Caveat Emptor: Let the Buyer Beware! - Ramsey

Caveat Emptor: Let the Buyer Beware! - Ramsey

12th Grade

9 Qs

quiz-placeholder

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Caveat Emptor: Let the Buyer Beware! - Ramsey

Caveat Emptor: Let the Buyer Beware! - Ramsey

Assessment

Quiz

Financial Education

12th Grade

Hard

Created by

Tess Miner-Farra

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'Caveat Emptor' mean?

The seller is responsible for the product

The buyer is responsible for the purchase

The seller must disclose all information

The product is guaranteed

Answer explanation

The buyer is responsible for the purchase as 'Caveat Emptor' means the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase.

2.

MATCH QUESTION

30 sec • 1 pt

Match the following marketing tactics with their descriptions:

Featuring products in movies or TV shows

Personal Selling

Face-to-face selling

Product Placement

Short-term incentives to boost sales

Brand Association

Creating a positive image of the brand

Sales and Promotions

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which tactic involves placing pricier items at eye level in stores?

Convenient Payment Methods

Personal Selling

Product Placement

Brand Association

Answer explanation

Product Placement involves placing pricier items at eye level in stores to attract customers' attention and potentially increase sales. Product placement might also involve featuring a brand in a TV show or movie.

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which of these are good strategies for avoiding impulse buying? (mark all that apply)

Have a shopping list

Use convenient payment methods

Always carry cash

research options before buying

wait a couple of days and decide if you still need it/want it.

Answer explanation

A good strategy to avoid impulse buying is to have a shopping list, which helps you stay focused on what you need and prevents unnecessary purchases.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main goal of businesses according to the text?

Customer satisfaction

Building brand loyalty

Providing quality products

Making a profit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you do before making a purchase according to the text?

Check if it's on sale

Buy it immediately

Research the product and retailer

Ask friends for recommendations

Answer explanation

Research the product and retailer is the correct choice as it helps in making an informed decision before making a purchase.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the risk of using convenient payment methods?

You might forget your passwords

You might overspend without realizing

You might earn rewards points

You might get discounts

Answer explanation

The risk of using convenient payment methods is that you might overspend without realizing, leading to potential financial problems.

8.

DROPDOWN QUESTION

30 sec • 1 pt

The suggested action if you receive marketing emails that tempt you to buy is to (a)  

Forward them to friends
Unsubscribe from them
Save them for later
Ignore them

Answer explanation

If you receive marketing emails that tempt you to buy, the suggested action is to unsubscribe from them to avoid further temptation and clutter in your inbox.

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first step to take control of your spending?

Follow brand promotions

Create a budget

Use credit cards wisely

Shop during sales

Answer explanation

Create a budget is the first step to take control of your spending as it helps track and manage your expenses effectively.