money class notes

1. Larry and Martha have an account set up at their credit union with $50 added to it each month from Martha's paycheck. She has been having this done each month for ten months. How much is in the account?

$500.00

Consumers have rights related to the products they buy and the services they receive. Select all rights that are recognized as rights that consumers have in the marketplace.

- The right to be safe, and for all products and services to be safe. -The right to choose and not forced to accept just one company's product. - The right to an explanation of all guarantees and warranty information about a product before purchasing. -The right to be informed about products and any potential hazards involved with the use of the product if there are any. - The right to be heard and voice opinions about products and services.

Choose all possible reasons for shopping online.

- You don't have to fight the crowds on busy shopping days. -If you are using the same product model number, it will be the same item as in retail stores. - It is easy to compare the same item on different websites. - Online shopping is faster than buying the item at the store. -Many online merchants give free shipping on orders. -You can check inventory to see if the item is in stock.

Consumers have a right to a healthy environment. As a result there have been new laws and regulations enforced that strive to make this a safer and healthier environment for all consumers. Choose any of the statements below that support this effort.

-Strict emissions laws on coal burning manufacturing plants. -No smoking in restaurants. -No smoking on airplanes. -No smoking in public areas such as hotel lobbies and businesses. -Exercise rooms and equipment at businesses for employee use. -Stricter pollutant emissions ratings on automobiles.

Why is it a good idea that consumers know what is in the food and products they buy? Choose all correct answers.

-because some people are allergic to some foods such as peanuts -because calorie intake for some people is important -because some people are on special diets and need to know specific percentages of certain items - because some people need low salt products -because some people cannot have foods produced in plants that use peanuts in processing food

Using the guidelines above for spending choose all of the tips that can help you be a wise shopper.

-when you make a mistake when spending money, learn from your mistakes -consider all the purchase options and costs before buying something expensive -pay cash for items that cost less than $5.00 -track expenses so you will know where your money is going -be a good steward of all your money and possessions - save money in special accounts so you are prepared for a large expenditure

1. poor cell phone connection 2.Bad tread wear on some new tires 3.Milk that is sour with a stamped date that is in the future 4.Electric outage due to storms or bad weather 5.Poor satellite television reception 6.Car running rough just after a tune up 7.Errors in your bank statement 8.People smoking in the break room at work

1. cell phone service provider 2. tire store or manufactor 3. local grocery store 4. electric service provider 5. satellite service provider 6. local macanic for servicing car 7.local bank costomer service 8. supervisor or human resources

If you are not satisfied with the service you receive from the same merchant over and over again, you can always report them to the..

Better Business Bureau

Laura bought a laptop four years ago, and she needs to replace it with a new one. The one she is looking for and fits into her budget costs $499.00 and will perform all that she needs it to do. Another laptop with a bigger screen and other options costs $699.00 but will not perform any faster or do anything more than the cheaper one can do. The store offers a service plan that protects against product defect and accidental damage for $99.00. What is the best decision for Laura?

Buy the $499 laptop with the $99 service plan.

Last week Samantha had to get her refrigerator repaired for the fourth time. It is no longer under warranty and each visit from the repairman has been averaging $100.00 a visit. She can buy a new refrigerator at a local scratch and dent warehouse store for $599.00 with a 5 year warranty. She could pay for half of it with cash, but would have to charge the rest on her credit card, but could pay it off in three months...

Buy the new refrigerator because of the high costs of repairs to her old one.

Stephen wanted to buy a used car when he started his new job. Which of the following ideas would NOT help him make the best decision?

Consider only cars that were his favorite color.

In considering purchasing products, what are some good guidelines to follow. Choose all that apply.

Don't travel far to save a few cents on the exact same product. -Make sure you know what the final price will be including any extended warranty plans and fees. -Get opinions from friends and relatives who have bought similar products. -Make sure you know the policies for returns and refunds. -Shop around comparing different deals for the same item. -Carefully read and make sure you understand any contract you sign.

2.Bob drives a used car that gets great gas mileage and so far he has not had to have any major repairs performed on the car. His mechanic told him the car should be good for at least another 2-3 years. Several of Bob's friends have new cars and have encouraged him to buy one, too. Bob just started a new job, and he is not sure if he will keep the job because recent company layoffs. What do you suggest for Bob

Keep the used car and make sure it is maintained regularly.

Amanda wanted to buy some furniture for her new apartment. Because she was bringing most of her furniture from home she only needed a sofa and two chairs. After carefully shopping at several furniture stores she found what she wanted. Below are the possible options for financing her purchase...

Store Credit-paying of in 3 months so interest rate is not a factor

Samuel wanted to go on a mission trip with his church youth group. The trip cost $1,700.00. He has $900.00 saved. His parents will loan him the rest if he will do some repairs around the house before he goes on the trip at the end of the summer. What should he do?

Take his parents' offer and get started on the house repairs.

Don't buy on impulse or when you are -Carefully check for the best deal, and never to save a few pennies. You can shop

impulse under stress ads and prices travel far online

Some merchants will match the prices of their competitors to get your business.

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