Question 1

One way to gather information about a product is to use an independent testing organization like Underwriters Laboratories (UL).

Accepted Answer

A) True 
 B)False

Question 2

To determine the true cost of credit for a new car,consider both the finance charge and the:

Accepted Answer

A) APR. 
B) promotional gifts. 
C) free snacks in the show room. 
D) warranty period. 
E) customer service. 
A) APR. 
B) promotional gifts. 
C) free snacks in the show room. 
D) warranty period. 
E) customer service.

Question 3

Brad Hayden has a piece of paper that guarantees the conditions,under which he can return,replace,or repair an item that he has purchased.What is it he most likely has?

Accepted Answer

A) Coupon 
B) Rebate 
C) Warranty 
D) Rain check 
E) Class action suit 
A) Coupon 
B) Rebate 
C) Warranty 
D) Rain check 
E) Class action suit

Question 4

Which of the following is not a national brand?

Accepted Answer

A) Green Giant 
B) Nabisco 
C) Kraft 
D) Samsung 
E) Great Value 
A) Green Giant 
B) Nabisco 
C) Kraft 
D) Samsung 
E) Great Value

Question 5

Tiffany Parrish has purchased a new car.Since then she has had to make six trips to the dealer in four weeks to fix several major problems without much luck.She knows that she is entitled to a refund.What type of law gives her the right to ask for a refund?

Accepted Answer

A) Lemon Law 
B) Truth in Lending 
C) Truth in Saving 
D) Fair reporting 
E) Consumer Credit Act 
A) Lemon Law 
B) Truth in Lending 
C) Truth in Saving 
D) Fair reporting 
E) Consumer Credit Act

Question 6

Unit pricing uses a standard unit of measurement to compare the prices of packages of different sizes.

Accepted Answer

A) True 
 B)False

Question 7

The purpose of a service contract is to:

Accepted Answer

A) prevent legal action due to a defective product. 
B) protect a product owner from the high costs of certain repairs. 
C) reduce the chance of needing repairs. 
D) obtain regular maintenance on a product. 
E) have legal assistance for consumer complaints. 
A) prevent legal action due to a defective product. 
B) protect a product owner from the high costs of certain repairs. 
C) reduce the chance of needing repairs. 
D) obtain regular maintenance on a product. 
E) have legal assistance for consumer complaints.

Question 8

An example of open dating that appears on grocery items is:

Accepted Answer

A) use by tomorrow. 
B) expires in 5 days. 
C) use before May 6,2018. 
D) good for 1 month. 
E) fresh for 5 days. 
A) use by tomorrow. 
B) expires in 5 days. 
C) use before May 6,2018. 
D) good for 1 month. 
E) fresh for 5 days.

Question 9

A 64-ounce package selling for $3.20 would have a unit price of:

Accepted Answer

A) $3.20 per ounce. 
B) $2.00 per pound. 
C) $0.05 per ounce. 
D) $20.00 per quart. 
E) $20.48 per ounce. 
A) $3.20 per ounce. 
B) $2.00 per pound. 
C) $0.05 per ounce. 
D) $20.00 per quart. 
E) $20.48 per ounce.

Question 10

The price that is paid for a vehicle in a lease is called the:

Accepted Answer

A) residual value. 
B) unit price. 
C) capitalized cost. 
D) deductible. 
E) premium. 
A) residual value. 
B) unit price. 
C) capitalized cost. 
D) deductible. 
E) premium.

Question 11

What type of warranty indicates that the seller has the right to sell a product?

Accepted Answer

A) Express warranty 
B) Full warranty 
C) Implied warranty of title 
D) Warranty of merchantability 
E) Limited warranty 
A) Express warranty 
B) Full warranty 
C) Implied warranty of title 
D) Warranty of merchantability 
E) Limited warranty

Question 12

Which of the following information is required on food labels?

Accepted Answer

A) Ingredients 
B) Unit pricing 
C) Generic name 
D) Common product name 
E) Brand name 
A) Ingredients 
B) Unit pricing 
C) Generic name 
D) Common product name 
E) Brand name

Question 13

________ is the settlement of a difference by a third party whose decision is legally binding.

Accepted Answer

A) Negotiation 
B) Mediation 
C) Arbitration 
D) Servicing 
E) Cooperative action 
A) Negotiation 
B) Mediation 
C) Arbitration 
D) Servicing 
E) Cooperative action

Question 14

The purpose of small claims court is to:

Accepted Answer

A) regulate fair business activities. 
B) provide hearings on proposed consumer protection laws. 
C) allow consumers with similar complaints to take action as a group. 
D) handle legal disputes involving minor amounts. 
E) assist low-income consumers who need legal help. 
A) regulate fair business activities. 
B) provide hearings on proposed consumer protection laws. 
C) allow consumers with similar complaints to take action as a group. 
D) handle legal disputes involving minor amounts. 
E) assist low-income consumers who need legal help.

