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Smart Money Choices: Spending, Saving, and Protection

Explore making wise spending and saving decisions, understand key factors like price, quality, and warranty. Learn about financial protection for workers and consumers through agencies like FDA, OSHA, and CPSC.

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Smart Money Choices: Spending, Saving, and Protection

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  1. Spending and Saving Ch. 15 Sec. 2 Pp. 409-415

  2. Making Spending Decisions • Values and pressures • Choosing what to buy: 1) price, 2) quality, 3) features, 4) warranty and service, 5) sales/discount • Cash or credit

  3. Making Savings Decisions • Liquidity • Income • Safety • Insurance – 1) life, 2) health, 3)disability, 4) property (house, car)

  4. Protecting Workers and Consumers • 1927 – Food and Drug Administration (FDA) makes sure food and drugs are safe and labeled correctly • 1930s – Federal government begins protecting workers • 1971 – Occupational Safety and Health Administration (OSHA) enforces safety and health standards in workplace • 1972 – Consumer Product Safety Commission (CPSC) makes safety rules for toys, clothes, and appliances.

  5. Questions • What should a wise shopper consider when buying a product? • a. Can you afford it? • b. Does quality match price? • c. Does it have needed features? • d. All of the above.

  6. Questions • Consumers who are about to borrow money for purchases should calculate • a. the manufacturer’s warranty. • b. the liquidity of their investment. • c. the purchase price plus interest. • d. the fringe benefits.

  7. Questions • Which is nota way to save money? • a. bank account • b. stocks and bonds • c. mutual funds • d. vacation

  8. Questions • When a manufacturer gives you a written promise to repair a product that you purchased from them, they have agreed to which of the following? • a. labor contract • b. parts-only contract • c. warranty • d. insurance

  9. Questions • Why do people have difficulty making choices about what to buy? • a. hard to decide whether to pay by credit card • b. advertising affects decisions • c. friends do not own similar items • d. cannot afford to make new purchases

  10. Questions • What should a wise shopper consider when buying a product? • a. Can you afford it? • b. Does quality match price? • c. Does it have needed features? • d. All of the above.

  11. Questions • Assistance in rebuilding homes after natural disasters is a benefit of • a. liability insurance. • b. property insurance. • c. health insurance. • d. life insurance.

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