test over week 7 and 8

Which would be an example of a consumer using their right to fair compensation? A chair falls apart two days after you purchase it, and you ask for a refund. You drop your brand new serving bowl and return it for a full refund. An employee at Target is not making what you think they should, and you ask their boss to give them a raise. You purchase a set of sheets, and your cat rips them up the next day, so you demand a refund.

A chair falls apart two days after you purchase it, and you ask for a refund.

What is the best way to handle a setback in your spending plan (such as overspending on an item without planning?) Immediately take out a payday loan to help cover the cost of the item Completely erase your plan because it obviously did not work and begin a new one Calmly figure out what went wrong and how you can prevent it in the future, and then put it behind you and start fresh the next day Don't do anything and keep spending when you feel it is fun to do so

Calmly figure out what went wrong and how you can prevent it in the future, and then put it behind you and start fresh the next day

Which type of agreement will ask you to agree to be a customer for a certain amount of months, usually while you are paying off equipment? Property rentals Parental agreement Cellphone agreement Mortgage agreement

Cellphone agreement

What must you consider if you shop online? The store manager's hours The store's hours of operation How much cash you have to spend Shipping costs and delivery times

Shipping costs and delivery times

90 Day Store Credit

Stores (especially furniture and mattress outlets) will allow you to purchase an item by putting some money down and agreeing to pay the remainder off within 90 days.

Layaway

Stores will allow you to hold items in storage for a set amount of time while you make regular payments for a set time (90 days for example.)

Store Credit

Stores will extend credit on a purchase and set up minimum payments

Credit Cards

Stores, banks, credit unions, and some employers offer credit cards with a set limit amount.

This Christmas, there is a huge demand for the hottest toy. Every parent you know is trying to make sure this toy is under the tree for their little boy or girl. What would you expect this rise in demand for a popular toy to do to the price? The price will rise. The price will be unaffected. The price will fall. The price will exactly double.

The price will rise.

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 The right to a free education The right to be heard The right to fair compensation

The right to education

Which of the following are important reminders for consumers? Choose the three that apply. Please do not guess, as incorrect answers are penalized for this question type. They should demand everything they purchase be at a discount. They should never accept defective goods or be satisfied with substandard service. They should know the rights all consumers have and make sure they receive what is advertised or promised. They do not need to be at the mercy of the producers, providers, and sellers of products and services.

They should never accept defective goods or be satisfied with substandard service. They should know the rights all consumers have and make sure they receive what is advertised or promised. They do not need to be at the mercy of the producers, providers, and sellers of products and services.

The right to be heard:

This is evidenced by the laws and regulations that the government institutes to protect the rights and desires of consumers.

A cosigner legally agrees to which of the following? To pray for the borrower to have the funds to make the payments To pay off the loan if the borrower cannot make the payments To return any items that were not completely paid for To stand beside the borrower while they sign the contract

To pay off the loan if the borrower cannot make the payments

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

One way to stay on track with spending is to use ___________ transfers to save money for a big purchase before you ever see it.

automatic

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

consumer

Equilibrium is where the quantity __________ equals the quantity _______

demanded, supplied

An equilibrium price is one at which a producer can sell all he wants, and a consumer can buy all he ________. destroys demands supplies

demands

In our lessons, we learned that there is no such thing as an independent financial decision. In our lifestyle choices, and specifically in our finances, __________ affects ___________. wealth, happiness nothing, nothing sadness, purchases everything, everything

everything, everything

The right to a ________ environment says consumers have the right to work and shop in a environment that does not present health hazards due to construction, smoking, chemicals, or any other possible safety violations.

healthy

Don't buy on __________ or when you are _________ under stress. Carefully check ___ ______ ________ for the best deal, and never _____ ______ to save a few pennies. You can shop ________ for items when local stores no longer have them in stock.

impulse under stress ads and prices travel far online

The right to be informed:

information about the ingredients and the process of production should be posted conspicuously so the consumer can be informed

The right to choose:

it is not fair for one company to have a monopoly or an unfair advantage that limits the choice of goods and services.

