Week 7 of Personal Finance

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

10

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

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

What is the best way to handle a setback in your spending plan (such as overspending on an item without planning?)

Calmly figure out what went wrong and how you can prevent it in the future, and then put it behind you and start fresh the next day

In considering purchasing products, what are some good guidelines to follow? Choose the six answers that apply. Please do not guess, as incorrect answers are penalized for this question type.

Carefully read and make sure you understand any contract you sign. Don't travel far to save a few cents on the exact same product. Shop around to compare different deals for the same item. Get opinions from friends and relatives who have bought similar products. Make sure you know what the final price will be, including any extended warranty plans and fees. Make sure you know the policies for returns and refunds.

Which of the following are good to do before making a purchase? Choose the three answers that apply. Please do not guess, as incorrect answers are penalized for this question type.

Check out a company's complaint record with your local consumer affairs office and Better Business Bureau Get advice and price quotes from several sellers Decide in advance what you want and what you can afford

Which of the following is a type of savings account that banks will set up for customers to help save for a special purchase?

Christmas Club

The right to be heard is evidenced by the laws and regulations that the government institutes to protect the rights and desires of consumers. What is this right geared toward mostly?

Environmental and fuel efficiency of automobiles

You have decided to follow a plan to help keep your money on track. You have a friend who tells you this is silly and that you "can't take it with you," so it's best to spend all of your money as soon as you earn it. What is the best response to this friend?

Explain that you have goals and plans that require a solid plan to achieve and ask if they would like to learn about that

In Ron Blue's video "John Steinbeck's Letter," Mr. Blue says that although the United States is the richest country in the world, this has not given us what?

Happiness and contentment

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

Materialism

Because consumers have a right to choose among competing services instead of being forced to accept one company's service, often a certain service will be available from several different companies. What are some of these services?

Phone service, television service, health insurance

What must you consider if you shop online?

Shipping costs and delivery times

Which organizations can offer credit cards to help make purchases?

Stores Banks Credit unions

Consumers should have access to programs and information that help make better buying decisions. Consumers should learn about the changing nature of products - consumer education is a lifelong responsibility. This describes which right of a consumer?

The right to education

Using the guidelines for spending covered in the lesson, choose all the tips below that can help you be a wise shopper. Choose the six answers that apply. Please do not guess, as incorrect answers are penalized for this question type.

Track expenses so you will know where your money is going. Save money in special accounts so you are prepared for large expenditures. Pay cash for items that cost less than $5.00. Be a good steward of all your money and possessions. When you make a mistake with spending money, learn from your mistakes. Consider all the purchase options and costs before buying something expensive.

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.

healthy

When shopping online, look for the ________ icon in the bottom corner of your screen or a URL that begins with "https" to ensure that your payment information is transmitted securely.

padlock

Why is it a good idea for consumers to know what is in the food and products they buy? Choose the five correct answers. Please do not guess, as incorrect answers are penalized for this question type.

Because caloric intake is important for some people to know Because some people cannot have foods produced in plants that also process peanuts Because some people are on special diets and need to know specific percentages of certain items Because some people are allergic to some foods, such as peanuts Because some people need low-sodium products