Cwmc Module 4: Big-ticket Purchases Competency Test

10 Questions | Total Attempts: 81

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Cwmc Module 4: Big-ticket Purchases Competency Test

This quiz is part of LFE Institute’s CWMC (Certified Workplace Money Coaching) course. It will test your proficiency in the Big-Ticket Purchases Module (Module 4) of the program. The questions are all multiple choice, and are designed to be a review of this Module. Let LFE know when you’ve successfully completed this test and are ready to begin the next Module. Correct answers required for passing grade: 8/10


Questions and Answers
  • 1. 
    Employees can save money on big-ticket purchases except when they:
    • A. 

      Shop and compare prices

    • B. 

      Never accept sticker price and always negotiate for a better deal

    • C. 

      Keep an eye on sales ads and circulars

    • D. 

      Use coupon sites such as www.retailmenot.com

    • E. 

      Buy on impulse

  • 2. 
    In today’s economy, employees will find: (check all that apply)
    • A. 

      It may be a smarter decision to hold off on big-ticket purchases

    • B. 

      There may be some great deals available from vendors trying to unload inventory

    • C. 

      It could be more difficult to obtain financing for big-ticket purchases

    • D. 

      Interest rates may be very high

  • 3. 
    All of the following are pitfalls of the "No payments, no interest until Jan. 1” offer except:
    • A. 

      Ability to use purchased items long before the payments are due

    • B. 

      It can negatively impact credit scores

    • C. 

      Employee may not have the money to pay for the item before the “free” period ends

    • D. 

      Interest rates after the “free” period are generally very high

    • E. 

      Interest accrues from the day of purchase and is charged if the item is not paid off before the “free” period ends

  • 4. 
    Which of the following do retailers generally suggest as the best time to shop at department stores for the biggest bargains?
    • A. 

      All day on Fridays

    • B. 

      Wednesday mornings

    • C. 

      Saturday evenings

    • D. 

      No day is generally any better than another

  • 5. 
    When purchasing used big-ticket items, great deals are available: (check all that apply)
    • A. 

      On www.eBay.com

    • B. 

      On www.craigslist.com

    • C. 

      At garage sales

    • D. 

      In weekend newspaper ads

    • E. 

      At the major big-box retail stores

  • 6. 
    If you are short on cash and want to buy a big ticket item, consider:
    • A. 

      Using Rent-To-Own services

    • B. 

      Obtaining cash from a Payday Loan Agency

    • C. 

      Waiting until you can afford the purchase

    • D. 

      Borrowing from your 401(k) account

    • E. 

      None of the above

  • 7. 
    Which of the following goals should NOT be a primary focus when answering an employee’s Money Coaching question:
    • A. 

      Will your answer save the employee money?

    • B. 

      What cautions or pitfalls can you share for the employee to avoid?

    • C. 

      Will this information be valid next year?

    • D. 

      Is your reply motivating and encouraging?

    • E. 

      None of the above. All of these should be focused on when answering an employee's question.

  • 8. 
    If purchasing a major item from a door-to-door salesperson, remember to: (check all that apply)
    • A. 

      Always be careful when allowing strangers into your home

    • B. 

      Never buy on impulse. Ask the seller to come back when you’ve had time to consider the purchase.

    • C. 

      Never give out personal or financial information, including your credit card or bank account number, unless you have checked the seller's reputation and history with the BBB

    • D. 

      Never sign a contract or anything with blank spaces left

    • E. 

      Never be pressured or rushed into a purchase

  • 9. 
    Lemon laws protect consumers:
    • A. 

      In only a few states

    • B. 

      Only when purchasing a car

    • C. 

      Against obvious defects directly from the manufacturer

    • D. 

      None of the above

  • 10. 
    When creating a response to an employee Money Coaching question, Web site links are:
    • A. 

      Not necessary

    • B. 

      Helpful only for people who have a home computer

    • C. 

      Optional in your final document

    • D. 

      Required in your final document

    • E. 

      None of the above