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Financial Literacy Chapter 6: Consumer Awareness Flashcards | StudBud
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Financial Literacy Chapter 6: Consumer Awareness
Financial Literacy Chapter 6: Consumer Awareness
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Dave Ramsey Foundations of Personal Finance chapter 6
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
Refers to the publicʹs ability to recall&recognize a brand by its logo, jingles, packaging,etc.
market exposure
brand recognition
2
Never buy something you do not fully understand.
True
False
3
What is a safe assumption to make regarding companies and their marketing practices?
Companies use all angles to aggressively compete for your $$
Companies spend millions&do research on advertising.
Companies know that competition is fierce for consumer $$$
All of the above
4
When a company places an ad and offers no interest on your purchase for three years:
They are showing their appreciation by giving you free money
All of the above
The cost of the financing is built into the price
They are not interested in making a profit
5
A spur-of-the-moment, unplanned decision to buy a product or service
buyer's remorse
impulse buy
6
Identify which method companies are using to compete for your money: TV commercials
Media
Financing
Product positioning
Personal selling
7
Zero percent financing is nothing more than a really good marketing tool.
False
True
8
Which of the following is
not
a common marketing strategy ?
Making the customer do product research
Providing financing options
Repetition
Personal selling
9
A good salesperson will answer a question with a question.
True
False
10
The financial opportunity that is given up because you choose to do somethingelse with money
opportunity cost
opportunity purchase
11
Which of the following is
not
a need?
Food
Eating out
Utilities
Housing
12
The amount of stuff a person has is directly related to contentment and happiness.
True
False
13
Which is
not
a ʺpower over purchaseʺ tactic?
Wait overnight
Compare your purchase with a friendʹs
Seek counsel
Consider the opportunity cost
14
Repetition has proven to be an ineffective marketing technique.
False
True
15
You should never wait overnight before making a big purchase if there is only one item left.
False
True
16
Young single adults should find an accountability partner with whom to discuss big purchases.
True
False
17
Identify which method companies are using to compete for your money: Car salesman
Personal selling
Financing
Product positioning
Media
18
Identify which method companies are using to compete for money:Reputation for holding its value
Media
Financing
Product positioning
Personal selling
19
Feeling regret or concern after making a large purchase
buyer's remorse
consumerism
20
Which of the following is
not
a form of product positioning?
Shelf positioning
Brand recognition
Financing
Packaging and color
21
Inflation has no effect on your buying power.
True
False
22
Which of the following should you consider when making a significant purchase?
If you can't pay with cash, don't buy
All of the above
The opportunity cost
Your buying motives
23
Teens have cited ʺfriendsʺ as the strongest influence over their purchase decisions.
True
False
24
What concept is best explained by the statement, ʺMoney spent here cannot be spent thereʺ?
Delayed gratification
Significant purchases
Law of diminishing return
Opportunity cost
25
The process of communicating the value of a product or service to customers
marketing
product positioning
26
The increase in the cost of goods&services or the decline in the buying power of money
inflation
deflation
27
The promotion of a product by identifying it with public perception, quality or effectiveness
product positioning
branding
28
The purpose of advertising is to:
All of the above
Inform the consumer
Tease the consumer
Persuade the consumer
29
Identify which method companies are using to compete for your money:ʺ90-days-same-as-cashʺ
Product positioning
Financing
Personal selling
Media
30
Four common marketing tactics are:
Repetition,remorse,product positioning,significant purchase
Competition, financing, opportunity cost, personalselling
Personal selling,financing, repetition, productpositioning
Branding, personal selling, opportunity cost, financing
