AnswersMO-Personal FinanceUnit Test

Making Spending Decisions Answers

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1
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What should you do? Choose four correct answers.

A
Flag the dealer’s account.
B
Ask the mechanic to document their findings.
C
Get a vehicle-history report online to look for evidence of odometer tampering.
D
Write a letter or email to the dealer, with copies of relevant documents.
E
Stand outside the dealership with a poster that says, “This dealer is a liar!”.
F
Report the incident to the Better Business Bureau and your state attorney general.
2
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Does this represent a case of fraud?

A
Yes. The seller lied about the phone when she claimed it was hers.
B
Yes. The seller lied about the phone when she said it “works perfectly.”
C
No, because it is up to you to be aware that sellers may lie.
D
No, because the seller met you as promised and did not charge more than advertised.
3

What is the best response to this scenario?

A
To avoid angering the seller, do not flag the account, but send a firmly worded email to the seller to demand your money back.
B
When the marketplace directs you to their disclaimer about potentially fraudulent ads, read the disclaimer carefully and wait.
C
Contact your bank, flag the account, give the marketplace the transaction details, report the fraud to the IC3 and the state’s fraud line, and file a police report.
D
Accept that you have lost your money forever and take no action.
4

Some online marketplaces offer no protections to consumers. Why is it important to report fraud that occurs through these websites, even if there is little chance that you will get your money back?

A
because most online marketplaces have a money-back guarantee
B
because your bank will get your money back if you have wired it to a fraudulent seller’s bank account
C
because sellers who commit fraud are generally happy to offer relief once their fraud is pointed out
D
because flagging the account and reporting the fraud could prevent others from becoming victims
5

What are some reasonable steps to take? Choose three correct answers.

A
Contact the seller again, including images of pages that are in less than “fine” condition.
B
Immediately file a police report to gain an advantage over the seller.
C
Consult the online auction’s dispute-resolution link.
D
Write a negative review rather than trying to deal with the seller directly.
E
If the site has a money-back guarantee, consider simply returning the item.

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