Question 1

Which of the following is a social factor that would influence a consumer's buying decision?

Accepted Answer

A) Hobbies 
B) Inflation 
C) Tax rates 
D) Gender 
E) Marital status 
A) Hobbies 
B) Inflation 
C) Tax rates 
D) Gender 
E) Marital status

Question 2

Small claims courts:

Accepted Answer

A) hear only class-action suits. 
B) are located in every state. 
C) have no minimum dollar limit on claims. 
D) require the use of an attorney. 
E) require that claims be in excess of $100,000. 
A) hear only class-action suits. 
B) are located in every state. 
C) have no minimum dollar limit on claims. 
D) require the use of an attorney. 
E) require that claims be in excess of $100,000.

Question 3

A scam that involves malicious software or an e-mail attachment that places a virus or worm in the user's computer or in a server that directs traffic on the Internet is called:

Accepted Answer

A) a foreign scam. 
B) a bogus campus card scheme. 
C) pharming. 
D) an internet pyramid scheme. 
E) phishing. 
A) a foreign scam. 
B) a bogus campus card scheme. 
C) pharming. 
D) an internet pyramid scheme. 
E) phishing.

Question 4

A scam that uses e-mail spam or pop-up messages to deceive you into revealing your credit card number,bank account information,social security number,passwords,or other personal information is called:

Accepted Answer

A) pharming. 
B) phishing. 
C) Internet pyramid scheme. 
D) bogus "campus card" scheme. 
E) foreign scam. 
A) pharming. 
B) phishing. 
C) Internet pyramid scheme. 
D) bogus "campus card" scheme. 
E) foreign scam.

Question 5

Sarah Wilson wants to purchase a package of shredded cheese at a local store for taco night.Is it better for her to pay $2.72 for 16 ounces or $3.84 for 24 ounces of this product? Explain your answer.

Accepted Answer

Answer will vary Unit price of 16 ounce

Question 6

Private label products are those that:

Accepted Answer

A) are sold as government surplus. 
B) require nutritional labeling information. 
C) provide freshness information on the package. 
D) are distributed by all national chain stores. 
E) are sold by one chain of stores. 
A) are sold as government surplus. 
B) require nutritional labeling information. 
C) provide freshness information on the package. 
D) are distributed by all national chain stores. 
E) are sold by one chain of stores.

Question 7

The most consistent quality is usually found with national-brand products.

Accepted Answer

A) True 
 B)False

Question 8

________ is considered a variable operating cost of an automobile.

Accepted Answer

A) Depreciation 
B) Interest on auto loan 
C) Insurance 
D) Registration fee 
E) Repairs and maintenance 
A) Depreciation 
B) Interest on auto loan 
C) Insurance 
D) Registration fee 
E) Repairs and maintenance

Question 9

Which of the following allows a consumer to easily change to a different car in a "negotiation-free" way for a monthly fee that covers the car payment,insurance,maintenance,and roadside assistance?

Accepted Answer

A) Car lease 
B) Car purchase 
C) Car subscription 
D) Car loan 
E) Car trade 
A) Car lease 
B) Car purchase 
C) Car subscription 
D) Car loan 
E) Car trade

Question 10

Greg Rossman likes to play golf.This hobby would be an example of a(n)________ factor that influences his purchasing decision.

Accepted Answer

A) economic 
B) social 
C) personal 
D) global 
E) financial 
A) economic 
B) social 
C) personal 
D) global 
E) financial

Question 11

Hector Ramirez has decided he needs a new car so that he has reliable transportation to work.He is getting recommendations from his friends as to what might be a good car to purchase.He is also looking at the Consumer Reports magazine to determine what they recommend as a safe,low maintenance car,and he has searched some websites on the internet as well.What step in the purchasing process is Hector carrying out?

Accepted Answer

A) Problem identification 
B) Information gathering 
C) Selecting vehicle options 
D) Determining the purchase price 
E) Post-purchase activities 
A) Problem identification 
B) Information gathering 
C) Selecting vehicle options 
D) Determining the purchase price 
E) Post-purchase activities

Question 12

Sally Nash has decided she needs a new car.After doing some research,she has settled on a midsized four door sedan.She likes the Honda Accord and is exploring the features she needs and wants on this car.She is also trying to decide whether she would be better off purchasing a new car,a used car,or leasing a car.She knows that if she purchases it new it would likely last her for many,many years.On the other hand a used car would be a lot cheaper.She is not sure a lease is for her because of the mileage requirements.What step in the purchasing process is Sally carrying out?

Accepted Answer

A) Problem identification 
B) Information gathering 
C) Evaluating alternatives 
D) Determining the purchase price 
E) Post-purchase activities 
A) Problem identification 
B) Information gathering 
C) Evaluating alternatives 
D) Determining the purchase price 
E) Post-purchase activities

Question 13

When comparing prices,remember that:

Accepted Answer

A) less store convenience usually means higher prices. 
B) ready-to-use products have higher prices. 
C) large packages are always the best buy. 
D) "sale" always means saving money. 
E) unit pricing can be ignored. 
A) less store convenience usually means higher prices. 
B) ready-to-use products have higher prices. 
C) large packages are always the best buy. 
D) "sale" always means saving money. 
E) unit pricing can be ignored.

