NGPF Consumer Skills

What is the primary purpose of consumer skills in personal finance?

• To maximize spending

• To make informed purchasing decisions

• To avoid all forms of debt

• To increase credit card usage

Which of the following is a key component of consumer skills?

• Impulse buying

• Budgeting

• Ignoring advertisements

• Maximizing credit card debt

How can understanding consumer rights benefit individuals?

• By allowing them to shop more frequently

• By helping them make informed complaints and returns

• By encouraging them to spend more

• By reducing the need for budgeting

What is the role of comparison shopping in consumer skills?

• To find the cheapest product regardless of quality

• To evaluate different products and prices to make the best choice

• To avoid shopping altogether

• To purchase only branded items

Which of the following is an example of a deceptive sales tactic?

• Offering a clear discount

• Providing a detailed product description

• Bait and switch

• Transparent pricing

Why is it important to read product reviews before making a purchase?

• To increase the price of the product

• To understand the experiences of other consumers

• To ensure the product is always in stock

• To avoid making any purchase

What does the term 'buyer’s remorse' refer to?

• Satisfaction after a purchase

• Regret after making a purchase

• Excitement about a new product

• Indifference to spending

How can consumers protect themselves from identity theft?

• By sharing personal information freely

• By using strong, unique passwords

• By ignoring bank statements

• By using the same password for all accounts

What is the benefit of having a warranty on a product?

• It increases the product's price

• It provides protection against defects

• It guarantees the product will never break

• It allows unlimited returns

Which of the following is a consumer right?

• The right to be misled

• The right to safety

• The right to overspend

• The right to ignore terms and conditions