personal finance week 7 mod 2

before buying an item you might want to return, make sure you know ____________.

the store's return policy

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. -poor cell reception -bad tread wear on some new tires -milk that is sour but stamped with a date still in the future -electric outage due to storms or bad weather -poor satellite television reception -car running badly just after a tune-up -errors in your bank statement -people smoking in the break room at work

-your cell phone service provider -tire store or manufacturer -local grocery store where you buy groceries -electric utility providers -satellite service provider -local mechanic used for servicing your car -your local bank customer service -your supervisor or human resources

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

true

practice making wise choices: consider each scenario below and decide what would be either the best option in each situation or the correct answer to each question 1. larry and martha 2.bob drives a used car that gets great gas mileage and so far 3.laura bought a laptop four years ago 4.last week samantha had to get her refrigerator 5.samuel wants to go on a mission trip

1. $500.00 2.keep the user car and make sure it is maintained regularly 3.buy the $499 laptop with the $99 service plan 4. buy the new refrigerator because of the high costs of repairs to her old one 5. take his parents' offer and get started on the house repairs

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

if you have to drive a long way to save a few cents, it's still worth it.

false

when making purchases, the more expensive option will always bring more contentment

false

you should not buy products when you ___________.

feel pressured or are tempted to buy on impulse

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

To make sure a building contractor can be expected to do a good job for you, be sure to check...

personal references and the Better Business Bureau

because consumers have the 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? choose the best answer

phone services, television service, health insurance

in the video " john steinbeck's letter," ron blue mentions a quote by john steinbeck that states "a strange species we are ." we can stand anything that nature and god can throw at us save _____"

plenty

a consumer is anyone who __________________.

purchases products or services for personal use or possession

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 a 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.

store credit—- if it is paid off in 3 months, the interest rate would not be a factor

consumers have rights related to the products they buy and the services they receive. select all valid consumer rights listed below:

-the right to choose (and not be forced) to accept a certain company's product - the right to be heard and to voice opinions about products and services - the right to an explanation of all guarantees and warranty information about a product before purchasing - 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

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.

using the guidelines for spending covered in the lesson, choose all of the tips below that can help you be a wise shopper.

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

don't buy on _____ or when you are under stress. carefully check __ for the best deal, and never travel far 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

choose all possible reasons for shopping online

- many online merchants give free shipping on orders - it is easy to compare the same item on different websites - you can check inventory to see if the item is in stock - 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

Before buying an expensive item, what are some things you could do to make an informed decision?

- review available product tests and performance records - make sure it is something you need or want - research online - ask those you trust to make wise financial decisions for advice - decide in advance what you are willing to spend

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 are allergic to some foods (such as peanuts) - 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 need low-salt products

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

-carefully read and make sure you understand any contract you sign - shop around comparing different deals for the same item - got opinions from friends and relatives who have bought similar products - dont 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 - make sure you know the policies for returns and refunds

Choose all of the listed ideas that are helpful for making a large purchase.

-make a spending plan outlining purchasing options - use the best alternative to pay without adding any fees or high interest - safe and plan ahead so you won't buy on impulse and incur debt - wait for sales or rebates - ignore peer pressure to overspend or buy something you don't need

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.

-no smoking in public areas such as hotel lobbies and businesses -strict emissions law on coal-burning manufacturing plants -exercise rooms and equipment for employee use at a business -stricter pollutant emissions ratings on automobiles -no smoking in restaurants -no smoking on airplanes

Choose all legitimate consumer rights that are generally accepted by most people.

-right to fair compensation -right to be informed -right to a healthy environment -right to safety -right to be heard -right to choose