Multiple Choice Identify the choice that best completes the statement or
answers the question.
|
|
1.
|
Determine which of the following bags of chips of comparable quality has the
lowest per-unit cost and, thus, is the best buy.
a. | Brand A, 8 oz bag for $3.60 | b. | Brand B, 10 oz bag for
$3.90 | c. | Brand C, 16 oz bag for $6.50 | d. | Brand D, 1 oz bag for
$.59 |
|
|
2.
|
Elizabeth has found a super-zoom camera online at a website. She has verified
that the business is legitimate through the Better Business Bureau. She is going to purchase
the camera. What steps should she take to ensure that she makes a safe online purchase?
a. | She should use an HTTP site and delete order confirmations. | c. | She should use a
computer connected to free WIFI and no security software. | b. | She should use an
HTTPS site and print and keep order confirmations. | d. | She should use a computer without security
software and ignore privacy policies. |
|
|
3.
|
Molly borrowed $100 dollars from her friend, Luci and promised to
pay it back one year later. The money that Luci will receive back in one year will not have the same
value as the money that she loaned Molly. What financial concept says that a “dollar you
receive in the future will be worth less than a dollar you receive today?
a. | brand strategy | c. | cost-plus pricing | b. | real-cost inflation | d. | time value of
money |
|
|
4.
|
What federal committee oversees investment firms to ensure
that proper financial procedures are followed?
a. | Harvard Business Review | c. | Securities and Exchange
Commission | b. | Survey of Current Business | d. | Charted Financial Consultants |
|
|
5.
|
Roger shops online for hunting gear at a variety of websites. These
websites track the products that he clicks on and the pages visited in the site. This tracking
enables the websites to recognize him each time he visits. What files store the information about
Roger?
a. | infomercial | c. | advertising | b. | cookies | d. | pop-up ads |
|
|
6.
|
What agency could an individual use to investigate whether or not a business is
a legitimate business and if there have been complaints filed against the business?
a. | The Better Business Bureau. | c. | The Consumers
Union. | b. | The Major Appliance Consumer Action Panel. | d. | The Consumer Product Safety
Commission. |
|
|
7.
|
What is the list of commonly bought goods and services by consumers that is
tracked by the U.S. Government and used to measure inflation?
a. | Consumers Union | c. | Federal Trade Commission | b. | Consumer Price
Index | d. | Federal
Communications Commission |
|
|
8.
|
Amy had an exhausting and stressful day at work. She needed to go grocery
shopping after work, but left her list at home. Amy usually makes very healthy purchases. Her husband
was surprised with the purchases that she brought home that evening, a quart of rocky road ice
cream, a deli pizza, and a 1-pound box of chocolates. What type of buying did Amy experience on her
shopping trip?
a. | comparison shopping | c. | branding strategy | b. | emotional buying | d. | rational buying |
|
|
9.
|
When inflation is rising too fast it hurts consumers. The Federal Reserve
System, which is the central bank, has tools to stabilize the economy. When the Federal Reserve
decides to increase interest rates for consumers and business to slow down their spending. What type
of policy is the Federal Reserve applying to the economy?
a. | monetary | c. | rational | b. | emotional | d. | fiscal |
|
|
10.
|
Trace and Miranda save as much money as possible, and only spend money when
necessary. They wait to purchase an item until it is needed, and then buy as little as possible at
the lowest price they can find. What buying strategy are Trace and Miranda implementing?
a. | economizing | c. | emotional buying | b. | optimizing | d. | impulse buying |
|
|
11.
|
What federal agency could help a consumer if they are a victim of identity
theft?
a. | The Securities and Exchange Commission. | c. | The Consumers Product Safety
Commission. | b. | The Federal Communications Commission. | d. | The Federal Trade
Commission. |
|
|
12.
|
Which of the strategies would be most likely to help a person avoid impulse
buying?
