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BUSN 380 DeVry Week 5 Quiz Latest


BUSN 380 DeVry Week 5 Quiz Latest

  1. Question : (TCO 1)Referring to consumer purchases, an example of a personal opportunity cost is
  • buying on credit.
  • selecting a commonly known brand.
  • the influence of advertising on consumers.
  • time used to compare prices.
  • government regulation of deceptive business-government activities in an effort to prevent consumer fraud.

Question 2. Question : (TCO 1) The purpose of a cooperative is to

  • 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. Question : (TCO 1) _____ brand items are associated with high consistent quality.

  • National
  • Generic
  • Regional
  • Store
  • Manufacturer

Question 4. Question : (TCO 1) A 16-ounce package selling for $1.80 would have a unit price of

  • $1.80.
  • $28.80 a pound.
  • 11.25¢ an ounce.
  • $8.80 a quart.
  • 12¢ an ounce.

Question 5. Question : (TCO 1) A(n) _____ warranty is a specific agreement created by the seller or manufacturer.

  • open
  • implied
  • express
  • contingent
  • limited

Question 6. Question : (TCO 1) The purpose of the _____ is to assist with consumer complaints and also to provide consumer information.

  • Better Business Bureau
  • Federal Trade Commission
  • Underwriters Laboratories
  • Consumers Union
  • Consumer Action

Question 7. Question : (TCO 1) The difference between mediation and arbitration is that the latter

  • involves government officials.
  • is legally binding.
  • is only available in certain states.
  • allows compromise through negotiation.
  • requires the use of a lawyer.

Question 8. Question : (TCO 1) In order for a class action suit to be taken and also to be valid, it must

  • 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. Question : (TCO 1) When a used car has an implied warranty, this means that

  • 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. Question : (TCO 1) When reviewing the Edmund’s Guide, you will find information pertaining to

  • safety problems of existing vehicles.
  • price data.
  • sales of stolen vehicles.
  • cars available for sale from government agencies.
  • car repairs.

Question 11. Question : (TCO 3) When buying a home, one additional cost of ownership will consist of

  • renter’s insurance.
  • property taxes.
  • annual appreciation of the property.
  • the security deposit.
  • interest lost on the security deposit.

Question 12. Question : (TCO 3) A home owner will often realize a benefit of

  • a low security deposit.
  • increased property value.
  • the amortization of the growth of equity.
  • the tax deductibility of the down payment.
  • low maintenance.

Question 13. Question : (TCO 3) An individual could afford to spend more on a home if the following occurs.

  • High monthly living expenses
  • Increased interest rates
  • Decreased down payment
  • Many other financial obligations
  • Increased family income

Question 14. Question : (TCO 3) The purpose of a real estate agent is to assist an individual in

  • obtaining funds for a down payment.
  • setting the purchase price.
  • offering new home warranties.
  • getting a mortgage.
  • making important calls.

Question 15. Question : (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?

  • 6
  • 12
  • 20
  • 2
  • 25

Question 16. Question : (TCO 3) An example of a conventional mortgage would be

  • an FHA mortgage.
  • a buy-down.
  • a home equity loan.
  • a shared appreciation mortgage.
  • a fixed-rate mortgage.

Question 17. Question : (TCO 3) A(n) _____ is an interest rate subsidy provided by a builder or real estate developer to assist with home affordability.

  • FHA-insured loan
  • balloon mortgage
  • growing equity mortgage
  • shared appreciation mortgage
  • buy-down

Question 18. Question : (TCO 3) When _____, homeowners may consider refinancing their mortgage.

  • interest rates rise
  • two or more points are required by the lender at the time of closing
  • the escrow account balance declines
  • interest rates fall
  • property values decrease

Question 19. Question : (TCO 3) You should still contact and use a(n) _____ if you sell your home without the use of a real estate agent.

  • broker
  • insurance agent
  • rental agent
  • contractor
  • lawyer

Question 20. Question : (TCO 3) If Jennifer Garland lives in a home assembled in a factory that was then moved to the living site, she is most like living in a

  • condominium.
  • prefabricated home.
  • cooperative.
  • duplex.
  • single family dwelling.