2.7.R - Quiz: Week 7 - APP2500

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

Why is it a good idea for consumers to know what is in the food and products they buy? Choose all correct answers. - Because some people need low-salt products - Because people are nosy - Because some people are on special diets and need to know specific percentages of certain items - Because it takes up room on the label - Because some people cannot have foods produced in plants that also process peanuts - Because some people want to copy and sell the same product - Because caloric intake is important for some people to know - Because grocery stores don't want to have to personally tell customers the ingredients - Because it makes the consumer feel smart - Because some people are allergic to some foods (such as peanuts)

- Because some people need low-salt products - Because some people are on special diets and need to know specific percentages of certain items - Because some people cannot have foods produced in plants that also process peanuts - Because caloric intake is important for some people to know - Because some people are allergic to some foods (such as peanuts)

Consumers have a right to a healthy environment. As a result, new laws and regulations have been enforced to create safer and healthier environments for all consumers. Choose any of the statements below that support this effort. - Exercise rooms and equipment for employee use at businesses - No smoking in public areas such as hotel lobbies and businesses - Free tickets to professional basketball games - Free food samples at grocery stores - Strict emissions laws on coal-burning manufacturing plants - Stricter pollutant emissions ratings on automobiles - No smoking on airplanes - No smoking in restaurants

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

In considering purchasing products, what are some good guidelines to follow? Choose all that apply. - Get opinions from friends and relatives who have bought similar products. - Make sure you know what the final price will be, including any extended warranty plans and fees. - 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. - Any deal advertised on the internet or TV is a good deal. - If you think the price is lower, but it rings up higher --too bad! - Don't travel far to save a few cents on the exact same product. - It is okay to max out your credit card if it is something you want but don't need. - Buy when you want to, even if it is a bad time financially because of debt.

- Get opinions from friends and relatives who have bought similar products. - Make sure you know what the final price will be, including any extended warranty plans and fees. - 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. - Don't travel far to save a few cents on the exact same product.

Consumers have rights related to the products they buy and the services they receive. Select all valid consumer rights listed below: - The right to push in line and expect better service if you are a repeat shopper - The right to be safe, and for all products and services to be safe - The right to be informed about products and any potential hazards involved with the use of a product - The right to be heard and to voice opinions about products and services - The right to buy anything online that is available in a store - The right to choose (and not be forced) to accept a certain company's product - The right to an explanation of all guarantees and warranty information about a product before purchasing - The right to double the compensation for bad service - The right to a complete refund without any proof of purchase such as a receipt

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

Using the guidelines for spending covered in the lesson, choose all of the tips below that can help you be a wise shopper. - Bug your friends or parents for money when you don't have any to spend. - Track expenses so you will know where your money is going. - Charge ALL purchases on a credit card. - Never save --spend every dime you have. - Be a good steward of all your money and possessions. - Pay cash for items that cost less than $5.00. - When you make a mistake with spending money, learn from your mistakes. - Consider all the purchase options and costs before buying something expensive. - Spend money just because your friends tell you to. - Save money in special accounts so you are prepared for large expenditures.

- Track expenses so you will know where your money is going. - Be a good steward of all your money and possessions. - Pay cash for items that cost less than $5.00. - When you make a mistake with spending money, learn from your mistakes. - Consider all the purchase options and costs before buying something expensive. - Save money in special accounts so you are prepared for large expenditures.

Choose all possible reasons for shopping online. - You can check inventory to see if the item is in stock. - ALL websites are trustworthy and give you the BEST deal. - It is easy to compare the same item on different websites. - You don't have to fight the crowds on busy shopping days. - Many online merchants give free shipping on orders. - If you are using the same product model number, it will be the same item as in retail stores. - Online shopping is ALWAYS cheaper then any other way of shopping.

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

Don't buy on (1) ________ or when you are (2) ________. Carefully check (3) ________ for the best deal, and never (4) ________ to save a few pennies. You can shop (5) ________ for items when local stores no longer have them in stock.

1 - Impulse 2 - Under Stress 3 - Ads and Prices 4 - Travel Far 5 - Online

As a consumer, if you are not treated fairly or have a problem with a product or service, who should you contact? Match the correct response with each problem. 1 - Poor cell phone reception 2 - Bad tread wear on some new tires 3 - Milk that is sour but stamped with a date still in the future 4 - Electric outage due to storms or bad weather 5 - Poor satellite television reception 6 - Car running badly just after a tune-up 7 - Errors in your bank statement 8 - People smoking in the break room at work

1 - Your cell phone service provider 2 - Tire store or manufacturer 3 - Local grocery store where you buy groceries 4 - Electric utility provider 5 - Satellite service provider 6 - Local mechanic used for servicing your car 7 - Your local bank customer service 8 - Your 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 at which 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 defects 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. However, she could pay that off in three months. What do you think is the best choice for her?

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? - Considering only cars that were his favorite color. - Checking online for reviews of the most reliable car models. - Checking EPA fuel costs and average mpg for models he was considering. - Checking reviews for local dealerships. - Considering what he could afford each month for payments, fuel, and maintenance.

Considering only cars that were his favorite color.

T/F: When making purchases, the more expensive option will always bring more contentment.

False

Why is using a credit card a good idea when making a purchase?

It makes it easy to return the product and to dispute a sale that is questionable.

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 get to keep the job because of recent company layoffs. What do you suggest for Bob?

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

Because consumers have a right to choose among competing services instead of being forced to accept one company's service, often a certain service will be available from several different companies. What are some of these services?

Phone service, television service, health insurance

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. She plans on paying the cost of the furniture off in three months. Decide which option would be the wisest choice for her. Options | Cost | Interest | Total --- Credit Card A | $700.00 | 14% APR \ $17 | $717.00 --- Credit Card B | $700.00 | 12% APR w/ $20 Annual \ $14 + $20 | $734.00 --- Store Credit | $700.00 | 0% for 90 Days \ 22% APR past | $700.00

Store Credit -- if it is paid off in 3 months, the interest rate would not be a factor.

Samuel wants to go on a mission trip with his church youth group. The trip costs $1,700.00, and 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.

T/F: Some merchants will match the prices of their competitors to get your business.

True