Business and Personal Finance © 2007

Chapter 4: Consumer Purchasing and Protection

Practice Tests

1
It would be beneficial to do comparison shopping for which of the following items?
A)toothbrush
B)DVD
C)computer
D)pencils
2
All of the following are steps to successful shopping EXCEPT _____.
A)signing up for a new credit card
B)identifying your needs
C)gathering information
D)becoming aware of the marketplace
3
Purchasing items on the spur of the moment is called _____.
A)consuming
B)impulse buying
C)deducting
D)fraud
4
One of the disadvantages of direct selling is _____.
A)convenience
B)difficulty in returning the purchase
C)24-hour access
D)not having to leave home
5
The calculation for determining unit price is _____.
A)unit of measure × 2
B)total price ? sale price
C)total price + unit of measure
D)total price ÷ unit of measure
6
A written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned, replaced, or repaired is called a(n) ______.
A)guarantee
B)policy
C)warranty
D)annuity
7
Telephone and mail scams are examples of _____.
A)fraud
B)remedies
C)rebates
D)refunds
8
The first step in resolving a difference between a customer and a business is _____.
A)suing
B)getting angry
C)telling others not to shop at that particular store
D)returning to the place of purchase
9
The _____ deals with legal disputes that involve amounts below a certain limit, which varies from state to state.
A)Small Business Administration
B)small claims court
C)Federal Deposit Insurance Corporation
D)Federal Reserve System
10
Which government agency sets safety standards for food, drugs, chemicals, cosmetics, and household and medical devices?
A)The Food and Drug Administration
B)The Consumer Product Safety Commission
C)The Better Business Bureau
D)Medicaid
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