BUSN 380 DEVRY WEEK 5 QUIZ LATEST
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BUSN 380 DeVry Week 5 Quiz Latest
BUSN 380 DeVry Week 5 Quiz Latest
- 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.
Question 4. Question : (TCO 1) A 16-ounce package selling for $1.80 would have a unit price of
- $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.
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?
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
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.
- insurance agent
- rental agent
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
- prefabricated home.
- single family dwelling.