Question 14

Federal Trade Commission (FTC)regulations require that:

Accepted Answer

A) all used cars be sold with a warranty. 
B) used car buyers be informed of whether or not the vehicle comes with a warranty. 
C) used cars with over 100,000 miles be sold only by the individual owner,not by a dealer. 
D) major repairs must be made on all used cars prior to being offered for sale. 
E) the seller of a defective used car pay half the cost of the required repairs. 
A) all used cars be sold with a warranty. 
B) used car buyers be informed of whether or not the vehicle comes with a warranty. 
C) used cars with over 100,000 miles be sold only by the individual owner,not by a dealer. 
D) major repairs must be made on all used cars prior to being offered for sale. 
E) the seller of a defective used car pay half the cost of the required repairs.

Question 15

Steve Franklin recently purchased a stereo system.After a few weeks it overheated,causing a small fire and some minor damage.What actions would you recommend to Steve to resolve his consumer complaint?

Accepted Answer

Answers will vary.See Exhibit 8-7. @#IMG-DLM& The

Question 16

An online buying club requires an annual fee of $45 in order to qualify for a 15 percent discount on purchases.What amount would a person have to buy in order to save enough to cover the cost of the membership?

Accepted Answer

A) $15 
B) $67 
C) $165 
D) $300 
E) $450 
A) $15 
B) $67 
C) $165 
D) $300 
E) $450

Question 17

Cooperatives are commonly organized to sell:

Accepted Answer

A) service contracts. 
B) furniture. 
C) auto repair service. 
D) food. 
E) information processing service. 
A) service contracts. 
B) furniture. 
C) auto repair service. 
D) food. 
E) information processing service.

Question 18

Consumer information necessary for wise purchasing decisions,such as websites or radio,is commonly provided by:

Accepted Answer

A) government agencies. 
B) personal contacts. 
C) independent testing organizations. 
D) media sources. 
E) business organizations. 
A) government agencies. 
B) personal contacts. 
C) independent testing organizations. 
D) media sources. 
E) business organizations.

Question 19

A Whirlpool dishwasher is an example of a:

Accepted Answer

A) national brand. 
B) store brand. 
C) generic brand. 
D) local brand. 
E) regional brand. 
A) national brand. 
B) store brand. 
C) generic brand. 
D) local brand. 
E) regional brand.

Question 20

Which of the following is a store-brand product?

Accepted Answer

A) Bayer aspirin 
B) Walgreen's aspirin 
C) Tylenol 
D) Advil 
E) Aleve 
A) Bayer aspirin 
B) Walgreen's aspirin 
C) Tylenol 
D) Advil 
E) Aleve

Which of the following is a social factor that would influence a consumer's buying decision?

Small claims courts:

A scam that involves malicious software or an e-mail attachment that places a virus or worm in the user's computer or in a server that directs traffic on the Internet is called:

A scam that uses e-mail spam or pop-up messages to deceive you into revealing your credit card number,bank account information,social security number,passwords,or other personal information is called:

Sarah Wilson wants to purchase a package of shredded cheese at a local store for taco night.Is it better for her to pay $2.72 for 16 ounces or $3.84 for 24 ounces of this product? Explain your answer.

Private label products are those that:

The most consistent quality is usually found with national-brand products.

________ is considered a variable operating cost of an automobile.

Which of the following allows a consumer to easily change to a different car in a "negotiation-free" way for a monthly fee that covers the car payment,insurance,maintenance,and roadside assistance?

Greg Rossman likes to play golf.This hobby would be an example of a(n)________ factor that influences his purchasing decision.

When comparing prices,remember that:

Federal Trade Commission (FTC)regulations require that:

Steve Franklin recently purchased a stereo system.After a few weeks it overheated,causing a small fire and some minor damage.What actions would you recommend to Steve to resolve his consumer complaint?

An online buying club requires an annual fee of $45 in order to qualify for a 15 percent discount on purchases.What amount would a person have to buy in order to save enough to cover the cost of the membership?

Cooperatives are commonly organized to sell:

Consumer information necessary for wise purchasing decisions,such as websites or radio,is commonly provided by:

A Whirlpool dishwasher is an example of a:

Which of the following is a store-brand product?

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

Which of the following is a social factor that would influence a consumer's buying decision?

Small claims courts:

A scam that involves malicious software or an e-mail attachment that places a virus or worm in the user's computer or in a server that directs traffic on the Internet is called:

A scam that uses e-mail spam or pop-up messages to deceive you into revealing your credit card number,bank account information,social security number,passwords,or other personal information is called:

Sarah Wilson wants to purchase a package of shredded cheese at a local store for taco night.Is it better for her to pay $2.72 for 16 ounces or $3.84 for 24 ounces of this product? Explain your answer.

Private label products are those that:

The most consistent quality is usually found with national-brand products.

________ is considered a variable operating cost of an automobile.

Which of the following allows a consumer to easily change to a different car in a "negotiation-free" way for a monthly fee that covers the car payment,insurance,maintenance,and roadside assistance?

Greg Rossman likes to play golf.This hobby would be an example of a(n)________ factor that influences his purchasing decision.

When comparing prices,remember that:

Federal Trade Commission (FTC)regulations require that:

Steve Franklin recently purchased a stereo system.After a few weeks it overheated,causing a small fire and some minor damage.What actions would you recommend to Steve to resolve his consumer complaint?

An online buying club requires an annual fee of $45 in order to qualify for a 15 percent discount on purchases.What amount would a person have to buy in order to save enough to cover the cost of the membership?

Cooperatives are commonly organized to sell:

Consumer information necessary for wise purchasing decisions,such as websites or radio,is commonly provided by:

A Whirlpool dishwasher is an example of a:

Which of the following is a store-brand product?

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