University:
High School
Course:
High School Economics
Academic year:

2023
Views:

11

Pages:

2
Author:

gridededicators

Consumer Rights Study Guide There are 28 Questions- Multiple Choice, True/False 1. The purpose of advertising is to: ● Tease, Inform and Persuade the Consumer 2. Examples of common marketing strategies: ● Repetition, Personal Selling & Providing Financing Options 3. What concept is best explained by the statement, “Money spent here cannot be spent there?” Opportunity Cost 4. “90-days-same-as-cash” is a financing method companies use to compete for consumer money. 5. When a product has a reputation for holding its value, the method companies are using to compete for your money is product positioning. 6. A car salesman uses personal selling as a method to compete for your money. 7. Four common marketing tactics are: personal selling, financing, repetition, and product positioning. 8. Financing is NOT a form of product positioning. 9. “Power over purchase tactics” are considering the opportunity cost, waiting overnight, seeking counsel. 10. Most of the items at pawn shops are stolen. Is that true or false? 11. What method are companies using to compete for your money when using TV commercials? Media 12. The Federal Trade Commission found that people who reported having more debt are more likely to become victims of consumer fraud involving: credit repair and debt consolidation. 13. Which of the following statements is false? A. B. C. D. Negotiation involves a conversation of back and forth, give and take. If negotiation is done correctly, it will end up being a win-win deal. A great deal often just happens by accident. Just asking for a great deal doesn’t always mean that you’ll get one. 14. Learning to be quiet is actually a powerful tool in negotiation. True or False? 15. Making informed choices as a consumer will usually yield savings. True or False? 16. Why is using cash a great bargaining tool? Cash is emotional, visual and has immediacy 17. Teens have cited “friends” as the strongest influence over their purchase decisions. True or False? 18. You should never wait overnight to make a big purchase if there is only one item left. True or False? 19. Inflation has no effect on your buying power. True or False? 20. Never buy something you do not fully understand. True or False? 21. Zero percent interest is a very good marketing tool that companies use. True or False? 22. Joe tries to bargain at an electronics store but is unable to negotiate the price down. What should be his next step?