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| 1 | |
Which of the following retail features would lead to higher prices? |
| | A) | Larger package sizes. |
| | B) | Convenient location and hours. |
| | C) | Buying in bulk. |
| | D) | Using coupons. |
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| 2 | |
What is the difference between a full warranty and a limited warranty? |
| | A) | A full warranty covers everything and has no end date of coverage whereas a limited warranty is only in effect for a certain time period. |
| | B) | A full warranty covers the products intended use and a limited warranty guarantees that the product is fit for its intended use. |
| | C) | A full warranty ensures that repairs will be covered for a specified period of time and a limited warranty only covers certain aspects of the product. |
| | D) | A full warranty guarantees use for the life of the owner and a limited warranty only guarantees use for a specified time period. |
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| 3 | |
What are the 4 phases of Research-based Buying? |
| | A) | Select a product, find a store that carries the product, bring the product home, and store the product in a closet. |
| | B) | Search online for the lowest priced retailer, compare substitute products, select a product, and make the purchase. |
| | C) | Consider the total cost of ownership, select a retailer, compare prices between retailers, and finalize the purchase. |
| | D) | Engage in pre-shopping activities, evaluate the alternatives, select and purchase the product, and consider post-purchase activities. |
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| 4 | |
Information gathering is an important part of which phase of purchasing a motor vehicle? |
| | A) | Phase 1: Pre-shopping activities. |
| | B) | Phase 2: Evaluating the alternatives. |
| | C) | Phase 3: Determining the purchase price |
| | D) | Phase 4: Post-purchase activities |
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| 5 | |
An advantage to leasing a car rather than buying a car is: |
| | A) | You keep the car longer. |
| | B) | You do not own the car. |
| | C) | Payments may be smaller. |
| | D) | The dealer pays for all repairs and maintenance. |
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| 6 | |
When purchasing a car, you need to consider: |
| | A) | Only the purchase price since this is the only cost of ownership. |
| | B) | The costs of maintenance and operation since these are ongoing costs of operating the car. |
| | C) | Only the cost of repairs since you are financing the purchase price. |
| | D) | The costs of insurance since you are financing the purchase price of the car. |
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| 7 | |
The first step in resolving consumer complaints involves: |
| | A) | Returning to the place of purchase. |
| | B) | Hiring a lawyer to sue the company for damages. |
| | C) | Seek mediation in the dispute. |
| | D) | Contact the CEO or owner of the business. |
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| 8 | |
The difference between mediation and arbitration is that: |
| | A) | Mediation leaves the decision of settlement up to a third party and arbitration is when an impartial third party negotiates a settlement between the involved parties. |
| | B) | Meditation involves seeking settlement outside of the courts and arbitration is seeking settlement in court. |
| | C) | Mediation involves seeking settlement in court and arbitration is seeking settlement outside of the courts. |
| | D) | Mediation involves using an impartial third party to negotiate a settlement between the involved parties and arbitration is where the decision of settlement is up to a third party. |
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| 9 | |
Small claims court provides settlements of disputes that are: |
| | A) | Comprised of only individuals. |
| | B) | Comprised of many people, each of which have only a small part of the case. |
| | C) | Below a set dollar amount and do not need a lawyer. |
| | D) | Unresolved after arbitration. |
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| 10 | |
If you cannot afford a lawyer, you can get free or reduced fee legal representation from: |
| | A) | the Bar Association |
| | B) | the Legal Aid Society |
| | C) | the District Attorney |
| | D) | the Attorney General |
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