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Unit 5 Review
Maintaining Financial Well-Being
| Question | Answer |
|---|---|
| The term “money personality” refers to how your ____________ , ___________ , and _____________ affect the way you manage money. | habits; beliefs; attitudes |
| True or False: There is a direct relationship between spending on oneself and happiness. | False |
| True or False: Giving to others leads to increased personal satisfaction and happiness. | True |
| Why is “one-size-fits-all” financial advice ineffective? | because people have different personalities, values, and attitudes about money |
| This money personality is associated with self-made wealthy individuals and involves downplaying how much money they have. | Money vigilance |
| This money personality equates self-worth with net worth and “keeping up with the Joneses” | Money status |
| This money personality believes that more money will solve problems and bring happiness. | Money worship |
| This money personality has a general belief that money is bad and they don’t deserve money themselves. | Money avoidance |
| A _______________ is when our emotions hijack our financial decision making in a way that is recurring and self destructive. | money disorder |
| __________ is often spurred by income loss, overwhelming debt, or other financial woes, and is the most common type of money avoidance disorder. | Financial denial |
| _________ is the act of deceiving one's partner about money matters, such as secret spending and debts, keeping a private bank account, or even stealing from each other. | Financial infidelity |
| ____________ is when losses are felt more intensely than gains of the same amount. | Loss aversion |
| ___________ refers to avoiding options with uncertain outcomes. | Ambiguity aversion |
| ____________ leads individuals to follow popular trends without critical thinking. | Herd mentality |
| The emotional influence of ______________________ can lead to panic selling during a market downturn. | loss aversion |
| __________ , where people give disproportionate weight to recent events or information when making decisions, can lead to overreacting to recent market movements when investing. | Recency bias |
| How does culture primarily influence financial behavior? | Culture shapes values and beliefs around money management |
| What is a common financial practice in Western cultures regarding credit use? | High reliance on the use of credit and credit cards |
| In Japanese culture, a significant factor in spending decisions is the impact on a group or _____________ reputation. | family |
| A common financial practice in Latin American cultures is _______________ resources to support family. | pooling |
| African cultures generally view financial success by supporting the _____________ rather than just oneself. | network |
| What is a ROSCA? | Members contribute regularly to a pooled fund |
| n the context of savings, South Korean cultural values emphasize _______-term planning and ________ savings rates. | long; high |
| The primary benefit of kinship lending is the focus on __________ loyalty rather than contracts. | family |
| What is cultural finance? | Viewing money and financial behaviour through the lens of culture |
| A key principle of Islamic finance is avoiding _______________ and sharing risk through partnerships. | interest |
| The idea of _____________________________ is a social influence that can affect financial decisions by establishing financial goals or benchmarks by a certain age for all to achieve. | financial milestones |
| Using ______________ appeals like happiness, creating ______________ with limited-time offers, and using ____________________ ads on social media based on your browsing habits are all common marketing strategies that influence consumer behavior. | emotional; urgency, targeted |
| Why is it important to understand social influences on financial behavior? | To build independent financial habits |
| A potential downside of following societal expectations regarding financial milestones is a higher likelihood of taking on _______ too soon. | debt |
| The importance of consumer ______________ is they provide honest feedback on performance and issues. | reviews |
| A key characteristic of smart consumer habits is using more than one source of ___________________ . | information |
| Why is it important to consider ethical consumer movements when making a purchase? _ | They reflect personal values and sustainability concerns. |
| How many advertisements are consumers bombarded with each day? | as many as 4,000 - 10,000 each day |
| How does advertising benefit consumers? | (1) Provides information about new products ; (2)Might lead to lower prices of products.(3) The price of newspapers, TV, and other media is lower to consumers because advertising finances much of the cost of these services. |
| How does advertising benefit businesses? | By increasing the demand for its goods and services, thus increasing sales. |
| TRUE or FALSE: Businesses use slogans, logos, jingles, unique packaging, and designs in advertising to create the "brand personality" and thus, brand loyalty. | True |
| Putting on a commercial for Trix cereal during a popular Saturday cartoon show to increase sales to parents is an example of what type of advertising? | Targeted advertising |
| When it comes to advertising, what is your responsibility as a consumer? | To carefully analyze and evaluate ads if you want to keep more dollars in your pocket. |
| The anxiety that an exciting or interesting event may currently be happening elsewhere, commonly referred to as __________ , is often targeted in advertisements to influence consumer behavior. | FOMO (Fear of Missing Out) |
| What kind of appeal (emotional or rational?) do ads prioritize more to persuade consumers? | emotional |
| When analyzing advertising influences, what should consumers ask themselves? | What is this ad not telling me? |
| Why is it important for consumers to analyze multiple sources of information before making a purchase? | To make informed decisions |
| ______________ scams are scams in which you have to pay a small fee in advance for a promise of a big pay off later. | Advance fee |
| Who is susceptible to falling for a money scam? | everyone |
| What are the characteristics of a strong password? | At least 8 characters in length and a mix of letters, numbers and special characters. |
| If you are a victim of fraud, be sure to close all tampered and fraudulent accounts. In addition, you should: _____________ | (1) Register a complaint with the Federal Trade Commission (FTC).; (2) Dispute errors with the credit reporting agencies and relevant businesses.; (3) Change all passwords and personal Identification numbers (PINs). |
| If you determine you have received a suspicious email, you should _____________ the email. | delete |
| ___________ is a cyber attack intended to redirect a website's traffic to a different, fake site in order to steal personal information | Pharming |
| _______ is a practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information. | Phishing |
| One way consumers can protect themselves from identity theft is by regularly monitoring their _________report. | credit |
| If someone becomes a victim of identity theft, what are the recommended actions they should take? | (1) Contact government and local authorities; (2) Contact creditors and financial Institutions; (3) Contact the credit bureaus |
Created by:
teacherdavidfrost
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