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Consumer Ed
Chapter Reviews
| Question | Answer |
|---|---|
| What is the role of consumers in the marketplace-1.1 | |
| What is the difference between a consumer affairs department and a consumer action panel-1.2 | |
| What are the media and how do they protect consumers-1.2 | |
| How can cookies be used to invade your privacy? How can they be helpful-1.3 | |
| Explain how a pyramid scheme works-1.4 | |
| In what circumstances might you consider using mediation-1.5 | |
| What are the advantages of taking a problem to small claims court-1.5 | |
| Summarize the three economic roles that individuals play-1.1 | |
| Describe the impact (good and bad) of technology on consumers-1.1 | |
| Name and explain 3 consumer protection laws-1.2 | |
| Why should you purchase only from secure Internet sites-1.3 | |
| Why is it wise to use an alternate email address for chat rooms-1.3 | |
| What should you do if you receive a chain letter asking for money-1.4 | |
| Give an example of a consumer problem you might encounter, and explain how you would handle it-1.5 | |
| Why do you need to distinguish between needs and wants when setting priorities-2.1 | |
| What should you do if you receive a chain letter asking for money-1.4 | |
| What is the relationship between scarcity and opportunity cost-2.2 | |
| How do management skills help you reach goals-2.2 | |
| Describe factors that encourage conspicuous consumption by the purchase of status symbols-2.3 | |
| How can critical thinking help a consumer detect bias in an information source-2.4 | |
| Give an example of a long-term goal and a short-term goal-2.1 | |
| Give an example of a limited resource and suggest steps for managing it-2.2 | |
| How can making planned consumer decisions help you obtain better value for the money you spend-2.3 | |
| Identify the last step of the decision-making process and explain why it is important-2.3 | |
| Name 3 sources of written consumer information and identify those that are most likely to be biased-2.4 | |
| Why is it a good idea to take your product research information with you when you shop-2.4 | |
| How does shoplifting violate consumer ethics-3.1 | |
| What is naturalization-3.2 | |
| How can you develop leadership skills as a volunteer-3.2 | |
| How could studying ecology help you learn about the impact of environmental issues-3.3 | |
| Why are fossil fuels considered nonrenewable resources-3.3 | |
| What is the advantage of using biodegradable substances-3.3 | |
| How can you be a courteous consumer when shopping in a grocery store-3.1 | |
| In what ways does shoplifting add to the costs of running a retail business-3.1 | |
| Give an example of an ethical issue that might affect consumer purchases-3.1 | |
| Why is it important to serve on a jury when called-3.2 | |
| Describe 2 types of volunteer service and explain how they help the community-3.2 | |
| How could cooperationk, teamwork, and leadership skills benefit you-3.2 | |
| Why is waste disposal becoming a matter of increasing concern-3.3 | |
| How do career choices influence your standard of living-4.1 | |
| How does flextime help workers balance multiple roles-4.1 | |
| Explain 2 pros and 2 cons of being an entrepreneur-4.2 | |
| Why would you include references in your resume-4.4 | |
| How does being a mentor help you build leadership skills-4.5 | |
| How can a strong work ethic contribute to success on the job-4.5 | |
| How will you benefit from planning your career-4.2 | |
| Describe 2 factors to consider when creating a career plan-4.2 | |
| How do workers in consumer service careers help consumers-4.2 | |
| How might your career goals affect the type of education you choose-4.2 | |
| Besides salary, what should you consider in evaluating a job offer-4.4 | |
| Describe three types of skills that help you succeed on the job-4.5 | |
| How much notice should you give when you resign from a job? Why-4.5 | |
| Describe the basic differences between a traditional, a command, a market, and a mixed economy-5.1 | |
| Explain how profit motivates production-5.2 | |
| Why does competition among businesses benefit consumers-5.2 | |
| Why does the US government have antitrust laws-5.3 | |
| How do a proportional, progressive, and regressive tax differ-5.4 | |
| Why do economic systems develop-5.1 | |
