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MMM Ch 5 And 6 Review
Test Description: 5 and 6 Study Guide
Instructions: Answer all questions to get your test result.
1) When you promote a product or service by identifying it with a distinct characteristic you are ___ it.
A
changing
B
branding
C
moving
2) A significant purchase is normally anything over __?
A
$300
B
$50
C
$1000
3) When you feel regret or concern after making a large purchase you have
A
buyer's happiness
B
buyer's remorse
C
no feelings
4) Caveat emptor is Latin for,
A
buyer's happiness
B
buyer's remorse
C
buyers beware
5) When you buy an item with credit and pay for it over time you
A
finance it
B
pay cash for it
6) Which is a type of product positioning
A
price
B
customer reviews
C
packaging
7) What is a financial opportunity that is given up because you choose to do something else with your money?
A
opportunity cost
B
opportunity benefit
C
buyer's remorse
8) What is the amount of money you spend that causes some pain to part with, usually about $300?
A
necessary purchase
B
easy purchase
C
significant purchase
9) What is a merit based form of financial aid that does not need to be repaid; usually awarded on the basis of academic, athletic or other achievements
A
FAFSA
B
scholarship
C
grant
10) What is form of federal or state financial aid that does not need to be repaid?
A
grant
B
scholarship
C
work study
11) What is a form that is completed annually by current and prospective college students to determine their eligibility for financial aid?
A
FAFSA
B
work study
C
grant
12) What is a program that allows students to work part time while continuing their studies?
A
work study
B
grant
C
scholarship
13) ___ buy something you do not fully understand
A
always
B
sometimes
C
never
14) What is a process of communicating the value of a product or service to customers?
A
branding
B
purchasing
C
marketing
15) Our culture thinks that student loan debt is ___ and the only acceptable way to pay for college
A
unusual
B
necessary
C
normal
16) You should ___ wait overnight to make a major purchase so you have time to think about it
A
always
B
never
C
sometimes
17) By asking yourself why did I buy this you are looking at your
A
conscience
B
buyer's remorse
C
financing options
18) Being able to recognize a brand by its logo, song, or characteristic is known as
A
brand recognition
B
popularity recognition
C
buyer recognition
19) The total estimated student loan debt unpaid is over
A
1 billion
B
7 trillion
C
1 trillion
20) What is an undergraduate academic degree awarded by colleges upon completion of 2 years of studying?
A
bachelor degree
B
associates degree
C
trade school degree
*select an answer for all questions
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