Question 15

To avoid the financial difficulties that occur when people try to convince themselves that things they WANT are things they NEED,20SomethingFinance.com suggests:

Accepted Answer

A) buy an item right away. 
B) delay a purchase to consider how much you could save. 
C) review delayed purchases after six months to see if the money is available. 
D) do not return items even if the purchase does not meet expectations. 
E) review delayed purchases after a month to see if the urge to buy still exists. 
A) buy an item right away. 
B) delay a purchase to consider how much you could save. 
C) review delayed purchases after six months to see if the money is available. 
D) do not return items even if the purchase does not meet expectations. 
E) review delayed purchases after a month to see if the urge to buy still exists.

Question 16

A limited warranty covers all aspects of the product and does not require the buyer to incur any of the costs for shipping and repairs.

Accepted Answer

A) True 
 B)False

Question 17

What legal options are available when assistance is needed to resolve a consumer complaint?

Accepted Answer

Legal actions available to con

Question 18

Which of the following is usually not in written form?

Accepted Answer

A) Express warranty 
B) General warranty 
C) Product warranty 
D) Implied warranty 
E) Specific warranty 
A) Express warranty 
B) General warranty 
C) Product warranty 
D) Implied warranty 
E) Specific warranty

Question 19

Pam McNally is planning to use the services of the Better Business Bureau.A major purpose of the BBB is to help:

Accepted Answer

A) recommend reputable companies in an area. 
B) resolve consumer complaints with local merchants. 
C) lobby for improved consumer protection laws. 
D) evaluate products and services for quality. 
E) represent business in government hearings. 
A) recommend reputable companies in an area. 
B) resolve consumer complaints with local merchants. 
C) lobby for improved consumer protection laws. 
D) evaluate products and services for quality. 
E) represent business in government hearings.

Question 20

Impulse buying refers to:

Accepted Answer

A) evaluating alternatives. 
B) gathering information. 
C) comparison shopping. 
D) selecting the least desirable alternative. 
E) unplanned purchasing. 
A) evaluating alternatives. 
B) gathering information. 
C) comparison shopping. 
D) selecting the least desirable alternative. 
E) unplanned purchasing.

One way to gather information about a product is to use an independent testing organization like Underwriters Laboratories (UL).

To determine the true cost of credit for a new car,consider both the finance charge and the:

Brad Hayden has a piece of paper that guarantees the conditions,under which he can return,replace,or repair an item that he has purchased.What is it he most likely has?

Which of the following is not a national brand?

Tiffany Parrish has purchased a new car.Since then she has had to make six trips to the dealer in four weeks to fix several major problems without much luck.She knows that she is entitled to a refund.What type of law gives her the right to ask for a refund?

Unit pricing uses a standard unit of measurement to compare the prices of packages of different sizes.

The purpose of a service contract is to:

An example of open dating that appears on grocery items is:

A 64-ounce package selling for $3.20 would have a unit price of:

The price that is paid for a vehicle in a lease is called the:

What type of warranty indicates that the seller has the right to sell a product?

Which of the following information is required on food labels?

________ is the settlement of a difference by a third party whose decision is legally binding.

The purpose of small claims court is to:

To avoid the financial difficulties that occur when people try to convince themselves that things they WANT are things they NEED,20SomethingFinance.com suggests:

A limited warranty covers all aspects of the product and does not require the buyer to incur any of the costs for shipping and repairs.

What legal options are available when assistance is needed to resolve a consumer complaint?

Which of the following is usually not in written form?

Pam McNally is planning to use the services of the Better Business Bureau.A major purpose of the BBB is to help:

Impulse buying refers to:

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: the Costs of Credit Alternatives

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health,disability,and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

Filters

Exam 8: Consumer Purchasing Strategies and Legal Protection

One way to gather information about a product is to use an independent testing organization like Underwriters Laboratories (UL).

To determine the true cost of credit for a new car,consider both the finance charge and the:

Brad Hayden has a piece of paper that guarantees the conditions,under which he can return,replace,or repair an item that he has purchased.What is it he most likely has?

Which of the following is not a national brand?

Tiffany Parrish has purchased a new car.Since then she has had to make six trips to the dealer in four weeks to fix several major problems without much luck.She knows that she is entitled to a refund.What type of law gives her the right to ask for a refund?

Unit pricing uses a standard unit of measurement to compare the prices of packages of different sizes.

The purpose of a service contract is to:

An example of open dating that appears on grocery items is:

A 64-ounce package selling for $3.20 would have a unit price of:

The price that is paid for a vehicle in a lease is called the:

What type of warranty indicates that the seller has the right to sell a product?

Which of the following information is required on food labels?

________ is the settlement of a difference by a third party whose decision is legally binding.

The purpose of small claims court is to:

To avoid the financial difficulties that occur when people try to convince themselves that things they WANT are things they NEED,20SomethingFinance.com suggests:

A limited warranty covers all aspects of the product and does not require the buyer to incur any of the costs for shipping and repairs.

What legal options are available when assistance is needed to resolve a consumer complaint?

Which of the following is usually not in written form?

Pam McNally is planning to use the services of the Better Business Bureau.A major purpose of the BBB is to help:

Impulse buying refers to:

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: the Costs of Credit Alternatives

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health,disability,and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

Filters