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SUPER
Social Studies
9th -
10thgrade
Consumer & Financial Decisions Review
18 questions
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- 1. Multiple Choice
What’s the Difference Between BNPL & A Credit Card
Credit Cards Hold No fees where as BNPL has lots of fees
BNPL is a bank where you can physically go in branch
BNPL is only available for online Purchases
Credit Cards help you build your credit score where as BNPL doesn’t.
- 2. Multiple Choice
What is the first thing you should consider when formulating a budget?
Assume your financial stability
Calculate your monthly/annual net income
Record your monthly/annual expenditure
Set goals, objectives and constraints to adhere to
- 3. Multiple Choice
What is the name of the legislation that provides some protection to consumers?
Consumer and Competition Act
Protection Act of Consumers
The Competition and Consumer Act
Consumers Act of Protection
- 4. Multiple Choice
What is the best way to make a decision on buying a product?
How much you want the product
The amount of money you'll have in 4 years
The amount of money you have
Your credit score
- 5. Multiple Choice
What are the 3 essential elements that make a legally binding contract?
The offer, the handshake and the consideration
The offer, the acceptance and the cheque
The offer, the acceptance and the consideration
The proposal, the handshake and the cheque
- 6. Multiple Choice
What are the three riskiest ways of investing?
Saving accounts, Index fund, Term Deposit
Managed fund, Term deposit, Index fund
Shares, Index fund, Real-Estate
Managed funds, Saving account, Shares
- 7. Multiple Choice
Which of the following terms best describes the process of contacting different sellers to find the best price for a product or service?
Comparison shopping
Window shopping
Product shopping
Price shopping
- 8. Multiple Choice
Find the truth:
10% of Americans don't own a credit card
2.9 billion Australian debit transactions were made last year
A credit card is for people ages 25 above
Chickens are worth $230 in England
- 9. Multiple Choice
What is a form of buying that a person purchases a product without any thought?
Scheduled buying
Contract buying
Impulse buying
Scattered buying
- 10. Multiple Choice
What government organistaion helps and protects consumers in relation to investment, life insurance, superannuation, scams, and banking.
New South Wales Fair Trade
Australian Competition & Consumer Commission (ACCC)
Australian Securities and Investments Commission (ASIC)
The Ombudsman
- 11. Multiple Choice
view the following video - what are some signs it could be a romance scam?
the first thing they ask for is money
the person doesn't understand you well
you need to send them flowers
none of these options
- 12. Multiple Choice
rank the following in order of risk (lowest to highest)
term deposit, savings account, shares, managed fund
shares, index fund, term deposit, bonds
bonds, index fund, savings account, term deposit
savings account, bonds, index fund, shares
- 13. Multiple Choice
what is the economic problem
everywhere, like the force
we have limited wants and unlimited resources
we have limited resources and unlimited wants
something to do with the sharemarket...ummm
- 14. Multiple Choice
which of the following statements is true about warranties and insurance for a car?
warranties protect from accidents
insurance protects against faults
insurance is no extra cost
warranties vary depending on the type of car
- 15. Multiple Choice
which of the following are hidden costs involved in buying a second hand car
stamp-duty, inspection fees
transfer-fees, insurance, warranties
license fees, title searches, rego
transport costs, fuel
- 16. Multiple Choice
which of the following statements is correct when thinking about this sign
this sign is always correct
this sign applies when the customer changes their mind
this sign applies if a product is unsafe
this sign applies if a product is not fit for the purpose it was made
- 17. Multiple Choice
what effect does buying a car second hand have on consumer rights?
none - all consumers are protected
some - it depends on how much the car costs
some - you have more protection when you buy from a dealership but not from a private seller
heaps - you lose all consumer rights when you buy a car second hand
- 18. Multiple Choice
a friend of yours has a lot of debt through their credit card and is struggling to make payments for rent and electricity - what should they do?
get in touch with a financial counsellor
never pay just the minimum payment on the credit card
contact their bank and people they own money to and make a payment plan
all of these options should be considered
- Answer choicesTagsAnswer choicesTags