Final Semester Exam Review

Pyramid Scheme vs. Multi-Level Marketing

  • A Pyramid Scheme is illegal, while a Multi-Level Marketing Company is legal.

  • A Pyramid Scheme does not sell a product, while a Multi-Level Marketing Company does.

Pump and Dump Scam

  • A scheme that attempts to boost the price of a stock through recommendations based on false or misleading statements.

IRS Contact

  • The IRS will NOT contact you via email or phone demanding immediate payment.

Comparison Shopping

  • Comparing the price, reviews, and other factors of similar products prior to making a purchasing decision.

Factors to Focus on While Comparison Shopping

  • Quality is important to consider when purchasing a backpack.

Potential Benefits of Comparison Shopping

  • Finding a product that fits within your budget.

  • Reading a user review that provides insight into the quality of the product.

  • Buying a product that best meets the criteria that are important to you.

How to Comparison Shop

  • Set a budget, decide what features you want, and see which stores/brands best fit your needs.

First Steps in Comparison Shopping for a Bicycle

  • Decide what bicycle features you care most about.

When to Comparison Shop

  • Shoes -- because they need to fit well and last for the whole season.

Best Deal

  • Purchase at All Clothes, because the cost after coupon will be 3232 (38 - $6 = $32 ).

"Buy One, Get One Free" Promotions

  • Great deals convince customers to buy things they don't need and stay loyal to the store or Brand.

Restaurant Receipt

  • The total money in the bank account you used to pay.

Which receipt Should Naya Keep the Longest?

  • Target receipt for bluetooth headphones for her and a popular toy for her niece's birthday.

Six Ways of Influence

  • Blackmail is NOT one of the six ways of influence; Scarcity, Authority, and Social Proof are.

Recent Trends in Identity Theft

  • Multiple large organizations have experienced data breaches that have leaked consumer information.

Following an Influencer on Social Media

  • How authentic the influencer appears.

Notification from the IRS

  • The IRS sends him a formal letter in the mail notifying him of taxes he owes.

Type of Identity Theft MOST Prevalent for People Age 19 and Under

  • Bank fraud.

Influencer

  • A person who has the ability to convince someone to buy a product or service by promoting it on social media.

Scams

  • There are a number of red flags you can be aware of that can help you avoid being Scammed.

Ways to Use Social Media More Mindfully

  • Check your social media accounts frequently throughout the day.

Freezing Your Credit

  • Your credit information is blocked to help prevent someone from opening accounts in your name.

Pyramid Scheme

  • A type of scam in which payments from lower-level, recruited employees are pushed to higher-level employees.

Sean Received a Notification That His Information Was Compromised, and He Is Likely a Victim of Identity Theft.

  • Wait for 90 days before contacting the Federal Trade Commission to see if they catch the fraudulent behavior.

Social Media Ad

  • Authority is being used in this Ad.

Social Media Influence

  • Clothing or accessories.

Potential Benefit of Comparison Shopping

  • You are more likely to find a product that best fits within your budget.

Text Message from Her Bank

  • The text message asks her to call the numberA that is on the back of her debit card.

Signs of a Scam

  • An urgent need for money.

Opportunity Cost

  • What you give up as a result of choosing one option versus another; a trade-off.

Expenses Included in a Typical Budget

  • All of the Above (Taxes, Charitable Giving, Savings).

Want for Most People

  • A brand-name jacket.

Unit Price of an Item

  • If you know the unit price of an item, you are better able to: Compare prices of two brands.

Creating a Budget for Your New Business

  • All income and expenses.

Variable Expense for Many Adults

  • Their monthly cost of eating out at restaurants.

Unit Prices of Two Different Brands of an Item

  • You know the unit prices of two different brands of an item, you are better able to: Compare the prices of the two brands.

Income Earned on an Hourly Basis

  • Wage.

Factor Has the Biggest Impact on Your Credit Score

  • Payment History.

Ashley Wants to Use Money From Her Checking Account to Make a Purchase

  • Debit Card.

Strategy for Avoiding Credit Card Interest

  • Pay the full balance each month.

