Introduction to Financial Education Program
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Questions and Answers

What is one of the aims of the Financial Education program?

  • To increase debt among students
  • To promote consumerism
  • To encourage reckless spending
  • To help students develop critical judgment in managing their personal finances (correct)

    • The Financial Education program does not consider the legal aspects of financial situations.

    False

    What competency is focused on for evaluation purposes in the Financial Education program?

    Takes a position on a financial issue

    Consumerism encourages the acquisition of goods and services in ever-increasing amounts, which can lead to __________.

    <p>overconsumption</p> Signup and view all the answers

    Which of the following techniques is required for the Financial Education program?

    <p>Using and creating a table</p> Signup and view all the answers

    Match the financial issues with their related concepts:

    <p>Consuming goods and services = Consumption Entering the workforce = Employment Pursuing an Education = Financing Saving for the future = Savings/Budgets</p> Signup and view all the answers

    Students learn about consumer rights as part of the Financial Education program.

    <p>True</p> Signup and view all the answers

    List two concepts associated with consuming goods and services.

    <p>Advertising and Credit/Debt</p> Signup and view all the answers

    Which practice did manufacturers turn to when faced with overproduction?

    <p>Planned obsolescence</p> Signup and view all the answers

    In a consumer society, materialism and individualism are discouraged.

    <p>False</p> Signup and view all the answers

    Explain the role of advertising in consumer society.

    <p>Advertising plays a crucial role in influencing consumer behavior and driving demand for products.</p> Signup and view all the answers

    Goods are items that are usually __________.

    <p>tangible</p> Signup and view all the answers

    Match the following characteristics of consumer society to their descriptions:

    <p>Materialism = Valuing possession of material goods Individualism = Focusing on personal interests and goals Planned obsolescence = Designing products to become outdated quickly Consumer power = Ability of consumers to influence market trends</p> Signup and view all the answers

    What is an example of a time-consuming activity related to consumption?

    <p>Working to pay for needs and wants</p> Signup and view all the answers

    Consumption is solely about purchasing goods and services.

    <p>False</p> Signup and view all the answers

    What is the impact of consumption on personal happiness according to consumer society?

    <p>Consumption plays a large part in the quest for personal happiness and fulfillment.</p> Signup and view all the answers

    What is the primary effect of lowering interest rates in monetary policy?

    <p>It increases the money supply.</p> Signup and view all the answers

    Fiscal policy refers only to government spending, not taxation.

    <p>False</p> Signup and view all the answers

    What percentage of cash reserves do banks typically keep on hand?

    <p>10%</p> Signup and view all the answers

    In fiscal policy, higher taxes tend to ______ economic activity.

    <p>reduce</p> Signup and view all the answers

    Match the following economic terms with their definitions:

    <p>Monetary Policy = Managing the money supply and interest rates Fiscal Policy = Using government spending and taxes to influence the economy Reserves = Cash that banks must hold on hand Government Intervention = Regulatory actions to influence economic decisions</p> Signup and view all the answers

    What is the primary objective of monetary policy?

    <p>To preserve the value of money by keeping inflation low</p> Signup and view all the answers

    The inflation-control target set by Canada is three percent.

    <p>False</p> Signup and view all the answers

    What action does the Bank of Canada take if inflation is above the target?

    <p>Raise the policy rate.</p> Signup and view all the answers

    If inflation is below the target, the Bank may __________ the policy rate.

    <p>lower</p> Signup and view all the answers

    Match the following components of Canada's monetary policy framework with their descriptions:

    <p>Inflation-control target = Two percent Flexible exchange rate = Allows adjustments based on market conditions Policy rate adjustment = Raises or lowers to control inflation Bank of Canada = Responsible for monetary policy execution</p> Signup and view all the answers

    Which policy is designed to encourage people to save by increasing interest rates?

    <p>Contractionary Monetary Policy</p> Signup and view all the answers

    Selling bonds and treasury bills is a method to increase banks' reserve deposits.

    <p>False</p> Signup and view all the answers

    Name one positive effect of adjustments to monetary policy in Canada.

