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Personal Finance Study Set 15

Business

Quiz 8 :

Consumer Purchasing Strategies and Legal Protection

Quiz 8 :

Consumer Purchasing Strategies and Legal Protection

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________ are nonprofit organizations organized by member-owners to save money on various products and services.Their prices are usually lower than at other retailers.
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Answer:

A

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

B

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Open dating information provides consumers with information about the freshness of a perishable product.
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True False
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Answer:

True

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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.
True False
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The first phase of the consumer buying process involves:
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Which one of the following is the best example of a personal opportunity cost associated with a consumer purchase?
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Representation by a lawyer is usually required in small claims court.
True False
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A class-action suit is a legal action taken by a few individuals on behalf of all the people who have suffered the same alleged injustice.
True False
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Mediation involves a legally binding decision by a third party to solve a consumer complaint.
True False
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Cooperatives are commonly organized to sell:
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Which organization tests products for electrical and fire safety to assure items meet safety standards?
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The first phase in the buying process involves information gathering.
True False
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The main purpose of Consumers Union is to:
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Advertising is a type of consumer information commonly provided by business organizations.
True False
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The most consistent quality is usually found with national-brand products.
True False
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Government agencies provide education programs and complaint hotlines to assist consumers in gathering information to make wise buying decisions.
True False
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Service contracts are usually free and included in the cost of appliances and other high-priced items.
True False
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One way to gather information about a product is to use an independent testing organization like Underwriters Laboratories (UL).
True False
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A cooperative is designed to:
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Unit pricing uses a standard unit of measurement to compare the prices of packages of different sizes.
True False
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