A contract is a __________ agreement between two entities.

legal

An important aspect to consider regarding contracts is what __________ may present themselves during the life of your contract. signature styles banking hours loopholes legal ramifications

legal ramifications

In Philippians 4:19, the Apostle Paul says, "And my God will supply every _____ of yours according to his riches in glory in Christ Jesus." desire need want wish

need

In Ron Blue's video "John Steinbeck's Letter," Mr. Blue says that although the United States is the richest country in the world, this has not given us what? Health and beauty Cars and houses A more robust investment portfolio Happiness and contentment

Happiness and contentment

Savings Account -

Banks and credit unions will allow a consumer to set up a special account to save for a special or expensive purchase.

The right to fair compensation:

Consumers have the right to request money or other benefits as fair compensation for a company's mistake due to poor workmanship or service rendered.

The right to a healthy environment:

Consumers have the right to work and shop in an environment that does not present health hazards due to construction, smoking, chemicals or any other possible safety violations.

The right to safety:

Consumers should be able to assume that the products they buy are reasonably safe to use or consume.

The right to education:

Consumers should have access to programs and information that help make better buying decisions.

As a consumer, which types of decisions do we frequently make? Decisions about how much sleep to get Decisions about when to vacuum Decisions about our educational future Decisions about our finances

Decisions about our finances

The price moves toward a point where the quantity demanded is equal to the quantity supplied

Equilibrium

_________________ is the balance of having the right amount of products at the right price for the right number of consumers. The price axis Supply Equilibrium Demand

Equilibrium

Demand increases and supply stays the same

Higher equilibrium price and higher quantity

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 long will it take me to pay off if I use my credit card at 23%? How fast can I go to get there? How much will you really save once you consider the gas to drive and your time? What will my friends think if I purchase this item?

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

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? What will my friends think if I purchase this item? How much will you really save once you consider the gas to drive and your time? How fast can I go to get there? How long will it take me to pay off if I use my credit card at 23%?

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

Which of the following are possible reasons for shopping online? Choose the five answers that apply. Please do not guess, as incorrect answers are penalized for this question type. If you are using the same product model number, it will be the same item as in retail stores. You don't have to fight the crowds on busy shopping days. You can check inventory to see if the item is in stock. Many online merchants give free shipping on orders. ALL websites are trustworthy and give you the BEST deal. It is easy to compare the same item on different websites. Online shopping is ALWAYS cheaper than any other way of shopping.

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

Which of the following is/are true regarding co-signing? Choose the three that apply. Please do not guess, as incorrect answers are penalized for this question type. It can build your credit score. It can legally bind both parties as responsible for whatever that contract demands. It can damage relationships. It can damage credit scores.

It can legally bind both parties as responsible for whatever that contract demands. It can damage relationships. It can damage credit scores.

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. Credit cards don't charge any fees or interest. Using a credit card makes you look more important. Using a credit card gives you more time to pay it off if you are low on cash.

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

Demand decreases and supply stays the same

Lower equilibrium price and lower quantity

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. If you think the price is lower, but it rings up higher, then too bad! Buy when you want, even if it is a bad time financially because of debt. Make sure you know the policies for returns and refunds. Shop around to compare different deals for the same item. Any deal advertised on the internet or TV is a good deal. It is okay to max out your credit card if it is something you want but don't need. Get opinions from friends and relatives who have bought similar products. Don't travel far to save a few cents on the exact same product. 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.

Make sure you know the policies for returns and refunds. Shop around to compare different deals for the same item. Get opinions from friends and relatives who have bought similar products. Don't travel far to save a few cents on the exact same product. 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.

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 Highway systems, toll roads, water service Electricity service, hospitals, social services School systems, utilities, car repair

Phone service, television service, health insurance

Economic harmony comes from the balance of which things? Wealth, power, and abundance Spending, saving, and hoarding Debt, banking, and loans Products, services, and consumers

Products, services, and consumers

Which of the following should you do if you are having trouble making payments on loans? There is nothing you can do. You should immediately stop paying any amount toward the loan. You should notify your lender immediately so that you can work out a payment plan. You should wish your debt away.

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