should not...

assume that buying the cheapest item is the smartest choice.