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PF 6.06 - 6.07: Consumer Spending And Makjor Expendatures
Test Description: PF 6.06 - 6.07: Consumer spending and Makjor Expendatures
Instructions: Answer all questions to get your test result.
1) Why is investing in product research an important part of the planned buying process?
A
Research enhances satisfaction
B
Research is only necessary for big purchases
C
Research decreases satisfaction
D
Research is too time consuming
2) Perry would like to purchase a new car. What should he consider first in the planned buying process?
A
Research different sellers to determine where to purchase the car from
B
Rank product features in order of importance
C
Evaluate the opportunity cost and trade‐offs to purchasing the car
D
Calculate the cost of ownership
3) What is NOT an example of a durable good?
A
Automobile
B
Cell phone
C
Food
D
Clothing
4) Paxten is purchasing a new phone online. What is the best tip should he consider to do so safely and maximize his satisfaction?
A
Purchase a warranty
B
Always use the seller offering the lowest price
C
Review shipping and return policies in advance
D
Use a debit card
5) Sally is researching a new tablet and conducting research using a variety of sources. What is an example of an unbiased source?
A
Product review from an individual making money from the sale
B
A product review that is five years old
C
A product review from an independent company
D
Product review from a seller
6) A rental agreement is often referred to as:
A
renters insurance
B
a mortgage
C
a lease
D
an amenity
7) Rent is defined as:
A
the purchase price of a housing unit
B
the fee charged for performing property management tasks
C
an advance payment for costs beyond normal wear and tear
D
the cost of using someone else’s property
8) The equity that you build by making mortgage payments is:
A
a home loan where the real estate is collateral
B
purchasing a housing unit as rental property
C
the value of the home after the mortgage debt is subtracted
D
the amount of money paid on the home at the time of purchase
9) When making food decisions, which of the following is most likely to be least expensive?
A
ready‐to‐eat foods
B
fast food restaurants
C
convenience foods
D
full‐service restaurants
10) Brett borrowed money to purchase a vehicle without making a down payment and now he owes more on the vehicle than it is worth. This situation is referred to as:
A
leasing
B
a hidden cost
C
being upside down on the loan
D
depreciation
11) Melissa needs to a vehicle and is considering leasing one. This means:
A
Her depreciation costs will likely be higher.
B
She will need to pay a larger down payment to offset the lease agreement fees.
C
She would be purchasing the vehicle by making payments over time.
D
She would be renting the vehicle by making payments over time, although the vehicle title would remain with the lease granto
12) In which scenario below should renters insurance be considered?
A
Don and Denise are landlords for several rental properties.
B
Zach and Leah have rented an apartment in an urban area.
C
Tim and Hanna are living with his parents in the basement of their home for six months while flood damage is being repaired
D
Steve and Teri have purchased a home in a rural area.
13) Chad has decided to rent an apartment and is gathering information to be sure he has enough money saved for all the expenses when his moves in. His landlord explained to him that he would need to pay a fee to cover any potential damages that might oc
A
security deposit
B
down payment
C
amenities
D
rental agreement
14) Alyssa is considering purchasing a car and wants to be sure she can afford to drive it during the school year when she doesn’t have a job. Which expense WOULD NOT be considered part of the total transportation expenses:
A
fuel
B
automobile payment
C
depreciation
D
parking
15) Shelby is working on her spending plan and would like to spend less on her food for 6 months as she saves toward purchasing a more reliable vehicle. As she makes her plan, which factor would be least important to consider:
A
The skills she has acquired for preparing meals.
B
Her personal preferences
C
The nutritional value of the foods she purchases.
D
How much time she has available to prepare food.
*select an answer for all questions
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