Money Management Chapter 3 Test

In solving a problem you have with a product you have purchased, you should start with the _______________

• seller.
• manufacturer.
• Better Business Bureau.
• state Attorney General's office.

A company's promise that the product will meet specific standards over a given time period is a

• advertisement.
• public image.
• trademark.
• warranty

Which of the following was created to enforce laws that protect our environment?

• CPSC
• None of these
• EPA
• FTC

Which of the following is responsible for protecting consumers from unfair or deceptive business practices?

• EPA
• CPSC
• FTC
• None of these

An unwritten guarantee that the product is of sufficient quality to fulfill the purpose for which it was designed is known as a(n)

• limited warranty.
• full warranty.
• implied warranty.
• conditional warranty.

Which of the following are examples of deception (and are not illegal)?

• pyramid scheme
• bait and switch
• trading up
• loss leader

Which of the following are examples of fraud (and are illegal)?

• pyramid scheme
• bait and switch
• trading up
• loss leader

Which of the following was created to protect consumers from dangerous products?

• EPA
• CPSC
• None of these
• FTC

A type of financial fraud in which people pay to join an organization in exchange for the right to sell membership to others is called a

• square scheme.
• geometric scheme.
• circle scheme.
• pyramid scheme.

The practice of pressuring consumers to buy a more expensive product than what they had intended is called

• jumping prices.
• inflating prices.
• trading up.
• moving on.