Budgeting and Being a Smart Consumer quiz

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Questions: 10 | Attempts: 145 | Updated: Dec 19, 2022

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Budgeting And Being A Smart Consumer Quiz - Quiz

Are you a smart consumer? How well do you manage your budget? Take this budgeting and being a smart consumer quiz to find how good your budgeting skills are. This quiz will not only test your knowledge but will also help you understand how you can make your budgets better and become a smart consumer. Hope you get a perfect score on this quiz. All the best! Do share the quiz with others.

Questions and Answers

1.

What is the appropriate time to go shopping?
- A.
  
  When purchases fit within the budget
- B.
  
  When purchases are a part of an overall financial plan
- C.
  
  Both A & B
- D.
  
  None of the above
Correct Answer
C. Both A & B

Explanation
The appropriate time to go shopping is when purchases fit within the budget and when purchases are a part of an overall financial plan. This means that shopping should be done when it is financially feasible and aligns with one's financial goals and priorities. By considering both factors, individuals can make informed decisions about their purchases and ensure that they are making responsible and sustainable choices.

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2.

Being a smart consumer, what should be kept in mind before buying?
- A.
  
  What do you have?
- B.
  
  What do you need?
- C.
  
  The price you want to pay.
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
Before buying a product, it is important for a smart consumer to consider various factors. Firstly, they should evaluate what they already have to avoid unnecessary purchases and duplication. Secondly, they need to determine what they actually need, ensuring that the purchase will fulfill a specific purpose or meet a particular requirement. Lastly, they should consider the price they are willing to pay, ensuring that it aligns with their budget and provides value for money. Considering all these factors together will help the consumer make an informed decision and be a smart shopper.

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3.

How would you decide on quality while purchasing?
- A.
  
  How will you use the article?
- B.
  
  How long will you use it?
- C.
  
  How will you care for it?
- D.
  
  All of the above
Correct Answer
D. All of the above

Explanation
The correct answer is "All of the above" because deciding on quality while purchasing involves considering factors such as the article's durability, materials used, and overall craftsmanship. Using the article and caring for it properly also contribute to its longevity and maintenance of its quality. Therefore, all three options mentioned in the question are relevant and necessary when making a decision about purchasing a high-quality item.

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4.

What do you understand by guarantees for the consumer?
- A.
  
  Understand the terms of the guarantee
- B.
  
  Make sure that the manufacturer can back it up.
- C.
  
  Both A & B
- D.
  
  None of the above
Correct Answer
C. Both A & B

Explanation
The correct answer is "Both A & B". This means that guarantees for the consumer involve understanding the terms of the guarantee and ensuring that the manufacturer is capable of fulfilling it. This implies that consumers should be aware of the specific conditions and limitations of a guarantee, as well as the reputation and reliability of the manufacturer offering it. By considering both aspects, consumers can make informed decisions and have confidence in their purchases.

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5.

What is covered under the guarantee? (select that apply)
- A.
  
  What does it cover?
- B.
  
  What is the price?
- C.
  
  How long will it be in force?
- D.
  
  Is the whole item included or just a part of it?
Correct Answer(s)
A. What does it cover?
C. How long will it be in force?
D. Is the whole item included or just a part of it?

Explanation
The given answer includes the three questions that are asking about the coverage, duration, and inclusion of the guarantee. These questions are relevant to understanding the extent and terms of the guarantee.

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6.

What should be done while making the shopping list?
- A.
  
  Organize your list by the location of stores
- B.
  
  The location of things within the store
- C.
  
  Both B & B
- D.
  
  None of the above
Correct Answer
C. Both B & B

Explanation
While making a shopping list, it is important to organize the list by the location of stores as well as the location of things within the store. This ensures that the shopping trip is efficient and time-saving as items can be grouped together based on their location within the store. By organizing the list in this way, one can easily navigate through the store and quickly find the items they need.

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7.

John's family is shopping for a sofa. The sofa that the family chose has a retail price of $800 plus 5% sales tax at four stores. Also, each store offers a different promotional offer. Which store has the best deal?
- A.
  
  Store A: $60 instant rebate
- B.
  
  Store B: 15% off sale
- C.
  
  Store C: 5% off sale plus store pays sales tax
- D.
  
  Store D: a "no tax" sale—the store pays the tax
Correct Answer
B. Store B: 15% off sale

Explanation
Store B offers a 15% off sale, which means that the family will receive a discount of 15% on the retail price of the sofa. This discount will be applied before the sales tax is calculated. In comparison, Store A offers a $60 instant rebate, Store C offers a 5% off sale plus store pays sales tax, and Store D offers a "no tax" sale where the store pays the tax. The 15% off sale at Store B is the best deal because it provides a higher discount compared to the other stores' offers.

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8.

Mr. Brown's family is shopping for a big-screen TV. The TV they chose has a retail price of $1,000 at four stores. The state sales tax applicable on the item is 5%. Each store is offering a different sales promotion, as listed below. Which store is offering the best deal?
- A.
  
  $50 rebate
- B.
  
  The store pays the sales tax
- C.
  
  $40 rebate with the store paying half of the sales tax
- D.
  
  10% discount on the price
Correct Answer
D. 10% discount on the price

Explanation
The store offering the best deal is the one that offers a 10% discount on the price. This is because a 10% discount on the $1,000 price would result in a savings of $100. The other options, such as a $50 rebate or a $40 rebate with the store paying half of the sales tax, do not offer as much savings. The option of the store paying the sales tax would only save the amount of the sales tax, which is 5% of $1,000, or $50. Therefore, the 10% discount on the price is the best deal.

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9.

If a radio spot focuses on a grocery store’s low prices. What kind of advertising is this?
- A.
  
  Rationale
- B.
  
  Persuasive
- C.
  
  Deceptive
- D.
  
  Emotional
Correct Answer
A. Rationale

Explanation
This radio spot focusing on a grocery store's low prices is an example of rationale advertising. Rationale advertising appeals to consumers' logic and reasoning by providing factual information and logical arguments to persuade them to make a purchase. In this case, the advertisement is highlighting the store's low prices as a logical reason for customers to choose this grocery store over others.

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10.

Which term defines low price?
- A.
  
  Extravagant
- B.
  
  Reasonable
- C.
  
  Enormous
- D.
  
  Cheap
Correct Answer
D. Cheap

Explanation
The term "cheap" defines a low price.

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Current Version
Dec 19, 2022

Quiz Edited by
ProProfs Editorial Team
Dec 17, 2022

Quiz Created by
Sophia Smith

Budgeting and Being a Smart Consumer quiz

What is the appropriate time to go shopping?

Being a smart consumer, what should be kept in mind before buying?

How would you decide on quality while purchasing?

What do you understand by guarantees for the consumer?

What is covered under the guarantee? (select that apply)

What should be done while making the shopping list?

John's family is shopping for a sofa. The sofa that the family chose has a retail price of $800 plus 5% sales tax at four stores. Also, each store offers a different promotional offer. Which store has the best deal?

Mr. Brown's family is shopping for a big-screen TV. The TV they chose has a retail price of $1,000 at four stores. The state sales tax applicable on the item is 5%. Each store is offering a different sales promotion, as listed below. Which store is offering the best deal?

If a radio spot focuses on a grocery store’s low prices. What kind of advertising is this?

Which term defines low price?