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