Question 1

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

Accepted Answer

The scam described in the question is known as pharming. This is a type of cyber attack where malicious software is used to redirect a website's traffic to a fake website that is designed to look like the original. The goal of pharming is to steal sensitive information like login credentials, credit card numbers, and other personal data. It can also be used to plant viruses or worms on the victim's computer.

Question 2

Regular vehicle maintenance is essential to extending the life of your car. Engine oil should be changed approximately every ____ months or _______ miles.

Accepted Answer

It is recommended to change engine oil every 3,000 miles or 3 months, whichever comes first. This helps to ensure proper lubrication of engine components and prevent engine damage from lack of oil.

Question 3

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

Accepted Answer

The high tech scam that uses spam or pop-up messages to deceive you into revealing your sensitive information is called phishing.

Question 4

Describe four common consumer myths and explain the dangers of such erroneous beliefs. Why do you think they continue to be believed by many consumers? Offer suggestions for ways to increase consumer awareness of such myths.

Accepted Answer

The answer of Describe four common consumer myths and explain...

Question 5

Which type of purchasing strategy involves comparing unit prices?

Accepted Answer

Price comparison involves comparing the unit prices of different products to determine which one offers the best value for money, making it the most logical choice. Timing purchases may involve waiting for sales or promotions, label information may be useful for determining nutritional value or safety warnings, brand comparison may be based on personal preference, and store selection may depend on convenience or product availability.

Question 6

Which of the following is least likely to affect the timing of purchases to help you obtain bargains?

Accepted Answer

Time zones may affect the timing of purchases if sales or offers are time-limited and occur during specific hours. However, the other options listed have a more direct impact on the economy, pricing, and availability of goods, and therefore are more likely to affect the timing of purchases to obtain bargains.

Question 7

Which type of government agencies publish materials to assist consumers with buying decisions and financial planning?

Accepted Answer

All levels of government agencies (federal, state, and local) can publish materials to assist consumers with buying decisions and financial planning. Therefore, option D, "All of these," is the most appropriate answer.

Question 8

Distinguish between an implied warranty and an express warranty.

Accepted Answer

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

Question 9

Advertising is a type of consumer information commonly provided by:

Accepted Answer

Advertising is primarily provided by business organizations to promote their products or services to consumers. While government agencies may provide information through public service announcements or consumer protection information, and independent testing organizations may provide product reviews or ratings, these are not typically classified as advertising. Personal contacts, such as recommendations or word-of-mouth, are also not considered advertising.

Question 10

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? What legal actions might Steve consider for this situation?

Accepted Answer

The answer of Steve Franklin recently purchased a stereo system....

Question 11

What are the main sources of consumer information?

Accepted Answer

The answer of What are the main sources of consumer...

Question 12

Which of the following is not a social factor that would influence a consumer buyer's decision?

Accepted Answer

The answer of Which of the following is not a...

Question 13

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

Accepted Answer

The term used to refer to this situation is negative equity, where the amount owed on the car loan exceeds the value of the car.

Question 14

Explain the difference between arbitration and mediation.

Accepted Answer

The answer of Explain the difference between arbitration and mediation....

Question 15

The expected value of a vehicle at the end of a lease is called the:

Accepted Answer

The expected value of a vehicle at the end of a lease is known as the residual value.

Question 16

Federal laws limit the amount of fraudulent charges that a consumer is liable for in the case of a lost or stolen card to:

Accepted Answer

Federal laws limit the liability of a consumer to a maximum of $50 in case of fraudulent charges on a lost or stolen credit or debit card.

Question 17

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

Accepted Answer

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

Question 18

What type of warranty covers only certain aspects of the product, such as parts, or requires the buyer to incur part of the costs for shipping or repairs?

Accepted Answer

A limited warranty covers only certain aspects of the product and may require the buyer to incur part of the costs for shipping or repairs. This type of warranty is more limited than a full warranty, which covers all aspects of the product without any additional costs to the buyer. Implied warranty and warranty of title are separate types of warranties. Express warranty refers to specific promises made by the seller regarding the product.

Question 19

What factors influence most people's buying decisions?

Accepted Answer

The answer of What factors influence most people's buying decisions?...

Quiz 8: Consumer Purchasing Strategies and Legal Protection