Resource Management

Question 1

Consumers have rights and responsibilities.

Under “information,” consumers have the right to…

Answer 1

Factual details about a product.

It’s the consumers responsibility to use those details wisely.

Question 2

Consumers have rights and responsibilities.

Under the “right of redress,” the consumer has the right to…

Answer 2

Request compensation for a business’s mistake.

It’s the consumer’s responsibility to seek compensation.

Question 3

Consumers have rights and responsibilities.

Under the right to “truthful advertising,” the consumer has the right to…

Answer 3

Receive products that perform as they were advertised.

It’s the consumer’s responsibility to learn the difference between factual advertising and hype advertising.

Question 4

Consumers have rights and responsibilities.

Under the right to “receive warranty protection,” consumers have the right to…

Answer 4

Receive warranty protection for certain products and services provided.

It is the consumer’s responsibility to seek replacement or refund for faulty products or services.

Question 5

Consumers have rights and responsibilities.

Under the right of “having a basic need met,” the consumer has the right to…

Answer 5

have access to water, food, and shelter.

It is the consumer’s responsibility to consume sustainably without preventing others of being able to have their needs met.

Question 6

Permanent Life Insurance

Answer 6

Offers a benefit upon death and builds cash value.

Question 7

Term Life Insurance

Answer 7

Provides coverage for a specific period of time and has no remaining value.

Question 8

Universal Life Insurance

Answer 8

Has flexibility in insurance protection and savings options that are clearly separated.

Question 9

Variable Insurance

Answer 9

Provides protection as well as savings that are invested in equity products.

Question 10

Reducing the discount rate does what?

Answer 10

Encourages banks to lend money, which encourages consumer spending.

The discount rate is the rate commercial banks are charged for borrowing money from the Federal Reserve.

Question 11

The result of an effective price ceiling below the equilibrium price will be…

Answer 11

An excess of quantity demanded versus quantity supplied, which means there will be a SHORTAGE.

Question 12

Unit Pricing

Answer 12

The system of indicating the cost of a consumer product in terms of a standard unit of measure (per pound, quart, yard, etc.) in addition to the price per can, bottle, or piece.

Question 13

What is the best way to save money for long-term goals?

Answer 13

Stocks

Since the end of WW lI, through many ups and downs, the average large stock has returned 10% a year- well ahead of inflation, real estate, the return of bonds, and other saving vehicles.

Question 14

The amount of money received if the insurance policy is surrendered before maturity or death if the insured party

Answer 14

Cash Value

The saving component of most permanent life insurance policies.

“Surrender value” or “policy holders equity”

Question 15

Variable Universal Life Insurance

Answer 15

Life Insurance that offers s death benefit and builds cash value that can be invested in a wide variety of separate accounts, similar to mutual funds.

Question 16

CD (Certificate of Deposit)

Answer 16

A savings certificate with a fixed maturity date. Can be issued in any denomination aside from minimum investment requirements.

{good growth, low risk for 2 years}

Question 17

When shopping for insurance such as life, auto, or homeowners, it is important to…

Answer 17

shop around.

Insurance companies vary significantly in the amount charged for similar policies.

Question 18

Recession

Answer 18

a moderate or temporary decline in the economy

Question 19

Depression

Answer 19

a long, devastating decline in the economy

Question 20

People who have a feeling of control over their lives, are committed to their jobs, their relationships, and their values, and are not afraid of adversity or change, have …

Answer 20

Psychological hardiness

Question 21

The publication of the US Department of Labor Statistics that includes information about the nature of work, working conditions, earnings, and training and education for hundreds of careers is called The _________________.

Answer 21

Occupational Outlook Handbook

Question 22

Hardware knowledge includes all of the flowing except;

Which types of computer you’re using, what tools you are using to prevent malware, what type of operating system your computer has, your connection speed, and what word processor you are using.

Answer 22

What tools are you using to prevent malware.

Question 23

What is the correct formula for determining net worth?

Answer 23

Subtract liabilities from assets

Question 24

Which of the following is not a type of renewable energy?

Geothermal, natural gas, solar, wind, biomass

Answer 24

Natural gas is not a renewable energy resource.

Question 25

The publication of the US Department of Labor’s Bureau of Labor Statistics that includes information about the nature of work, working conditions, earnings, and training and education for hundreds of different careers is called ____________

Answer 25

The Occupational Outlook Handbook

Question 26

Provides flexibility in insurance protection and savings options

Answer 26

Universal life

Question 27

Provides protection as well as savings that are invested in equity products

Answer 27

Variable insurance

Question 28

Offers a benefit upon death and builds a cash value

Answer 28

Permanent life

Question 29

Provides insurance for a specific period of time and has no remaining value

Answer 29

Term life

Question 30

Which of the following is not an example of spyware?

System monitoring
Trojans
Phishing
Adware

Answer 30

Phishing

Question 31

List the three steps to building wealth over time.

Answer 31

1. Start investing early on
2. Buy and hold
3. Have a diversified portfolio

Question 32

Which financial literacy concept is associated with the value of the top alternative foregone?

Answer 32

Opportunity cost

Question 33

Which of the following is most likely to be the most successful strategy FCS professionals can use to increase their employment opportunities and make them more marketable to future employers?

Join FCCLA, join FCSEA, obtain certification from AAFCS, Apply for a FCS fellowship

Answer 33

Obtain certification through the American Association of Family and Consumer Sciences (AAFCS)

Question 34

A fixed sum of money paid t someone each year, typically for the rest of their life

Answer 34

Annuity

Question 35

An investment program funded by shareholders that trades in diversified holdings and is professionally managed

Answer 35

Mutual funds

Question 36

Which act set new standards for unsafe levels of paint in children’s products?

Answer 36

Consumer Product Safety Improvement Act of 2008