Unit 8 Review

Which of the following is likely a scam?

• A hotel receptionist asks you to verify the first and last name on your hotel reservation before giving you the key

• You call your doctor’s office and the nurse asks for your medical record number

• The IRS calls you and asks you to make a tax payment in the next 24 hours

• You receive coupons through a monthly email you subscribed to for your favorite online shopping website

All of the following statements are true about scams EXCEPT…

• Young people are less likely to fall for scams than older people

• The number of reported scams has continued to increase over the past decade

• There are many types of scams including credit card scams, imposter scams, and more

• Scammers are taking advantage of modern technology and shopping trends to scam people

Ben realized they paid a scammer using a credit card. What is the next BEST step they should take?

• Wait for their next credit card statement to verify that the payment went through

• Attempt to contact the scammer to get them to reverse the transaction

• Shred their credit card and limit purchases for the next 10 days

• Call their bank and ask them to reverse the transaction and get their money back

All of these are practical ways to protect your personal financial information EXCEPT…

• Put a freeze on your credit if you’re not opening any accounts soon

• Check your credit report at least once a year

• Avoid using any online banking or shopping services

• Create different passwords for different accounts

Which of the following is TRUE about identity theft trends in the U.S.?

• The number of reported identity thefts has been declining over the past decade

• Identity theft occurs to people of all ages, even children

• The most common type of identity theft is bank fraud

• Identity theft most often targets the elderly

"Exchange value" is based on

• what you can exchange for something at a later time

• the belief that an item's value will decrease over time

• the current value of something based on your circumstance

• the belief that an item's value will increase over time

"utility" means

• the opportunity cost associated with the paradox of value

• how well something satisfies a person's wants or needs

• how desirable something is

• how valuable a choice not taken is

the "law of diminishing utility" means

• the more we have of something, the more valuable additional quantities become

• the less we have of something, the less valuable additional quantities become

• the more we have of something, the less valuable additional quantities become

Paradox of value refers to the:

• high value of a nonessential item and the low value of an essential item.

• What you could obtain for the item at a later time

• The price you originally paid for an item

• How well something satisfies a person's wants or needs

The tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to its content) and be more influenced by that opinion is...

• Forced Continuity

• Bait & Switch

• Authority Bias

• Influencer