    <p>Encourages long-term investment.</p> Signup and view all the answers

    Which age group is likely to spend more on cars and fun items?

    <p>Young people</p> Signup and view all the answers

    Older people generally have more consumer needs than younger individuals.

    <p>False</p> Signup and view all the answers

    What main factor influences teens' consumption?

    <p>Peers</p> Signup and view all the answers

    The ambiance of retail stores is designed to enhance our sense of ______________.

    <p>well-being</p> Signup and view all the answers

    Match the term to its description:

    <p>DINKS = Dual Income No Kids Yuppies = Young Urban Professionals Foodies = People passionate about food Planned Obsolescence = Intended product lifespan shorter than its durability</p> Signup and view all the answers

    What is a primary influence on consumption within social groups?

    <p>Group norms</p> Signup and view all the answers

    Highly trained sales professionals have no significant impact on consumer buying behavior.

    <p>False</p> Signup and view all the answers

    Identify a key environmental factor related to consumer purchases in retail settings.

    <p>Commercial environment</p> Signup and view all the answers

    Study Notes

    Introduction to Financial Education Program

    • Students will learn to evaluate financial situations by assessing options, considering influences, and understanding legal implications
    • The program aims to develop critical judgment in personal finance and boost self-knowledge for financial well-being.
    • The program only has one competency to be evaluated: taking a position on a financial issue

    Techniques used

    • This course utilizes a variety of techniques including:
      • written documents
      • illustrated documents
      • audio-visual documents
      • creating and using graphs
      • creating and using tables
      • search engine usage

    Financial Issues and Concepts

    • Consuming goods and services: consumption, advertising, credit/debt, purchasing power, savings/budgets, consumer rights
    • Entering the workforce: employment, remuneration, taxation
    • Pursuing an education: financing, qualifications, training

    Consumption

    • Consumerism: is a social and economic order that encourages the acquisition of goods and services in increasing amounts
    • Factors Affecting Consumption: internal factors (age, lifestyle, income) and external factors (social groups, commercial environment)
    • Role of Consumption: a substantial amount of time and money is spent on consumption, including working to pay for needs and wants; comparing goods and services; repairing and maintaining previous purchases; contemplating satisfaction levels; and exercising consumer rights

    Consumer Society

    • Characterized by:
      • pursuit of pleasure, materialism and individualism
      • increased access to goods and services
      • low cost production
      • advanced marketing and communication techniques
      • advanced transportation
      • many consumers have high purchasing power

    Controlling Inflation

    • Monetary Policy: the use of interest rates and government bond buying/selling to control the money supply, thereby impacting inflation.
      • If inflation is above target, the Bank of Canada raises interest rates to discourage borrowing and spending.
      • If inflation is below target, the Bank of Canada lowers interest rates to encourage borrowing and spending.
    • Fiscal Policy: the use of government revenue collection (taxes) and expenditure to influence the economy.
      • A balancing act between taxes (reducing economic activity) and spending (increasing economic activity).
    • Government Intervention: regulatory actions taken by a government to affect decisions made by individuals, groups or organizations regarding social and economic matters.

    External Factors Influencing Consumers

    • Social Groups: Similar views on consumption are often transmitted within social groups, influencing buying decisions.
    • Commercial Environment: Ambiance (music, scents, wall color, product placement) in retail stores is designed to enhance consumer experience and increase spending.
    • Marketing Techniques: Highly trained sales professionals utilize proven techniques to increase the likelihood of purchases. Product placement in media further influences consumption decisions.
    • Planned Obsolescence: Design and production strategies intended to make products become obsolete faster, leading to the need for replacements.
      • Types of planned obsolescence include: technological, functional, style, and perceived obsolescence.

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    Consumption FE Revised 2024-25 Working v1 PDF

    Description

    This program equips students with the necessary skills to evaluate financial situations and make informed decisions based on various influences and legal implications. By developing critical judgment in personal finance, participants enhance their self-knowledge and overall financial well-being. The program focuses on assessing a financial issue and understanding key concepts related to consumption, employment, and education financing.

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