Personal Finance: Consumer rights and responsibilities

The best way to get satisfaction and value for your dollars is to ____. a. research products and services before buying b. buy the same products your friends buy c. rely on product advertising and warranties d. look for product endorsements from government

A

Which of the following is NOT a consumer responsibility? a. Accepting unsatisfactory goods and services without complaint. b. Following directions for proper and safe use of products. c. Making careful choices from the wide variety of goods and services available. d. Seeking out information and using it to make intelligent decisions.

A

By using your right to voice your concerns about a product or service you are: a. ensuring your basic needs are met. b. letting businesses know what you like and dislike. c. being a nuisance to businesses and government agencies. d. ensuring honesty and fairness in the marketplace.

B

Laws that prohibit monopolies and encourage competition are protecting the consumers right of a. redress. c. safety. b. choice. d. voice.

B

Advertising is NOT a good way to find harmful information about a product because a. it is not endorsed by the government. b. there are no regulations to control what is said. c. only favorable information is likely to appear. d. it is the most available source of information.

C

Which of the following is NOT a consumer right? a. Being heard. b. Being informed. c. Low prices. d. Safety and choice.

C

The responsibility associated with the right for product safety is a. to investigate the store's reputation for honesty. b. to compare and select the best quality product. c. to speak out on issues that are of concern. d. to use the product as directed by the manufacturer.

D

Consumers have certain rights that do NOT carry corresponding responsibilities.

F

When you are dissatisfied with a product or service, filing a lawsuit is the fastest, most direct way to get action.

F

Accurate information about products and services is required in order to protect the consumer's right to know.

T

An informed consumer knows what resources are available and where to find information on goods and services and legislation.

T

Consumers have the right to be protected against false and misleading information about goods and services.

T

The right to safety includes protection against the sale and distribution of dangerous goods and services.

T

When product-related safety problems occur, consumers have a responsibility to ____. a. discard the product b. report the problem to the seller and the manufacturer c. sue the seller d. demand a full refund

b. report the problem to the seller and the manufacturer