Test your knowledge

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1.
If you are unsure whether a broker is licensed, you should contact _______.
Choose wisely. There is only one correct answer.
Your state securities regulator. Brokers are registered at the state level.
2.
Which of the following descriptions of an investment is a telephone scammer most likely to use?
Choose wisely. There is only one correct answer.
"Risk-free". Scammers often describe their investments as risk-free.
3.
In the world of cryptocurrency, what is a private key?
Choose wisely. There is only one correct answer.
A string of secret numbers used to sign transactions. A private key provides access to your cryptocurrency.
4.
Which of the following descriptions of a work-at-home job is most likely to be that of a scam?
Choose wisely. There is only one correct answer.
An assurance that anyone can do it. Of the choices, this one is the most likely to be from a scam.
5.
About how many seniors have been victimized by elder financial fraud?
Choose wisely. There is only one correct answer.
One in 5. About one in 5 Americans over 60 have been defrauded financially.
6.
It is possible to actually receive what you were promised in a money transfer scam.
Choose wisely. There is only one correct answer.
True. Though rare, it can happen, but you are usually being used to cover another person's illegal activity, and you can get in trouble for it.
7.
How do pyramid schemes differ from legitimate sales opportunities?
Choose wisely. There is only one correct answer.
They offer payments to people only for recruiting new members. Legitimate sales opportunities involve selling actual products, while pyramid schemes do not involve paying people to sell actual products.
8.
Romance scammers try to prey on our _______.
Choose wisely. There is only one correct answer.
Any of the above. A romance scammer takes advantage of our basic human goodness in order to take money from us.