Mod 2: Week 7 - Consumer Purchasing

In Ron Blue's video "Debt, Mercedes, and Speedboats," he suggests paying cash for a new car and planning to drive it for ___ years.

10

As consumers, what do we gain due to the right to choose?

Choices and a variety of services and goods available for the same items

Which of the following is a type of savings account that banks will set up for customers to help save for a special purchase?

Christmas Club

Using the guidelines for spending covered in the lesson, choose all the tips below that can help you be a wise shopper. Choose the six answers that apply. Please do not guess, as incorrect answers are penalized for this question type.

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

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

The right to be heard is evidenced by the laws and regulations that the government institutes to protect the rights and desires of consumers. What is this right geared toward mostly?

Environmental and fuel efficiency of automobiles

If an item you want to purchase is on sale, but you must travel many miles to the next town to purchase it, what is important to consider?

How much will you really save once you consider the gas to drive and your time?

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.

Stores will allow you to hold items in storage for a set amount of time while you make regular payments for a set time. What is this called?

Layaway

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 the four statements below that support this effort. Please do not guess, as incorrect answers are penalized for this question type.

No smoking in public areas such as hotel lobbies and businesses No smoking in restaurants Stricter pollutant emissions ratings on automobiles Exercise rooms and equipment for employee use at businesses

In considering purchasing products, what are some good guidelines to follow? Choose the six answers that apply. Please do not guess, as incorrect answers are penalized for this question type.

Shop around to compare different deals for the same item. Don't travel far to save a few cents on the exact same product. Make sure you know the policies for returns and refunds. Carefully read and make sure you understand any contract you sign. 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.

Consumers should have access to programs and information that help make better buying decisions. Consumers should learn about the changing nature of products - consumer education is a lifelong responsibility. This describes which right of a consumer?

The right to education

In Ron Blue's video "Debt, Mercedes, and Speedboats," Mr. Blue discusses buying a Mercedes with a man. How does he advise that the man purchase the Mercedes?

With cash

Which of the following should you do if you are having trouble making payments on loans?

You should notify your lender immediately so that you can work out a payment plan.

When deciding on purchases, especially large purchases, it is important to remember that just because you can make the payments on a large purchase does not necessarily mean that you can ______ the purchase.

afford

A _____ is anyone who purchases products or services for personal use or possession.

consumer

Before you agree to a home or car repair, you should get several __________ to make sure you are getting the fairest deal.

estimates

Why is it a good idea for consumers to know what is in the food and products they buy? Choose the five correct answers. Please do not guess, as incorrect answers are penalized for this question type.

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