pf test

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

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.

What is the best way to handle a setback in your spending plan (such as overspending on an item without planning?)

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

To help you stay on track with your spending, what can you plan to use for your variable (changing) expenses?

Cash

As a consumer, what is the right to safety?

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

Which of the following are good to do before making a purchase? Choose the three answers that apply. Please do not guess, as incorrect answers are penalized for this question type.

Decide in advance what you want and what you can afford Check out a company's complaint record with your local consumer affairs office and Better Business Bureau Get advice and price quotes from several sellers

As a consumer, which types of decisions do we frequently make?

Decisions about our finances

________________ is the study of how we as a society use limited resources. Those resources could be goods and services, or even labor.

Economics

_________________ is the balance of having the right amount of products at the right price for the right number of consumers.

Equilibrium

What is true of needs according to Philippians 4:11-19? Choose the two that apply. Please do not guess, as incorrect answers are penalized for this question type.

God supplies all of our needs. We are to be content in every situation, even when we are in need of something.

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?

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. It is easy to compare the same item on different websites. You can check inventory to see if the item is in stock. Many online merchants give free shipping on orders. You don't have to fight the crowds on busy shopping days.

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

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.

Make sure you know the policies for returns and refunds. 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. Shop around to compare different deals for the same item. 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.

A more expensive lifestyle will always lead to which of the following?

None of these

What must you consider if you shop online?

Shipping costs and delivery times

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.

Store Credit (If it is paid off in three months (90 days), the interest rate would not be a factor.)

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. Correct answer:

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

The wages paid to workers can be affected by what?

Supply and demand

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.

Consumers have rights related to the products they buy and the services they receive. Select the five valid consumer rights listed below. Please do not guess as any incorrect answers are penalized for this question type. Answer,

The right to be informed about products and any potential hazards involved with the use of a product 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 be safe and for all products and services to be safe The right to be heard and to voice opinions about products and services

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

When a contract is signed, who promises to follow what is stated in the contract? Choose the two that apply. Please do not guess, as incorrect answers are penalized for this question type.

The signer of the contract The writer of the contract

Stores will extend credit on a purchase and set up minimum payments. How do the interest rates of these plans compare to banks or credit cards?

They are generally higher.

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

During a global pandemic, the need for medical workers rises sharply. Based on this rise in demand, what can you assume would happen to the salaries of nurses?

They would rise due to the higher demand.

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.

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

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

demands

Supply and demand is a basic principle of ________.

economics

The right to a ____________ environment says 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.

healthy

If demand for an item rises and supply stays the same, the price will ____________. If the demand for an item goes down and the supply stays the same, the price will ________________.

increase, decrease

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.

legal ramifications

The "right to _____________" entitles the signer of a loan a certain amount of days to rescind, or cancel, the contract.

rescission

In economics, ______________ is the amount of a resource that producers are willing and able to produce for the marketplace. __________________ is a consumer's desire to purchase goods and services and what they are willing to pay for those goods and services.

supply, Demand

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

What is one reason why it is important to read and understand all that is within a contract you sign?

Because God expects us to keep our promises

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