Consumer Skills Review

Someone who buys and uses goods and services are called

• Consumers

• Producers

• Entrepreneurs

• Capitalists

Which of the following is a good consumer rule for expensive items?

• Buy the product that your consumer research says is the best.

• Buy the most expensive since price reflects quality.

• Buy what you want.

• Buy the product after comparing the benefits and cost of alternatives.

To be a better consumer of the news you should...

• Be critical of what you read and hear

• Be uncritical of what you read and hear

When you are deciding what to buy, you should not...

• compare the unit price of similar items.

• read reviews from unbiased sources.

• assume that buying the cheapest item is the smartest choice.

• wait for sales to get the best price.

Which of the following best describes "impulse buying"?

• Purchasing items after careful consideration of all options

• Buying something under the influence of a temporary emotion

• Planning to buy specific items before entering a store

• Researching products online before purchasing in-store

What is the primary role of a consumer in the economy?

• To produce goods and services

• To purchase and use goods and services

• To regulate market prices

• To invest in businesses

Which of the following is a characteristic of a wise consumer?

• Buying items on impulse

• Ignoring product reviews

• Comparing prices before purchasing

• Purchasing the most expensive brand

What is a budget?

• A plan for spending and saving money

• A list of desired luxury items

• A record of past purchases

• A method of borrowing money

Which of the following is an example of a consumer right?

• The right to a fair price

• The right to return any product at any time

• The right to be informed about a product

• The right to demand free products

What does 'consumer protection' refer to?

• Laws and measures to safeguard consumers from unfair practices

• Strategies to increase consumer spending

• Techniques to improve product quality

• Methods to enhance consumer loyalty