Question 1

Which type of purchasing strategy involves comparing unit prices?

Accepted Answer

A) Timing purchases 
B) Price comparison 
C) Label information 
D) Brand comparison 
E) Store selection 
A) Timing purchases 
B) Price comparison 
C) Label information 
D) Brand comparison 
E) Store selection

Question 2

Representation by a lawyer is usually required in small claims court.

Accepted Answer

A) True 
 B)False

Question 3

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 4

To save money and help improve the environment,20SomethingFinance.com suggests that you:

Accepted Answer

A) Go out to eat more instead of growing your own food. 
B) Replace beans and vegetables in meals with meat. 
C) Use disposable drink bottles. 
D) Ride a bike instead of driving. 
E) Use a high-flow showerhead. 
A) Go out to eat more instead of growing your own food. 
B) Replace beans and vegetables in meals with meat. 
C) Use disposable drink bottles. 
D) Ride a bike instead of driving. 
E) Use a high-flow showerhead.

Question 5

Greg Rossman likes to play golf.This would be an example of a _________ 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 6

Damian Walker just purchased a new vehicle.He is reading his owner's manual to know when he needs to take it in for its regular servicing at the dealer.He wants to make sure this car lasts a while.What step in the purchasing process is Damian 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 7

Consumer information from websites 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 8

The main purpose of the Edmund's Used Car Prices is to:

Accepted Answer

A) monitor safety problems of existing vehicles. 
B) provide current used-car prices. 
C) reduce sales of stolen vehicles. 
D) list cars available for sale from government agencies. 
E) provide VIN numbers for vehicles. 
A) monitor safety problems of existing vehicles. 
B) provide current used-car prices. 
C) reduce sales of stolen vehicles. 
D) list cars available for sale from government agencies. 
E) provide VIN numbers for vehicles.

Question 9

Which type of government agency provides educational programs to assist consumers with buying decisions?

Accepted Answer

A) Federal 
B) Consumers Union 
C) Underwriters Laboratories 
D) Consumer Reports 
E) National Highway Traffic Safety Administration 
A) Federal 
B) Consumers Union 
C) Underwriters Laboratories 
D) Consumer Reports 
E) National Highway Traffic Safety Administration

Question 10

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 11

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 12

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 against 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 against local merchants. 
C) lobby for improved consumer protection laws. 
D) evaluate products and services for quality. 
E) represent business in government hearings.

Question 13

The most consistent quality is usually found with nationally known,brand-name products.

Accepted Answer

A) True 
 B)False

Question 14

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.

Question 15

Open dating provides information on:

Accepted Answer

A) freshness. 
B) pricing. 
C) nutrition. 
D) common product use. 
E) government inspection. 
A) freshness. 
B) pricing. 
C) nutrition. 
D) common product use. 
E) government inspection.

Question 16

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 17

Sloane owes $2,600 on her car loan.According to Edmond's Used Car Prices,her car is valued at $1,950.The term used to refer to this situation is:

Accepted Answer

A) residual value. 
B) pre-approval. 
C) capitalized cost. 
D) negative equity. 
E) money factor. 
A) residual value. 
B) pre-approval. 
C) capitalized cost. 
D) negative equity. 
E) money factor.

Question 18

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 19

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 20

Which of the following would be an advantage of leasing a vehicle?

Accepted Answer

A) Automatic ownership interest in the car 
B) Unlimited mileage on the car 
C) No need to meet credit requirements 
D) Lease payments are likely to be lower than loan payments 
E) Extra costs to turn the car in early. 
A) Automatic ownership interest in the car 
B) Unlimited mileage on the car 
C) No need to meet credit requirements 
D) Lease payments are likely to be lower than loan payments 
E) Extra costs to turn the car in early.

Which type of purchasing strategy involves comparing unit prices?

Representation by a lawyer is usually required in small claims court.

Small claims courts:

To save money and help improve the environment,20SomethingFinance.com suggests that you:

Greg Rossman likes to play golf.This would be an example of a _________ factor that influences his purchasing decision.

Damian Walker just purchased a new vehicle.He is reading his owner's manual to know when he needs to take it in for its regular servicing at the dealer.He wants to make sure this car lasts a while.What step in the purchasing process is Damian carrying out?

Consumer information from websites is commonly provided by:

The main purpose of the Edmund's Used Car Prices is to:

Which type of government agency provides educational programs to assist consumers with buying decisions?

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?

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?

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

The most consistent quality is usually found with nationally known,brand-name products.

Impulse buying refers to:

Open dating provides information on:

Which of the following information is required on food labels?

Sloane owes $2,600 on her car loan.According to Edmond's Used Car Prices,her car is valued at $1,950.The term used to refer to this situation is:

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

Cooperatives are commonly organized to sell:

Which of the following would be an advantage of leasing a vehicle?

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 Stock

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

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Exam 8: Consumer Purchasing Strategies and Legal Protection

Which type of purchasing strategy involves comparing unit prices?

Representation by a lawyer is usually required in small claims court.

Small claims courts:

To save money and help improve the environment,20SomethingFinance.com suggests that you:

Greg Rossman likes to play golf.This would be an example of a _________ factor that influences his purchasing decision.

Damian Walker just purchased a new vehicle.He is reading his owner's manual to know when he needs to take it in for its regular servicing at the dealer.He wants to make sure this car lasts a while.What step in the purchasing process is Damian carrying out?

Consumer information from websites is commonly provided by:

The main purpose of the Edmund's Used Car Prices is to:

Which type of government agency provides educational programs to assist consumers with buying decisions?

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?

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?

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

The most consistent quality is usually found with nationally known,brand-name products.

Impulse buying refers to:

Open dating provides information on:

Which of the following information is required on food labels?

Sloane owes $2,600 on her car loan.According to Edmond's Used Car Prices,her car is valued at $1,950.The term used to refer to this situation is:

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

Cooperatives are commonly organized to sell:

Which of the following would be an advantage of leasing a vehicle?

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 Stock

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

Filters