Consumer & Financial Decisions Review | 51 plays

1.

Multiple Choice

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

30 sec

1 pt

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

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