EVERFI FINANCIAL LITERACY - POST-ASSESMENT ANSWER KEY
Lesson 4 - Consumer Skills
1.
When you are deciding what to buy, you should not...
a. compare the unit price of similar items.
b. read reviews from unbiased sources.
c. assume that buying the cheapest item is the smartest choice.
d. wait for sales to get the best price.
2.
Making a good purchasing decision requires __________.
a. comparing the prices of similar items
b. reading reviews of the product
c. waiting until the product is on sale, if possible
d. All of the above
3.
When you are deciding what to buy, you should...
a. pick the cheapest item to get the best deal.
b. pick the most expensive item to get the best quality.
c. trust influencers to pick the best items for you.
d. compare the unit price of items similar to the one you want.
4.
How is an advertisement different from a comment from a regular consumer?
a. It isn’t any different.
b. The advertisement is likely one-sided.
c. The advertisement may have been posted by the seller.
d. The advertisement is made by an influencer who gets paid.
5.
How is a post from a social media influencer different than a comment from a regular consumer?
a. It isn’t any different.
b. The post by the influencer is likely one-sided.
c. The post by the influencer may have been posted by the seller.
d. The influencer is paid to post the product.
6.
What is one of the best ways to get reliable information about a product?
a. Follow a social media influencer
b. Look for the advertisements
c. Search online reviews
d. Ask someone who has never used it
7.
Which example shows an advantages of owning a car over leasing one?
a. Smaller monthly payments and good warranty to cover repairs.
b. Expiring warranty means that you will get to handle repair payments.
c. No restrictions on the number of miles to drive and the ability to customize, or make changes to the
car.
d. You will drive a fairly new car for a limited period of time.
8.
Which of the following is NOT an advantage of owning a car?
a. Smaller down and monthly payments than leasing a car
b. Drive unlimited number of miles
c. Flexibility to be able to customize it
d. Yours to keep and sell when you wish
9.
What is the best reason for why someone would want to lease a house instead of buy one?
a. They want full responsibility of all repairs.
b. They want to be able to hopefully make money when they sell the place.
c. They are planning on living there for a short period of time.
d. They want to avoid rent increases and dealing with a landlord.
10. A pack of 24 pencils is more expensive than 12 pencils, but why could buying the 24 pack be the better deal?
a. The price of each pencil, or the unit price, is actually cheaper in the 12 pack.
b. The price of each pencil, or the unit price, is actually cheaper in the 24 pack.
c. The 24 pack comes with a carrying case.
d. This statement is false. Buying fewer pencils will always be a better deal.
11. The price of a single item within a group of items is known as the ______________ of the item.
a. group price
b. item price
c. unit price
d. total price
12. Why is figuring out the unit price of something useful when shopping?
a. It helps you check to see if the price is correct.
b. It helps you locate items in the store.
c. It helps you determine the best deal.
d. It determines if a coupon is still usable.
13. Which payment option is not accepted online?
a. Cash
b. Check
c. Debit Card
d. Credit Card
14. Which payment option takes money out of your bank immediately?
a. Cash
b. Check
c. Debit Card
d. Credit Card
15. Which payment option could have interest charged to you?
a. Cash
b. Check
c. Debit Card
d. Credit Card
16. When making a large purchase, you should avoid everything EXCEPT _______________________
a. excessive fees.
b. being forced to buy additional warranties.
c. add-ons that seem too good to be true.
d. a price that fits comfortably in your budget.
17. What are possible red flags or signs of a scam when buying a car?
a. Being told your financing fell through
b. Lengthy negotiations
c. Charging of excessive fees
d. Both A and C
18. Which of the following is NOT be a warning sign of a scam when buying a car or other big purchases?
a. Being forced into warranties
b. A price that fits comfortably in your budget
c. Excessive fees
d. Add-ons that seem too good to be true
19. Which of the following is NOT a useful strategy when making an informed purchase?
a. Calculate the unit price of the product.
b. Purchase a product based on a social media influencer.
c. Read the online reviews of the product and ask trusted friends who use it.
d. Compare your option to similar products.
20. How does a consumer know whether a purchase may be a good deal?
a. A large percentage of positive customer ratings offer detailed explanations.
b. The item has the most features compared to other similar items.
c. The price is the most expensive for that type of item.
d. Both A and B
21. What is one of the best ways to get reliable information about a product?
a. Follow a social media influencer
b. Look for the advertisements
c. Search online reviews
d. Ask someone who has never used it
22. Which example shows an advantage of owning a car over leasing one?
a. Smaller monthly payments and good warranty to cover repairs.
b. Expiring warranty means that you will get to handle repair payments.
c. No restrictions on the number of miles to drive and the ability to customize, or make changes to the
car.
d. You will drive a fairly new car for a limited period of time.
23. Which of the following is NOT an advantage of owning a car?
a. Smaller down and monthly payments than leasing a car.
b. Drive unlimited number of miles
c. Flexibility to be able to customize it
d. Yours to keep and sell when you wish
24. What is the best reason for why someone would want to lease a house instead of buy one?
a. They want full responsibility of all repairs.
b. They want to be able to hopefully make money when they sell the place.
c. They are planning on living there for a short period of time.
d. They want to avoid rent increases and dealing with a landlord.
25. Which fact supports the idea that renting is a good option for living in a place for a short period of time?
a. Renting requires a large down payment.
b. Leases are generally for a month or a year.
c. Landlords take care of most maintenance.
d. Mortgages are usually for 15 or 30 years.
26. Which housing option gives you more freedom and more responsibility?
a. Leasing a house.
b. Borrowing a house.
c. Buying a house.
d. Housesitting
27. Leasing a car may be a better option than buying a car if...
a. you travel great distances regularly.
b. you have enough money for a large down payment.
c. you don't plan on having it for long and don't want to worry about regular maintenance.
d. you want the extended warranty and maintenance because you plan on having the car for a while.
28. Which payment option can offer additional security like fraud protection?
a. Cash
b. Check
c. Debit Card
d. Credit Card
29. Which method of payment actually is a form of borrowing money that needs to be paid back later?
a. Cash
b. Credit Card
c. Debit Card
d. Check
30. Which forms of payment is linked to a bank account which limits the amount of money you can spend to
balance in your account?
a. Cash & credit cards
b. Checks & debit cards
c. Debit card & credit cards
d. Credit cards & checks