Review: Spending Decisions (Intuit)

What is PACED?

• Using untrue or misleading information to influence buying decisions

• A decision-making model that helps an individual make smart financial decisions

• Tangible products that do not need to be purchased very often

• Tangible products that are purchased for immediate use or consumption

What is false advertising?

• A strategy to provide the best deals during sales

• A technique to ensure product information is accurate

• Using untrue or misleading information to persuade an individual to buy something

• A legal method to compare products in the market

What is a durable good?

• A service that lasts for at least three years

• A product that is consumed immediately

• Tangible products that do not need to be purchased very often and have an average life of at least three years.

• Intangible products that have a short lifespan

What is a non-durable good?

• A product that lasts for more than three years

• Tangible products that are purchased for immediate use or consumption.

• A service that is provided on a subscription basis

• An intangible product that is used over a long period

What is a "Negotiable Price"?

• A price that is set by the government and cannot be changed.

• A price that is determined by the quality of the product alone.

• The price of a product or service that is not firmly established and can be subject to change.

• A price that is the same across all brands and sellers.

What does "Comparison Shopping" mean?

• Shopping at the same store repeatedly.

• The practice of comparing products or services from different sellers to find the best value.

• Negotiating the price of a single item at one store.

• Buying the first item you find without comparing.

What is "Identity Theft"?

• Forgetting one's own personal information.

• Legally changing one's identity.

• When someone uses personal or financial information without permission.

• Protecting one's identity from being stolen.

What is the definition of "Fraud"?

• A legal method of gaining financial advantage.

• When someone intentionally misrepresents the truth, or withholds or conceals important information, resulting in harm, such as monetary loss.

• A financial strategy for investment.

• A government policy to enhance economic growth.

What are "Scams"?

• The act of reporting false information to authorities to gain financial benefits.

• When someone unintentionally misrepresents the truth, or withholds or conceals important information, resulting in harm, such as monetary loss.

• A type of fraud in which someone intentionally uses dishonest tactics to get an individual to give them their money.

• Legal methods of obtaining money through clever marketing strategies.

What is the purpose of "Consumer Protection Agencies"?

• To provide legal representation in court for fraud cases.

• To offer insurance against any type of fraud or scam.

• To regulate the sale of goods and services.

• These are designed to help protect from fraud and scams and help deal with them if an individual becomes the victim of a scam.