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Exam 8: Consumer Purchasing Strategies and Legal Protection

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Question 51

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An implied warranty that comes with a used car is that:

A) major repairs are the responsibility of the seller.
B) government agencies will repair safety defects.
C) the vehicle is guaranteed to run for a while.
D) hidden defects will be repaired at no cost to the buyer.
E) the vehicle will be serviced free of charge for one year.

F) A) and B)
G) A) and E)

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Question 52

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List three examples of common (or not so common)Frauds and describe each.

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Foreign Scams. Do not...

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Question 53

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The sticker price of a car refers to:

The expected value of a vehicle at the end of a lease is called the:

Open dating provides information on:

Paul Spoon has noticed that interest rates have risen in recent months.He is worried that this may make it more difficult for him to finance the purchase of a car.This would be an example of a(n) ________ factor that influences his purchasing decision.

Which of the following is not a social factor that would influence a consumer buyer's decision?

Mediation involves a legally binding decision by a third party to solve a consumer complaint.

Which of the following is least likely to assist you in timing purchases to help you obtain bargains?

________ are nonprofit organizations organized by member-owners to save money on various products and services.Their prices are usually lower than at other retailers.

Explain the difference between arbitration and mediation.

Representation by a lawyer is usually required in small claims court.

The first phase of the consumer buying process involves:

Damian Walker just purchased a new vehicle.He is reading his owner's manual to know when he needs to take it in for its regular servicing at the dealer.He wants to make sure this car lasts a while.What step in the purchasing process is Damian carrying out?

Mike Jacobs is planning to lease an automobile.In an effort to minimize the price of the vehicle being leased,Mike should compare the ________ at different leasing companies.

What factors influence most people's buying decisions?

Isabel would spend $200 per week on groceries for her family if she did not use coupons.Her coupons save her 8 percent of that amount.She puts the amount saved into her savings account.How much will she have in her savings account at the end of the first year? Ignore interest earnings.

Gina Raffetto's car broke down on the way to work,and her mechanic has told her that the car cannot be fixed.Gina drives 30 miles one way to work each day.There is no reliable bus or train transportation that goes anywhere near her work.Gina decides she needs a car for reliable transportation to work.What step in the purchasing process is Gina carrying out?

Recently,Jim Walker was on a bus tour in a mountainous area.The bus broke down forcing the group to stay overnight.Group members had to pay for their own hotel bills.Jim believes that the hotel cost for the group should be paid by the tour company.Which legal action would be most appropriate?

Open dating information provides consumers with information about the freshness of a perishable product.