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Question 1. 1. (TCO 1) _____ is the first phase of the consumer buying process. (Points : 1) Gathering information Evaluating alternatives Selecting the buying location Researching alternatives Identifying the problem
Question 2. 2. (TCO 1) The purpose of a cooperative is to (Points : 1) solve consumer complaints. test consumer products for quality. lobby for changes in consumer protection laws. obtain brand-name items for less than wholesale. sell products or services to members at reduced prices.
Question 3. 3. (TCO 1) When someone states that he or she has purchased a good or service on impulse, this means that this individual has (Points : 1) evaluated alternatives. gathered information. comparison shopped. selected the least desirable alternative. made an unplanned purchase.
Question 4. 4. (TCO 1) Food labels require (Points : 1) open dating. unit pricing. a common product name. a generic name. large lettering.
Question 5. 5. (TCO 1) Service contracts may not always be the best solution for consumers because of (Points : 1) poor service from repair companies. limited coverage of repairs. weak government regulation of service contract companies. high costs and a low chance of need. the fact that few places are available for repairs.
Question 6. 6. (TCO 1) When a conflict needs to be resolved, two parties may have the difference settled by a third party whose decision is legally binding. This is called (Points : 1) a legal aid society. mediation. arbitration. a consumer action panel. cooperative action.
Question 7. 7. (TCO 1) Tony Martin recently participated in a tour of Midwestern landmarks. However, during the tour, the bus broke down and he and other group members were forced to pay for their own hotel bills because they had to stay overnight. If Tony and other group members want the tour company to pay for hotel costs, which legal action should they take? (Points : 1) Small claims court Class action suit Legal aid society Arbitration Mediation
Question 8. 8. (TCO 1) In order for a class action suit to be taken and also to be valid, it must (Points : 1) be a legal problem against a government agency. cover an amount less than the limit set by the state. be a case that would not be handled by an attorney. involve low-income individuals. involve several people with the same problem.
Question 9. 9. (TCO 1) When a used car has an implied warranty, this means that (Points : 1) major repairs are the responsibility of the seller. government agencies will repair safety defects. the vehicle must be in operating condition. hidden defects will be repaired at no cost to the buyer.
a vehicle must operate properly for at least 1 year.
Question 10. 10. (TCO 1) When reviewing the Edmund's Guide, you will find information pertaining to (Points : 1) safety problems of existing vehicles. price data. sales of stolen vehicles. cars available for sale from government agencies. car repairs.
Question 11. 11. (TCO 3) Renting has a common opportunity cost of (Points : 1) interest lost on the down payment. interest lost on the security deposit. property taxes. maintenance costs. interest lost on closing costs.
Question 12. 12. (TCO 3) When a person lives in a cooperative housing arrangement, this involves (Points : 1) government-supported rental units. factory-built and on-site assembly. individual ownership of a living unit in a building. a nonprofit organization that rents units to members. housing units owned by a real estate developer.
Question 13. 13. (TCO 3) Lonette and Al received a statement reporting that they paid $6,000 in mortgage interest during the past year. If they are in a 28% tax bracket, this deduction may reduce their taxable income by (Points : 1) $6,000. $1,680. $4,320. $0. $3,000.
Question 14. 14. (TCO 3) Latrice Patterson has presented a counteroffer, and this means she is (Points : 1) negotiating a purchase price. reducing her mortgage payments. lowering real estate property taxes. avoiding the payment of points at closing. avoiding the payment of the real estate agent's commission.
Question 15. 15. (TCO 3) Todd Foley is applying for a $100,000 mortgage. He can get a $600 monthly payment for principal and interest and no points, or a $550 monthly payment with one point. How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly payment? (Points : 1) 6 12 20 2 25
Question 16. 16. (TCO 3) An example of a conventional mortgage would be (Points : 1) an FHA mortgage. a buy-down. a home equity loan. a shared appreciation mortgage. a fixed-rate mortgage.
Question 17. 17. (TCO 3) When one observes negative amortization, this means that there (Points : 1) is a lower amount owed on the mortgage. is a lower down payment. is a lower escrow account. are lower interest rates. is a higher amount owed on the mortgage.
Question 18. 18. (TCO 3) A _____ mortgage is basically a home equity loan. (Points : 1) shared appreciation second growing equity graduated payment buy-down
Question 19. 19. (TCO 3) You should still contact and use a(n) _____ if you sell your home without the use of a real estate agent. (Points : 1) broker insurance agent rental agent contractor
Question 20. 20. (TCO 3) James Monroe lives in a structure that resembles a home, but has only one similar and separate structure attached to his dwelling. What type of housing is James most likely living in? (Points : 1) A condominium A duplex A cooperative A prefabricated home A single family dwelling