| Describe 3 goals and 2 characteristics of the US economy-5.1 | |
| What is meant by "factors of production"? Name 4 of these factors-5.2 | |
| Explain how demand and supply interact to determine prices in a free market-5.2 | |
| Why does the government provide certain goods and services? Give 3 examples-5.3 | |
| What 2 policies can the government use to stabiilize the economy-5.3 | |
| Explain 3 purposes of taxation-5.4 | |
| Describe 4 types of taxes paid by US consumers-5.4 | |
| Explain 2 basic principles of tax fairness-5.4 | |
| What is a recession? How are consumers affected by it-6.1 | |
| Explain what the gross domestic product and the consumer price index each measure-6.1 | |
| How can creating a budget help a government to manage its spending-6.2 | |
| How does a budget deficit differ from a budget surplus-6.2 | |
| How are fiscal policy and monetary policy alike? How are they different-6.3 | |
| What is the Federal Reserve System? What are its responsibilities-6.3 | |
| What happens during the contraction phase of the business cycle? The expansion phase?-6.1 | |
| Explain how consumer confidence affects the state of the economy-6.1 | |
| Name 2 situations that often lead to deficit spending. Explain why they have that effect-6.2 | |
| Explain a negative effect of the national debt on consumers-6.2 | |
| What could the Federal Reserve Board achieve by lowering either the reserve requirement or the discount rate-6.3 | |
| Explain how Federal Reserve actions can affect the cost of credit to consumers-6.3 | |
| What is the difference between an export and an import-7.1 | |
| How does the exchange rate affect the balance of trade-7.1 | |
| What creates a trade deficit-7.1 | |
| Compare the effects of a tariff and an import quota on international trade-7.2 | |
| What is a trade embargo-7.2 | |
| How does free trade differ from protectionism-7.2 | |
| Describe two ways in which consumers benefit from international trade-7.1 | |
| Why are currency exchange rates necessary-7.1 | |
| What are the pros and cons of a US trade deficit-7.1 | |
| Explain two arguments for protectionism-7.2 | |
| Explain 2 arguments for free trade-7.2 | |
| What is GATT and what is its significance-7.2 | |
| What is the difference between doing piecework and working on commission? How are they similar-8.1 | |
| What does it mean to say that you become vested in your employer's retirement plan at the rate of 30% per year? Is being vested at a lower or higher percentage more advantageous to you? Why-8.1 | |
| Explain how direct deposit works-8.2 | |
| How do a tax deduction and a tax credit differ-8.3 | |
| What are itemized deductions? Why might listing them instead of taking a standard deduction be to your advantage-8.3 | |
| Give 3 examples of how the federal government has ensured that all employees are paid fairly-8.1 | |
| Name 2 kinds of benefits an employer might offer-8.1 | |
| Name 2 possible advantages of being a full-time employee rather than a temporary employee-8.1 | |
| What are the 3 categories of information provided on your pay stub? Name one type of information found in each category-8.2 | |
| What steps must you take to make sure you fulfill your income tax responsibilities-8.3 | |
| How can you determine net worth-9.1 | |
| What role does a budget play in achieving financial goals-9.1 | |
| What is online bill payment? How can it be beneficial to consumers-9.2 | |
| Explain the differences betwee fixed, variable, and discretionary expenses. If you have trouble balancing your budget, which should you examine first-9.3 | |
| Why would you archive some documents and records-9.4 | |
| What will a professional financial advisor's credentials tell you-9.5 | |
| List 3 ways you can benefit from financial planning-9.1 | |
| How would you go about setting up a financial plan-9.1 | |
| Identify a life stage and explain how it might require a change in your financial plan-9.1 | |
| Explain how financial software can help you track expenses-9.2 | |
| How does following a budget help you control your spending and saving-9.3 | |
| Name 3 types of records to keep and specify how long to keep them. What is the best storage system for each-9.4 | |
| Identify 2 types of financial professionals and describe their expertise-9.5 |
Created by:
pogs89
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