Personal Finance: Module 2, weeks 7-8

cosigner

A ________ is someone who applies for a loan with you and agrees to pay off the debt if you do not make payments.

Layaway

Stores will allow you to hold items in storage for a set amount of time while you make regular payments for a set time. What is this called?

90

Stores will allow you to purchase an item by putting some money down and agreeing to pay the reminder off within ___________ days.

they are generally higher

Stores will extend credit on a purchase and set up minimum payments. How do the interest rates of these plans compare to banks or credit cards?

economics

Supply and demand is a basic principle of ____________.

recession

The "right to ________" entitles the signer of a loan a certain amount of days to rescind, or cancel, the contract

healthy

The right to a _________ environment says consumers have the right to work and shop in an environment that does not present health hazards due to construction, smoking, chemicals, or any other possible safety violations.

supply and demand

The wages paid to workers can be affected by what?

cash

To help you stay on track with your spending, what can you plan to use for your variable expenses?

1. be a good steward of all your money and possessions 2. Track expenses so you will know where your money is going 3. Pay cash for items that cost less than $5.00 4. when you make a mistake with spending money, learn from your mistakes 5. consider all the purchase options and costs before buying something expensive 6. save money in special accounts so you are prepared for large expenditures

What are all the tips that can help you be a wise shopper?

1. they do not need to be at the mercy of the producers, providers, and sellers of products and services 2. they should never accept defective goods or be satisfied with substandard service

What are the important reminders for consumers?

1. many online merchants give free shipping on orders 2. you can check inventory to see if the item is in shock 3. it is easy to compare the same item on a different website 4. it you are using the same product model number, it will be the same item as in retail stores 5. you don't have to fight the crowds on busy shopping days

What are the possible reasons for shopping online?

the ingredients and the process of production should be posted conspicuiusly

What is a part of the right to be informed as a consumer?

it is incredibly important to read and understand all that is written in the contract

What is true of a contract?

Christmas Club

What type of savings accounts that banks will set up for customers to help save for a special purchase?

consumer

A________ is anyone who purchases products or services for personal use or possession.

any related legal aspects such as the right to rescission

After signing a contract, what should you be aware of?

consumers should be able to assume that the products they buy are reasonably safe to use or consume.

As a consumer, what is the right to safety?

decisions about our finances

As a consumer, which types of decisions do we frequently make?

estimates

Before you agree to a home or car repair, you should get several __________ to make sure you are getting the fairest deal.

they would rise due to the higher demand

During the global pandemic, the need for medical workers has risen sharply. Based on this rise in demand, what can you assume would happen to the salaries of nurses?

products, services, and consumers

Economic harmony comes from the balance of which things?

demanded; supplied

Equilibrium is where the quantity __________ equals the quantity __________.

need

In Philippians 4:19, the Apostle Paul says, "And my God will supply every __________ of yours according to his riches in glory in Christ Jesus."

10

In Ron Blue's video "Debt, Mercedes, and Speedboats," he suggests paying cash for a new car and planning to drive it for ________ years

materialism

In Ron Blue's video "John Steinbeck's Letter", he references a letter written by John Steinbeck in the 1950s that warned of what?

everything, everything

In our lessons, we learn that there is no such thing as an independent financial decision. In our lifestyle choices, and specifically in our finances, ________ affects ___________.

monopoly

It is not fair for one company to have a ___________ or an unfair advantage that limits the choice of goods and services. That is why there are anti-trust and unfair competition laws.

automatic

One way to stay on track with spending is to use _________ transfers to save money for a big purchase before you ever see it.

a chair falls apart two days after you purchase it, and you ask for a refund

What would be an example of a consumer using their right to fair compensation?

afford

When deciding on purchases, especially large purchases, it is important to remember that just because you can make the payments on a large purchase does not necessarily mean that you can ________ the purchase.

you should notify your lender immediately so that you can work out a payment plan

Which of the following should you do if you are having trouble making payments on loans?

Cellphone agreement

Which type of agreement will ask you to agree to be a customer for a certain amount of months, usually while you are paying off equipment?

we all buy things, so we can all be considered consumers

Who can be considered a consumer?

1. because some people need low-sodium products 2. because calorie intake is important for some people to know 3. because some people are allergic to some foods, such as peanuts 4. because some people cannot have foods produced in plants that also process peanuts 5. because some people are on special diets and need to know specific percentages of certain items

Why is it a good idea for consumers to know what is in the food and products they buy?

it makes it easy to return the product and to dispute a questionable sale

Why is using a credit card a good idea when making a purchase?