Year 10 Business & Economics Chapter 4 Quiz

Which of the following is an external factor that could influence a consumer when making a purchase decision?

• Psychological

• Finance (availability and cost)

• Social and cultural

• Ethical and environmental considerations

When the demand for a product has a large drop-off because the price of the product increases, this is called

• Price stretch

• Price bounce

• Price elasticity

• Price inelasticity

Which of the following products is likely to show price elasticity?

• Fresh fruit

• Milk

• Bread

• Eggs

Which of the following is an internal factor that could influence a consumer's buying decision?

• Internet marketing

• Price

• Finance (availability and cost)

• Social and cultural

A result of not keeping on top of debt payments and therefore accumulating more debt through interest and extra borrowing is called a

• debt circle

• debt cycle

• debt pattern

• debt rotation

An opportunity cost is

• an alternative you choose to buy when you have a choice between two things or events

• an alternative you go without when you have a choice between two things or events

• weighing benefits and costs of a thing you want to buy or an event you want to go to

• the cost of a thing you want to buy or an event you want to go to

In a car accident, comprehensive insurance covers the damage to (choose all that apply)

• the other person's car

• your own car

• other people's property

• people involved in the accident

An example of a major purchase decision would be (choose all that apply)

• a family spending $150 at a supermarket

• buying petrol for your car

• buying your first car

• buying your first house

When you drive a a sedan, station wagon, hatch or 4WD, the annual car registration fee in the metropolitan area in Victoria is

• $245.90

• $545.90

• $864.40

• $1045.90

Which age group has the highest car insurance premiums?

• 16-20

• 18-21

• 18-22

• 18-25