Question 1

What is the unit price of a 32 ounce box of brown sugar that costs $3.20.

Accepted Answer

A)   $0.10 per ounce.
B)   $0.10 per pound.
C)   $1.60 per ounce.
D)   $3.20 per pound.
E)   $6.40 per pound.

Question 2

While evaluating alternatives, all of the following are appropriate questions you could ask before making a major purchase except

Accepted Answer

A)   Is it possible to delay the purchase or to do without the item?
B)   Should I pay for the item with cash or buy it on credit?
C)   Which brands should I consider?
D)   How do the price, quality, and service compare at different stores?
E)   All of these are questions that should be asked.

Question 3

The lowest payment does not necessarily mean the best credit plan. If your car loan is a long period of time, you may end up owing more than the car is worth, which is called

Accepted Answer

A)   Low monthly payments.
B)   Low-interest loan.
C)   Negative equity.
D)   Loan preapproval.
E)   All of these are potential problems.

Question 4

Most products come with some guarantee of quality. Which of the following is usually in written form, created by the seller or manufacturer, and has two forms?

Accepted Answer

A)   "As-is" warranty
B)   Express warranty
C)   Full warranty
D)   Implied warranty
E)   Limited warranty

Question 5

Mike bought a new car. His new car warranty probably included all of the following except

Accepted Answer

A)   Coverage of basic parts against defects.
B)   Corrosion warranty.
C)   Extended coverage for air conditioning.
D)   Possibility to transfer the warranty to other owners of the car (additional charges may apply) .
E)   Power train coverage.

Question 6

The best time to ask a lawyer about his fees is after he wins a case for you.

Accepted Answer

A) True 
 B)False

Question 7

A process used to settle grievances in a nonbinding process is called a(n)

Accepted Answer

A)   Arbitration.
B)   County health department.
C)   Lawsuit.
D)   Mediation.
E)   All of these are correct.

Question 8

Most customer complaints result from the all of the following except

Accepted Answer

A)   Deceptive pricing.
B)   Defective products.
C)   Long product lives.
D)   Low-quality products.
E)   Unexpected costs.

Question 9

Steve bought a laptop that was defective. This laptop will be fixed or replaced by the manufacturer as long as he returns it in a reasonable amount of time. What type of warranty does he have on his laptop?

Accepted Answer

A)   "As-is" warranty
B)   Express warranty
C)   Full warranty
D)   Implied warranty
E)   Limited warranty

Question 10

Buying a vehicle can be a challenging process. When researching a vehicle, a consumer may want to consider all of the following vehicle options except

Accepted Answer

A)   Mechanical devices to improve performance.
B)   Convenience options such as air conditioning.
C)   Aesthetic features like metallic paint.
D)   All of the above may be considered.
E)   None of the items listed are important when buying a vehicle.

Question 11

If you are somewhat interested in a specific vehicle, you should provide a small deposit so the car seller will hold the vehicle for you.

Accepted Answer

A) True 
 B)False

Question 12

Negotiation activities are part of the ____ phase of the research-based buying process.

Accepted Answer

A)   evaluating alternatives
B)   postpurchase activities
C)   preshopping activities
D)   selection and purchase
E)   More than one of these is correct.

Question 13

Which of the following is NOT a strategy for wise buying?

Accepted Answer

A)   Buying winter clothes on sale in mid- or late winter
B)   Using product comparison websites for comparing brands
C)   Buying items on impulse
D)   Carefully considering buying alternatives at various purchase locations
E)   Using unit pricing to compare products

Question 14

An example of a "preshopping activity" is negotiating the price of a product.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is an advantage of a car lease?

Accepted Answer

A)   A large down payment is required.
B)   At the end of the lease, you have no ownership interest in the vehicle.
C)   The capitalized cost is usually higher than the list price.
D)   Monthly lease payments are usually lower than monthly financing payments.
E)   The total cost of a lease may be higher than a purchase.

Question 16

The price of a leased vehicle is known as the

Accepted Answer

A)   Invoice price.
B)   Sticker price.
C)   Set price.
D)   Capitalized cost.
E)   Residual value.

Question 17

A fixed operating cost for a vehicle is

Accepted Answer

A)   Depreciation.
B)   Gasoline and oil.
C)   Maintenance and repairs.
D)   Parking.
E)   Tires.

Question 18

A variable operating cost for a vehicle is

Accepted Answer

A)   Depreciation.
B)   Insurance.
C)   Interest on an auto loan.
D)   License and registration.
E)   Maintenance and repairs.

Question 19

Most products come with some guarantee of quality. This type of warranty covers the product's intended use or other basic understandings that are not in writing.

Accepted Answer

A)   "As-is" warranty
B)   Express warranty
C)   Full warranty
D)   Implied warranty
E)   Limited warranty

Question 20

Thomas bought a toaster that would not toast bread, and he returned it. The manufacturer accepted the return because it was defective and came with a full warranty.

Accepted Answer

A) True 
 B)False

Exam 6: Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Most customer complaints result from the all of the following except

Correct AnswerverifiedShow Answer

A variable operating cost for a vehicle is

Correct AnswerverifiedShow Answer

The price of a leased vehicle is known as the

Correct AnswerverifiedShow Answer

Negotiation activities are part of the ____ phase of the research-based buying process.

Correct AnswerverifiedShow Answer

A fixed operating cost for a vehicle is

Correct AnswerverifiedShow Answer

The lowest payment does not necessarily mean the best credit plan. If your car loan is a long period of time, you may end up owing more than the car is worth, which is called

Correct AnswerverifiedShow Answer

A process used to settle grievances in a nonbinding process is called a(n)

Correct AnswerverifiedShow Answer

An example of a "preshopping activity" is negotiating the price of a product.

Correct AnswerverifiedShow Answer

Steve bought a laptop that was defective. This laptop will be fixed or replaced by the manufacturer as long as he returns it in a reasonable amount of time. What type of warranty does he have on his laptop?

Correct AnswerverifiedShow Answer

Mike bought a new car. His new car warranty probably included all of the following except

Correct AnswerverifiedShow Answer

While evaluating alternatives, all of the following are appropriate questions you could ask before making a major purchase except

Correct AnswerverifiedShow Answer

Most products come with some guarantee of quality. This type of warranty covers the product's intended use or other basic understandings that are not in writing.

Correct AnswerverifiedShow Answer

Buying a vehicle can be a challenging process. When researching a vehicle, a consumer may want to consider all of the following vehicle options except

Correct AnswerverifiedShow Answer

Which of the following is NOT a strategy for wise buying?

Correct AnswerverifiedShow Answer

Thomas bought a toaster that would not toast bread, and he returned it. The manufacturer accepted the return because it was defective and came with a full warranty.

Correct AnswerverifiedShow Answer

What is the unit price of a 32 ounce box of brown sugar that costs $3.20.

Correct AnswerverifiedShow Answer

The best time to ask a lawyer about his fees is after he wins a case for you.

Correct AnswerverifiedShow Answer

Most products come with some guarantee of quality. Which of the following is usually in written form, created by the seller or manufacturer, and has two forms?

Correct AnswerverifiedShow Answer

Which of the following is an advantage of a car lease?

Correct AnswerverifiedShow Answer

If you are somewhat interested in a specific vehicle, you should provide a small deposit so the car seller will hold the vehicle for you.

Correct AnswerverifiedShow Answer

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