Question 1

The items produced for a single chain of stores are commonly sold under a ____________ brand.

Accepted Answer

A)  store
B)  government
C)  regional
D)  chain
E)  national A

Question 2

Government agencies provide information sources and complaint hotlines to assist consumers with buying decisions.

Accepted Answer

A) True 
 B)False  True

Question 3

This scam 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. B

Question 4

An implied warranty that comes with a used car is that:

Accepted Answer

A)  major repairs are the responsibility of the seller.
B)  government agencies will repair safety defects.
C)  the vehicle is guaranteed to run for a while.
D)  hidden defects will be repaired at no cost to the buyer.
E)  the vehicle will be serviced free of charge for one year.

Question 5

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 6

A disadvantage of leasing an automobile would be the:

Accepted Answer

A)  relatively high cost of the security deposit.
B)  the higher monthly payment as compared to a purchase.
C)  poor expense records for tax purposes.
D)  additional costs for turning the car in early.
E)  responsibility for fuel expenses.

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

An online buying club requires an annual fee of $60 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)  $60
C)  $165
D)  $400
E)  $600

Question 9

Sarah Wilson wants to purchase a package of shredded cheese at a local store for taco night.Is it better for her to pay $2.56 for 16 ounces or $3.60 for 24 ounces of this product? Explain your answer.

Accepted Answer

The answer of Sarah Wilson wants to purchase a package...

Question 10

Howard Ramsell recently became aware of implied warranties that exist for consumer purchases.An implied warranty exists as a result of:

Accepted Answer

A)  a stated intent of the seller.
B)  actions by consumers.
C)  the intended use of a product.
D)  rulings of federal consumer agencies.
E)  a written statement from the manufacturer.

Question 11

A used car sold "as is" has:

Accepted Answer

A)  a limited warranty.
B)  no express warranty.
C)  a 30-day guarantee.
D)  a full warranty on parts but not labor.
E)  a 90-day guarantee.

Question 12

Federal laws limit the amount that a consumer is liable for regarding purchases made with a lost or stolen card to:

Accepted Answer

A)  $50.
B)  $100.
C)  $150.
D)  $250.
E)  $500.

Question 13

Most consumer complaints are resolved by:

Accepted Answer

A)  legal action.
B)  assistance from a government agency.
C)  contacting a company's headquarters.
D)  returning to the place of purchase.
E)  obtaining help from an action line.

Question 14

In most states,creditors are not permitted to call you:

Accepted Answer

A)  during the day at work.
B)  during the evening at home.
C)  during weekends.
D)  during holidays.
E)  after the debt is repaid.

Question 15

An example of an economic factor that influences buying decisions would be:

Accepted Answer

A)  family size.
B)  inflation.
C)  advertising.
D)  hobbies.
E)  lifestyle.

Question 16

Margaret Wilson has a piece of paper that she can mail in to the manufacturer of the product that she just purchased.It allows her to get part of her purchase price back.What is she most likely using?

Accepted Answer

A)  Coupon
B)  Rebate
C)  Warranty
D)  Indenture
E)  Service contract

Question 17

Distinguish between an implied warranty and an express warranty.

Accepted Answer

The answer of Distinguish between an implied warranty and an...

Question 18

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

Accepted Answer

The answer of What legal actions are available when assistance...

Question 19

Regular vehicle maintenance is essential to extending the life of your car.Engine oil should be changed approximately every _______ miles,depending on recommendations for the vehicle.

Accepted Answer

A)  6,000
B)  3,000 - 5,000
C)  6,000 - 10,000
D)  2,000 - 3,000
E)  10,000

Question 20

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

Exam 8: Consumer Purchasing Strategies and Legal Protection