Withheld from a Paycheck and Is Used to Fund Government Services

  • Federal Income Tax

Paid on a Biweekly or Monthly Basis for Professional Employment

  • Salary.

Best Reason to Use Cash for Purchases

  • Keeping track of how much you spend is simple.

Revenue

  • The amount of money a company makes from sales.

Open a Savings Account

  • Account 1 – Interest rate 2%, Interest compounded daily.

Weekly Salary given to you in Class

  • $10

John Realized His Expenses Exceed His Income

  • Eat out less frequently

Excel

  • Excel is NOT a spreadsheet?

  • Excel is a spreadsheet that allows you to store, organize and analyze information.

  • Excel can help you with daily, monthly and yearly budgets.
    Multiplying in Excel you must use this symbol x?

  • Tabs at the bottom of the excel window cannot be renamed.

  • Some parts of the Excel window are: Ribbon, scroll bars, formula bar, name box, and worksheet tabs?

  • The following formula is not correct = SUM (A1:B4)

  • You can always store monthly budgets?

  • Saving a spreadsheet, the ending extension is .xlse

Liability insurance

  • Repairing damages to other cars if they got into an accident that was their fault

What is a premium?

  • The amount you pay the insurance company for coverage

Why a stock becomes more valuable over time?

  • All of the above

Deciding how to invest your money

  • Whether or not deposits can be made online

Buying and selling stock is TRUE

  • A stock exchange is the physical place where stocks are traded

Chris has car liability insurance

  • Repairing damage to other cars if he got into an accident that was his fault

Wrong answer for keeping a good credit history

  • It’s just numbers so it isn’t important

Receive; the more money you will likely earn

  • Education and training

NEGATIVE part of being in an online community?

  • Having anything you post be permanent

Someone you don't know asks where you go to school

  • Don't respond

Avoid “emotional contagion”?

*All of the above

Affect your credit score

  • All of the above

Friend posts something online that hurts your feelings

  • Text them and say they hurt your feelings.

What is social comparison?

  • When you compare your life to others’ to social media posts and feel like your life is worse

What is a “digital footprint”?

  • A collection of data from someone’s online activity that can be traced back to them

Keep personal information private online?

  • Both B and C

Okay to share your password with a friend?

  • It’s never safe to share your password

Talk to an adult you trust?

  • All of the above

Sure a picture won’t be shared publicly online?

  • Only share it in person

Spending a lot of time online?

  • All of the above

FALSE statement about online time?

  • Checking social media a lot is connected to more happiness

Sign you should talk to an adult about your online time?

  • Both B and C

Create a healthy balance between online and offline time?

  • All of the above

Help your offline friendships?

  • Don’t look at your phone when talking with your friends

Makes a good password?

  • A mix of letters, numbers, and symbols you’ll remember

Sign of malware?

  • All of the above

Be a phishing message?

  • An email with a link to reset your password

You are letting the company control your information?

  • Yes

Movie, song or book is offered for free, is it malware?

  • Sometimes

True about freedom of expression?

  • Both B and C

Copyrighted violation?

  • All of the above

A sign that content is biased?

  • The author makes money in a connected area

Sign that information is accurate?

  • All of the above

Accurate information from social media?

  • Sometimes

Something is sponsored content?

  • All of the above

Unsure if something is true, what should you do?

  • Research the information

Borrowing money from a friend or family member..?

  • Friends and family will typically work with you to set up a repayment plan you can afford

Difference between a credit card and a debit card?

  • Credit cards allow you to borrow money to pay for things, while debit cards take money straight from your own checking account

Credit card interest rates is TRUE?

  • A high interest rate means you’ll pay MORE money in total

Age group tends to have the most credit card debt?

  • Middle-aged people

Factors impacts your credit score EXCEPT

  • Bank account balance

What does the word “principal” mean?

  • The total amount you borrowed

To learn a trade, would a person go to a college or university to earn a degree?

  • False

Jobs that are considered trade jobs

  • A. Plumber

  • B. Electrician

  • D. Welder