Resource Management Flashcards
Consumers have rights and responsibilities.
Under “information,” consumers have the right to…
Factual details about a product.
It’s the consumers responsibility to use those details wisely.
Consumers have rights and responsibilities.
Under the “right of redress,” the consumer has the right to…
Request compensation for a business’s mistake.
It’s the consumer’s responsibility to seek compensation.
Consumers have rights and responsibilities.
Under the right to “truthful advertising,” the consumer has the right to…
Receive products that perform as they were advertised.
It’s the consumer’s responsibility to learn the difference between factual advertising and hype advertising.
Consumers have rights and responsibilities.
Under the right to “receive warranty protection,” consumers have the right to…
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.
Consumers have rights and responsibilities.
Under the right of “having a basic need met,” the consumer has the right to…
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.
Permanent Life Insurance
Offers a benefit upon death and builds cash value.
Term Life Insurance
Provides coverage for a specific period of time and has no remaining value.
Universal Life Insurance
Has flexibility in insurance protection and savings options that are clearly separated.
Variable Insurance
Provides protection as well as savings that are invested in equity products.
Reducing the discount rate does what?
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.
The result of an effective price ceiling below the equilibrium price will be…
An excess of quantity demanded versus quantity supplied, which means there will be a SHORTAGE.
Unit Pricing
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.
What is the best way to save money for long-term goals?
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.
The amount of money received if the insurance policy is surrendered before maturity or death if the insured party
Cash Value
The saving component of most permanent life insurance policies.
“Surrender value” or “policy holders equity”
Variable Universal Life Insurance
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.
CD (Certificate of Deposit)
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}
When shopping for insurance such as life, auto, or homeowners, it is important to…
shop around.
Insurance companies vary significantly in the amount charged for similar policies.
Recession
a moderate or temporary decline in the economy
Depression
a long, devastating decline in the economy
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 …
Psychological hardiness
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 _________________.
Occupational Outlook Handbook
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.
What tools are you using to prevent malware.
What is the correct formula for determining net worth?
Subtract liabilities from assets
Which of the following is not a type of renewable energy?
Geothermal, natural gas, solar, wind, biomass
Natural gas is not a renewable energy resource.
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 ____________
The Occupational Outlook Handbook
Provides flexibility in insurance protection and savings options
Universal life
Provides protection as well as savings that are invested in equity products
Variable insurance
Offers a benefit upon death and builds a cash value
Permanent life
Provides insurance for a specific period of time and has no remaining value
Term life
Which of the following is not an example of spyware?
System monitoring
Trojans
Phishing
Adware
Phishing
List the three steps to building wealth over time.
- Start investing early on
- Buy and hold
- Have a diversified portfolio
Which financial literacy concept is associated with the value of the top alternative foregone?
Opportunity cost
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
Obtain certification through the American Association of Family and Consumer Sciences (AAFCS)
A fixed sum of money paid t someone each year, typically for the rest of their life
Annuity
An investment program funded by shareholders that trades in diversified holdings and is professionally managed
Mutual funds
Which act set new standards for unsafe levels of paint in children’s products?
Consumer Product Safety Improvement Act of 2008
