Wants and Needs
A basic requirement for survival, such as food, water, or shelter.
What is a need
This was the first name of the Italian immigrant who gave his name to the fraudulent investment scheme based on postal reply coupons in the 1920s. ________ Ponzi
What is Charles.
This common social engineering attack involves a scammer pretending to be a trustworthy entity, usually through email, to steal your information.
What is Phishing
This is the desire to conform to the attitudes or behavior of a larger group, which marketers exploit through the bandwagon effect.
To fit in.
This type of bank account is best for everyday spending and transactions, as funds are easily accessed.
What is a checking account
Something people desire but is not necessary for survival, like a new video game or a fancy car.
What is a want.
Charles Ponzi told investors he would use their money to buy and sell _________.
What is stamps
A phishing email often creates this emotion, like an urgent "security alert" or a promise of a huge prize, to make you act without thinking.
What is a sense of urgency or fear
A phone company releases its latest model and claims in all ads that it's the "hottest selling device" even if it just launched, an example of this consumer influence tactic.
Heard Mentality/Bandwagon Affect
This type of account is the best place to build an emergency fund because it earns interest and is less accessible for everyday spending.
Savings Account
The food necessary to sustain life, versus ordering a gourmet, five-course meal at a fancy restaurant. Food is what and a grommet meal is what?
What is need (food) vs. want (gourmet meal)
How does a Ponzi scheme creates this false impression of a profit?
By paying early investors with the money from later investor
In a phishing email, "sorry for teh inconvieninece" is an example of :
An unplanned purchase made on the spot due to sudden desire, often triggered by emotional advertising.
What is impulse purchasing.
This tool is the best option for an expensive online purchase, as it offers the strongest buyer protection and fraud recovery.
What is a Credit Card
A gym membership is considered?
A want.
What was the significant contribution of Charles Ponzi to financial fraud?
Was the inspiration of a Ponzi Scheme that is now illegal.
This is what a website is doing when it promotes a "free" product but uses fine print to hide extra shipping, processing, or mandatory service fees.
You are shown an advertisement that highlights a product's 4.8-star average rating from over 10,000 verified buyers.
What is Social Proof
This banking situation occurs when the bank covers a transaction you cannot afford, resulting in a negative account balance.
When managing cash flow, money for needs should be spent before money for this.
What is wants
What makes a Ponzi scheme immediately appealing to potential investors, promising profits that seem too good to be true.
High, guaranteed returns with little to no risk
This requires you to call a support number or send a letter to end a subscription you started online with a single click.
Roach Motel
This principle is leveraged by a company that offers a "free 7-day trial," knowing you're more likely to continue the service after making a small, initial commitment.
What is commitment and consistency.
This nine-digit number identifies the specific bank or credit union that holds your account, needed for transfers and payments.
What is a Routing Number