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JROTC > Chpt 2 Lesson 1.1, 1.2, 2 > Flashcards

Chpt 2 Lesson 1.1, 1.2, 2 Flashcards

1
Q

In 2011, internet retail sales reached almost _____________.

A

$200 billion

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2
Q

What is a tip for internet shopping?

A

Fully understand the return policy

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3
Q

Studies show that the average person uses at least ____ products every morning before he or she even goes out the door.

A

15

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4
Q

What is a tip for becoming a smart grocery shopper?

A

Watch for sales

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5
Q

Which is a better buy: an 8 oz. bag of “Brand A” frozen corn for $1.00 or a 16 oz. bag of “Brand B” frozen corn for $2.50?

A

Brand A

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6
Q

Which is a better buy, a package of 8 rolls of paper towels for $14.79 at your local grocery store or a package of 15 rolls of paper towels for $22.39 at your club store?

A

Club store

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7
Q

In addition to price, what else should you consider when comparison shopping?

A

Product Expiration Date

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8
Q

What vegetables would have more vitamins?

A

Carrots

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9
Q

In which month would it be more expensive to buy watermelons?

A

December

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10
Q

Who oversees the safety of America’s poultry?

A

United States Department of Agriculture (USDA)

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11
Q

What is considered a fin fish?

A

Flounder

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12
Q

When shopping for clothes, which of the following tips should you follow?

A

Shop at discount stores

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13
Q

When renting an apartment, who is responsible for repairs when something goes wrong?

A

Landlord

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14
Q

It is recommended that you pay no more than ______ of your gross income on rent, gas, heat and electricity.

A

30%

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15
Q

What tips should you follow when shopping for an apartment?

A

Know whether utilities are included

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16
Q

It is recommended that you pay no more than ______ of your net income on a car payment.

A

20%

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17
Q

What is the advantage of leasing a vehicle?

A

You don’t need a down payment

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18
Q

According to Consumer Reports, for many reasons, it usually ______________ to lease than to buy a car.

A

costs more

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19
Q

What is the advantage of buying a vehicle?

A

You will have equity in the car.

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20
Q

What is considered a positive aspect of credit?

A

Good credit can help you reach your goals.

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21
Q

What is the disadvantage of using credit?

A

You will be tempted to make impulse purchases.

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22
Q

The average new college graduate today has more than __________ in debts, including credit cards, student loans, and other debts, such as car loans.

A

$25,000

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23
Q

Many people have __________ because they make only the minimum payments on their credit cards each month.

A

Big debts

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24
Q

Almost __________ people in the United States file for bankruptcy each year.

A

1.5 million

25
Q

Which source of credit would be used to pay for goods or services at any business establishment?

A

Credit Card

26
Q

An installment loan may require __________.

A

Higher interest

27
Q

When you buy something on __________, the store holds it until you have paid for it in full.

A

Layaway

28
Q

What is a tip for managing your credit?

A

Limit yourself to no more than 2 credit cards

29
Q

What question should you ask when shopping for credit?

A

Which kind of credit is appropriate for your purchase?

30
Q

In order to apply for a credit card, you must show which of the following?

A

You are 18 years old

31
Q

What personal information may be asked on a credit card application?

A

All of the above

32
Q

Once you’ve applied for a credit card, the company has _____ days to respond to your application.

A

30

33
Q

What are used by credit card companies to evaluate your credit application?

A

Character

34
Q

Which of the “three Cs of credit” will be evaluated to ensure you have enough assets?

A

Collateral

35
Q

A good practice to establish credit is to:

A

Make regular payments

36
Q

What is one of the three primary credit bureaus?

A

TransUnion

37
Q

What is a way to reduce credit card fraud?

A

Destroy any old or canceled cards

38
Q

Credit card holders who are victims of theft or fraud are not responsible for more than _____ if they report the theft promptly.

A

$50

39
Q

What steps should you take if you think you’re getting into trouble?

A

Stop borrowing

40
Q

What principle does insurance work on?

A

Shared risk

41
Q

What is the reason that insurance is a good investment?

A

Provides financial security

42
Q

What would be required with a deductible of $500?

A

You pay the first $500 of damages

43
Q

If you have an accident resulting in $1,250 damages to your car and have $250 deductible collision coverage, which of the following statements is true?

A

You will pay the first $250 and your insurance company will pay $1,000

44
Q

What is true if you choose a high deductible?

A

Lower premiums

45
Q

What would pay for property that was damaged as a result of an accident that was your fault?

A

Property damage

46
Q

Uninsured Motorist Protection would cover financial losses due to:

A

Injuries caused by a driver without insurance

47
Q

What are auto insurance rates based on?

A

Your age

48
Q

What would be considered the most low-risk driver?

A

Twenty-five-year-old female

49
Q

What is true of renter’s insurance?

A

It will cover the cost of replacing items lost in a fire

50
Q

What types of insurance would cover costs associated with injuries resulting from someone falling on your property?

A

Liability Insurance

51
Q

What is one reason why health insurance has become expensive?

A

Increase in weight-related health issues

52
Q

What is true regarding indemnity health plans?

A

They do not require you to get approval to see a specialist

53
Q

Which type of managed care plan pays for visits to certain doctors or medical facilities?

A

Health maintenance organizations

54
Q

What is the advantage of a PPO compared to an HMO?

A

There are more choices of healthcare providers

55
Q

What is a type of disability insurance?

A

Workers compensation insurance

56
Q

What is the least expensive form of life insurance?

A

Term life

57
Q

What is the disadvantage of term life insurance?

A

You do not receive anything if the policy term ends

58
Q

Your need for life insurance will last for 20 years. You also wish to save some money over that same time period. What kind of life insurance would fill this requirement?

A

Universal life

59
Q

What can you do to prevent identity theft?

A

Destroy all financial statements

JROTC (4 decks)

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