Foundations in Personal Finance - Chapter 6 Test

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1 Foundations in Personal Finance - Chapter 6 Test Name Date MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Which of the following is not a need? A) Housing B) Eating out C) Utilities D) Food 2) The purpose of advertising is to: A) Tease the consumer B) Inform the consumer C) Persuade the consumer D) All of the above 3) Which of the following is not a common marketing strategy? A) Providing financing options B) Repetition C) Making the customer do product research D) Personal selling 4) When a company places an ad and offers no interest on your purchase for three years: A) They are not interested in making a profit B) They are showing their appreciation to you by giving you free money C) The cost of the financing is built into the price of the item D) All of the above 5) What is a safe assumption to make regarding companies and their marketing practices? A) Companies know that competition is fierce for consumer dollars. B) Companies spend millions of dollars and do extensive research on advertising. C) Companies use all angles to aggressively compete for your money. D) All of the above 6) What concept is best explained by the statement, ʺMoney spent here cannot be spent thereʺ? A) Law of diminishing return B) Opportunity cost C) Significant purchases D) Delayed gratification 7) Identify which method companies are using to compete for your money: ʺ90-days-same-as-cashʺ 1) 2) 3) 4) 5) 6) 7) 1

2 8) Identify which method companies are using to compete for your money: Reputation for holding its value 9) Identify which method companies are using to compete for your money: Car salesman 10) Identify which method companies are using to compete for your money: TV commercials 11) Four common marketing tactics are: A) Repetition, buyerʹs remorse, product positioning, significant purchase B) Competition, financing, opportunity cost, personal selling C) Branding, personal selling, opportunity cost, financing D) Personal selling, financing, repetition, product positioning 12) Dave tells the story of a man who bought his dream car, drove it home, but then returned it the next day after some money calculations. This story is an example of: A) Brand recognition B) ʺBe backsʺ in the car business C) Buyerʹs remorse D) Opportunity cost 13) Which of the following should you consider when making a significant purchase? A) Your buying motives B) If you canʹt pay with cash, donʹt buy it C) The opportunity cost D) All of the above 14) Which of the following is not a form of product positioning? A) Shelf positioning B) Packaging and color C) Financing D) Brand recognition 15) Which is not a ʺpower over purchaseʺ tactic? A) Compare your purchase with a friendʹs B) Consider the opportunity cost C) Wait overnight D) Seek counsel 8) 9) 10) 11) 12) 13) 14) 15) TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 16) A good salesperson will answer a question with a question. 16) 17) Never buy something you do not fully understand. 17) 18) The amount of stuff a person has is directly related to contentment and happiness. 18) 2

3 19) Young single adults should find an accountability partner with whom to discuss big purchases. 19) 20) Inflation has no effect on your buying power. 20) 21) A budget has little effect on a personʹs financial success unless he or she also develops power over purchase. 21) 22) You should never wait overnight before making a big purchase if there is only one item left. 22) 23) Teens have cited ʺfriendsʺ as the strongest influence over their purchase decisions. 23) 24) Repetition has proven to be an ineffective marketing technique. 24) 25) Zero percent financing is nothing more than a really good marketing tool. 25) VOCABULARY. Define each term or phrase in the space provided or on a separate sheet of paper. Select the word that is described in the statement. 26) The promotion of a product or service by identifying it with distinct characteristics; usually associated with public perception, quality or effectiveness (product positioning, branding) 27) To buy an item with credit; paying over time (financing, marketing plan) 28) Refers to the financial opportunity that is given up because you choose to do something else with your money (opportunity purchase, opportunity cost) 29) An amount of money you spend, usually $300, that causes some pain to part with (significant purchase, opportunity cost) 30) The process of communicating the value of a product or service to customers (product positioning, marketing) 31) Refers to the publicʹs ability to recall and recognize a brand by its logo, jingles, packaging, etc. (brand recognition, market exposure) 32) Feeling regret or concern after making a large purchase (buyerʹs remorse, consumerism) 33) An economic system based on a free market, profit motive, open competition and private ownership of the means of production (communism, capitalism) 34) The persistent increase in the cost of goods and services or the persistent decline in the buying power of money (deflation, inflation) 35) A spur-of-the-moment, unplanned decision to buy a product or service (impulse buy, buyerʹs remorse) 3

4 SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 36) Explain why financing a purchase is a bad idea. 36) 37) Why should you always consider the opportunity cost when making a significant purchase? 37) 38) What are the five steps you should take before making a significant purchase? 38) 39) What effect does inflation have on purchasing power? 39) 40) Summarize factors that influence consumer decisions. 40) 41) Explain why consumer awareness is such an important part of a healthy financial plan. 41) 42) Identify ways companies compete for your money. 42) 4

5 Answer Key Testname: CHAPTER 6 MASTER 1) B 2) D 3) C 4) C 5) D 6) B 7) B 8) D 9) A 10) C 11) D 12) D 13) D 14) C 15) A 16) TRUE 17) TRUE 18) FALSE 19) TRUE 20) FALSE 21) TRUE 22) FALSE 23) TRUE 24) FALSE 25) TRUE 26) branding 27) financing 28) opportunity cost 29) significant purchase 30) marketing 31) brand recognition 32) buyerʹs remorse 33) capitalism 34) inflation 35) impulse buy 36) Going into debt for any reason is a bad idea because it puts you at financial risk, causes you to pay more than the cost of the item, and prevents you from building wealth. Easy financing is a marketing tool used to get you to make a purchase even if you donʹt have the cash to pay for it. 37) Because money spent in one place cannot be spent in another. Considering opportunity cost is just one of the steps needed to have power over purchase. 38) Wait overnight, consider your buying motives, make sure you understand what you are buying, consider the opportunity cost, and seek wise counsel 39) Inflation means that your dollars buy less than they did in the past. You must consider inflation when planning for future expenses, especially for retirement. 5

6 Answer Key Testname: CHAPTER 6 MASTER 40) Answers will vary but students might mention that any or all of the following may at some time influence consumer decisions: marketing, peer influence, brand recognition, opportunity cost, advice from others, immaturity, contentment, time, whether the item/service is a want or need, etc. 41) We live in the most marketed-to culture in the world. In order to have financial peace, you need to develop power over purchase and resistance to marketing. Buying things is not bad. But buying too many things -with money you donʹt have, to impress people you donʹt really like-will make winning with money impossible. 42) Companies use a variety of marketing strategies to compete for consumer dollars: personal selling, creative financing, repetition and product positioning (which includes color, packaging, branding and shelf position) 6

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