a. | He/she should make a conscious effort to spend less. | c. | He/she should make purchases while
in an emotional state. | b. | He/she should set aside a fixed amount to
spend. | d. | He/she should make a
list for shopping. |
|
|
13.
|
Rita likes to record the daily episodes of “Wheel of Fortune”
because she attends a fitness class when the shows are aired. What provision of the Consumers
Technology Bill Rights is she protected by when recording these episodes?
a. | Translation | c. | Platform of choice | b. | Space-shifting | d. | Time-shifting |
|
|
14.
|
As part of Deanna’s New Year’s resolution she purchased a knock-off
national at-home-gym to help with her “get healthy” resolution. She paid $400 for the
gym, and has found that the gym is not very sturdy. Many of the attachments that came with the gym
are weak and have broken after only a few uses. She is wishing that she would have spent the extra
$150 for the “name-brand” gym equipment. What is Deanna experiencing?
a. | buyer’s remorse | c. | redress | b. | emotional buying | d. | rational buying |
|
|
15.
|
Angela wants to purchase a new camera for her family vacation to Yellowstone
National Park. She has checked prices at several local retailers and read reviews for the model she
wants to buy in Consumer Reports and at CNET. com. What buying strategy is she using for this
purchase?
a. | impulse buying | c. | branding strategy | b. | comparison shopping | d. | emotional
buying |
|
|
16.
|
Olivia’s grandmother takes medication for her high-blood pressure. She was
unable to afford her medication, because of the price. Olivia went to the doctor with her grandmother
and requested a cheaper generic version of her grandmother’s medication. This allowed
Olivia’s grandmother to save thousands of dollars yearly. What law made the purchase of generic
medications possible?
a. | Hazardous Substances Act | c. | Care Labeling
Rule | b. | Nutrition Labeling and Education Act | d. | Kefauver-Harris Drug
Amendment |
|
|
17.
|
Kristen’s grandfather has been hospitalized. She wants to ensure that he
receives the best treatment possible for the term of his hospital stay and that he receives accurate,
easily understood information so he can make informed health care decisions. What provision in the
Patients’ Bill of Rights ensures this right?
a. | The Confidentiality provision. | c. | The Choice Providers
provision. | b. | The Respect and Nondiscrimination provision. | d. | The Informed Disclosure
provision. |
|
|
18.
|
Abby wants to make sure that her medical information is kept safe at her
doctor’s office. What act protects her health and billing information, including information
stored on a computer network by limiting who can have access to it?
a. | Health Insurance Portability and Accountability Act | c. | Hazardous Substance
Act | b. | Food, Drug and Cosmetic Act | d. | Family Educational Rights and Privacy Act |
|
|
19.
|
Shelly purchased a dock for her iPod from at a local retail establishment. The
dock has an alarm function, a clock, and a battery back-up incase of power loss. The dock won’t
charge her iPod, and the light on the clock won’t dim. She tried unplugging the dock, putting
in new batteries and calling technical support, but nothing she does has made those features work on
the dock. What is the first step that Shelly should take to get a resolution for the unusable
dock?
a. | She should accept that the dock will not work. | c. | She should take the dock back
to the store. | b. | She should throw the dock in the trash. | d. | She should put the dock in the closet and
forget about it. |
|
|
20.
|
Calculate the unit price for a box of cookies, 48 cookies at $3.49. How much per
cookie?
a. | .05 cents per cookie | c. | .07 cents per cookie | b. | .06 cents per cookie | d. | .08 cents per
cookie |
|
|
21.
|
Rodney received a letter in the mail informing him that he has won a free Hawaii
vacation, but needs to send a $500 shipping fee to get the tickets for the trip. What does this
letter represent?
a. | direct advertising | c. | customer branding | b. | fraud | d. | branding
strategy |
|
|
22.
|
Emilio has discovered that he is a victim of identity theft. What federal agency
could help him with this issue?
a. | The Securities and Exchange Commission. | c. | The Consumers Product Safety
Commission. | b. | The Federal Trade Commission | d. | The Federal Communications
Commission. |
|