BYU FINANCIAL LITERACY FINAL TEST QUESTIONS
AND ANSWERS 100% PASS |ALREADY GRADED A+|
VERIFIED AND UPDATED
Which statement accurately describes consumer protection laws? -
correct answer-Consumer protection laws protect consumers from false
advertisements, fraudulent businesses, and identity theft.
Which of the following describes something that is a risk to you?
a. Your direct ancestors suffer from heart disease.
b. You drive a car.
c. You rent an apartment.
d. All of the above. - correct answer-Your direct ancestors suffer from
heart disease, You drive a car, and You rent an apartment (All of the
above)
Of the organizations we spoke about in this unit, which of these should
you contact if your identity is stolen? - correct answer-All of the above
(The three major credit bureaus, the local police department, the
Federal Trade Commission)
,Which term best matches this definition: "the opportunity to gain
increased and more complex responsibilities resulting in a higher
income"?
a. accountability
b. upward accountability
c. upward mobility
d. mobility - correct answer-upward mobility
Which of these is an accurate example of a value incentive? - correct
answer-Collecting stickers you get with your receipts so you can get free
products
Which statement best applies to life insurance?
a. It is illegal not to carry a life insurance policy on yourself.
b. All employers require you to take out a life insurance policy.
,c. The benefit on your policy should equal 7 to 10 times the amount of
your annual salary.
d. The benefit on your policy should be less than the amount of your
annual salary. - correct answer-The benefit on your policy should equal
7 to 10 times the amount of your annual salary.
What is the definition of "identity theft"? - correct answer-A term used
when someone wrongfully obtains another person's personal data by
fraud or deception
Shanequa absolutely loves to play tennis. She wants her new husband
to get involved in the sport she loves, so she has decided to buy them
each a new racquet. They go to two sports stores to pick out some
racquets. While at the stores, they narrow their choice down to two
options. Option 1: The price for racquets at this store is $100 for both
but they are on sale for 10% off. Option 2: This store has racquets
identical to the ones at the first store. At this store they are $75 for the
first racquet and 50% off for the second racquet. Which is the best
option for Shanequa to choose?
a. option 1 because each racquet will cost $45
b. option 2 because each racquet will cost $56.25
, c. option 1 because they will save money not going back to the first
store
d. option 2 because each racquet will only cost $37.50 - correct answer-
option 1 because each racquet will cost $45
b. option 2 because each racquet will cost $56.25
By which date are you required to file your tax returns each year?
a. December 31
b. January 31
c. April 15
d. March 15 - correct answer-April 15
Which option is a type of scheme that is not a "Get-rich-quick" scheme
that we discussed in this unit? - correct answer-Identity scheme
Check all the options that best describe the following advertisement. If
the advertisement's validity or integrity appears questionable, select
"be careful" as well. ("If it's gotta be fast, it's gotta be Bogie's") - correct
answer-Be careful, appeal to intellect
AND ANSWERS 100% PASS |ALREADY GRADED A+|
VERIFIED AND UPDATED
Which statement accurately describes consumer protection laws? -
correct answer-Consumer protection laws protect consumers from false
advertisements, fraudulent businesses, and identity theft.
Which of the following describes something that is a risk to you?
a. Your direct ancestors suffer from heart disease.
b. You drive a car.
c. You rent an apartment.
d. All of the above. - correct answer-Your direct ancestors suffer from
heart disease, You drive a car, and You rent an apartment (All of the
above)
Of the organizations we spoke about in this unit, which of these should
you contact if your identity is stolen? - correct answer-All of the above
(The three major credit bureaus, the local police department, the
Federal Trade Commission)
,Which term best matches this definition: "the opportunity to gain
increased and more complex responsibilities resulting in a higher
income"?
a. accountability
b. upward accountability
c. upward mobility
d. mobility - correct answer-upward mobility
Which of these is an accurate example of a value incentive? - correct
answer-Collecting stickers you get with your receipts so you can get free
products
Which statement best applies to life insurance?
a. It is illegal not to carry a life insurance policy on yourself.
b. All employers require you to take out a life insurance policy.
,c. The benefit on your policy should equal 7 to 10 times the amount of
your annual salary.
d. The benefit on your policy should be less than the amount of your
annual salary. - correct answer-The benefit on your policy should equal
7 to 10 times the amount of your annual salary.
What is the definition of "identity theft"? - correct answer-A term used
when someone wrongfully obtains another person's personal data by
fraud or deception
Shanequa absolutely loves to play tennis. She wants her new husband
to get involved in the sport she loves, so she has decided to buy them
each a new racquet. They go to two sports stores to pick out some
racquets. While at the stores, they narrow their choice down to two
options. Option 1: The price for racquets at this store is $100 for both
but they are on sale for 10% off. Option 2: This store has racquets
identical to the ones at the first store. At this store they are $75 for the
first racquet and 50% off for the second racquet. Which is the best
option for Shanequa to choose?
a. option 1 because each racquet will cost $45
b. option 2 because each racquet will cost $56.25
, c. option 1 because they will save money not going back to the first
store
d. option 2 because each racquet will only cost $37.50 - correct answer-
option 1 because each racquet will cost $45
b. option 2 because each racquet will cost $56.25
By which date are you required to file your tax returns each year?
a. December 31
b. January 31
c. April 15
d. March 15 - correct answer-April 15
Which option is a type of scheme that is not a "Get-rich-quick" scheme
that we discussed in this unit? - correct answer-Identity scheme
Check all the options that best describe the following advertisement. If
the advertisement's validity or integrity appears questionable, select
"be careful" as well. ("If it's gotta be fast, it's gotta be Bogie's") - correct
answer-Be careful, appeal to intellect
