Whats Your Consumer IQ

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| By Arnage36
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Arnage36
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Quizzes Created: 1 | Total Attempts: 291
| Attempts: 291
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  • 1/15 Questions

    What is the best way to save money?

    • Borrowing money
    • Save and only buy necessaries
    • Buying whatever you want
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About This Quiz

Enhance your Consumer IQ by understanding effective shopping strategies, recognizing safe payment methods, and learning financial decision-making. This quiz assesses your ability to handle debts, donations, and contracts in everyday consumer scenarios.

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  • 2. 

    Vincent is a bit slow and is not sure whether he should keep borrowing money to pay back loans what should he do?

    • He should start saving to pay the bank back

    • He should keep borrowing

    • Borrow money from a friend

    • He should declare bankrupt

    Correct Answer
    A. He should start saving to pay the bank back
    Explanation
    Vincent's concern about whether he should continue borrowing money to pay back loans indicates that he may be experiencing financial difficulties. Instead of exacerbating his debt by borrowing more or declaring bankruptcy, a more responsible approach would be for him to start saving money. By saving, Vincent can gradually accumulate funds to repay the bank and eventually become debt-free. This strategy demonstrates financial responsibility and a proactive attitude towards resolving his financial situation.

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  • 3. 

    You receive a phone call from someone representing a charitable organization you havenot heard of. The caller asks you to support what sounds like a worthy cause and he saysyour help is needed immediately. He asks you to donate right away by credit card. Youshould:

    • Give him your credit card number but ask him to mail an annual report.

    • Agree to donate but only if you can pay by check.

    • Listen to him

    • Refuse

    Correct Answer
    A. Refuse
    Explanation
    Refusing to donate is the best course of action in this scenario. The caller is from an unfamiliar charitable organization, and they are pressuring for an immediate credit card donation. This raises concerns about the legitimacy of the organization and the urgency of the cause. It is always advisable to research and verify the credibility of any charitable organization before making a donation. Additionally, it is safer to donate through secure and traceable methods like checks rather than providing credit card information over the phone.

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  • 4. 

    After you sign a contract, including a contract to buy a car, you have three days tocancel if you change your mind.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    In many jurisdictions, there are laws that provide consumers with a cooling-off period after signing a contract, including contracts to buy a car. This means that if you change your mind within a certain timeframe, typically three days, you have the right to cancel the contract without any penalties or consequences. Therefore, the statement "After you sign a contract, including a contract to buy a car, you have three days to cancel if you change your mind" is true.

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  • 5. 

    You are ordering furniture and the store requires a 50 percent deposit. What is thesafest way to pay?

    • Check

    • Cash

    • Credit Card

    • Lay By

    Correct Answer
    A. Credit Card
    Explanation
    Paying with a credit card is the safest option when ordering furniture because it offers consumer protection. If there are any issues with the order, such as non-delivery or damaged items, the credit card company can help resolve the dispute and potentially provide a refund. Additionally, credit cards often have fraud protection measures in place, so if any unauthorized charges occur, the cardholder is not held liable. Unlike cash or check, paying with a credit card provides an extra layer of security and peace of mind.

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  • 6. 

    You have to outstanding debts whta should you do?

    • Pay both of them gradually

    • Focus on one loan then on another

    • Borrow money to pay it back

    • Declare Bankrupt

    Correct Answer
    A. Focus on one loan then on another
    Explanation
    Focusing on one loan at a time allows you to prioritize your debts and allocate your resources more effectively. By concentrating on paying off one loan before moving on to the next, you can potentially reduce the overall interest and fees incurred. This approach helps to prevent further accumulation of debt and allows you to make steady progress towards becoming debt-free.

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  • 7. 

    You buy a computer and a week later it malfunctions. The computer store says it onlyaccepts returns within five days of the sale, and that you’ll have to deal with themanufacturer. Is the store correct?

    • No. If an item is defective, the store must give you a replacement or refund regardless of its return policy.

    • Yes, if the item is under a manufacturer’s warranty.

    • Yes, if the store’s return policy is clearly posted or printed on the sales receipt.

    • Not sure

    Correct Answer
    A. No. If an item is defective, the store must give you a replacement or refund regardless of its return policy.
    Explanation
    The store is not correct. If a purchased item is defective, the store is obligated to provide a replacement or refund, regardless of their return policy. This is a consumer protection measure to ensure that customers are not left with faulty products.

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  • 8. 

    What is the best brand?

    • Home Brand

    • Premium

    • Cole Smart Buys

    • Hi-roller Brand

    Correct Answer
    A. Home Brand
    Explanation
    The given question asks for the best brand, and the answer provided is "Home Brand." This implies that out of the options given (Premium, Cole Smart Buys, and Hi-roller Brand), Home Brand is considered the best.

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  • 9. 

    Where can you find the cheapest products on supermarket shelves?

    • Eye Level

    • Top of Bottom of Shelf

    • In the sale case at the end of each aisle.

    • Back of Shelf

    Correct Answer
    A. Top of Bottom of Shelf
    Explanation
    Products that are placed at eye level on supermarket shelves tend to be more expensive because they are at a prime location for visibility and convenience. The top or bottom of the shelf is usually where the cheaper products are placed, as they may not be as easily seen or reached by customers. Therefore, the correct answer is that the cheapest products can be found at the top or bottom of the shelf.

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  • 10. 

    What is a  budget?

    • A saving plan

    • A buying plan

    • All of the above

    • None of the Above

    Correct Answer
    A. All of the above
    Explanation
    A budget is a financial plan that helps individuals or organizations manage their income and expenses. It involves setting aside money for savings and allocating funds for various purchases or expenses. Therefore, it can be considered both a saving plan and a buying plan. "All of the above" is the correct answer as it encompasses both options.

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  • 11. 

    Who looks after consumer safety?

    • CIA

    • CSI

    • ACA

    • MI6

    • IAC

    Correct Answer
    A. ACA
    Explanation
    ACA stands for the American Consumer Association, which is an organization that looks after consumer safety. They work to protect consumers from unsafe products, fraudulent practices, and unfair business practices. The ACA conducts research, advocates for consumer rights, and provides information and resources to help consumers make informed decisions. They also collaborate with government agencies and other organizations to promote consumer safety and hold businesses accountable for their actions.

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  • 12. 

    How much shoudl you save of your income?

    • 100%-expenses

    • 70%-expenses

    • 50%-expenses

    • 0

    Correct Answer
    A. 100%-expenses
    Explanation
    The correct answer is 100%-expenses because saving a portion of your income is important for financial stability and future planning. By subtracting your expenses from your income and saving the remaining amount, you ensure that you have funds set aside for emergencies, investments, and long-term goals. Saving 100% of your income minus expenses may be challenging for some individuals, but it is an ideal goal to strive for in order to achieve financial security.

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  • 13. 

    What are good ways of saving money?

    • Keeping less money in wallet

    • Using credit cards often

    • Not using credit cards

    • Saving up change

    • Borrowing money

    Correct Answer(s)
    A. Keeping less money in wallet
    A. Not using credit cards
    A. Saving up change
    Explanation
    Keeping less money in the wallet is a good way of saving money because it reduces the temptation to spend unnecessarily. Not using credit cards is also a good way to save money as it prevents accumulating debt and interest charges. Saving up change is another effective method as it allows for small savings to accumulate over time. Borrowing money, on the other hand, is not a good way of saving money as it creates debt and interest payments.

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  • 14. 

    What is a better way of transport?

    • Company Car

    • Own transport

    • Public Transport

    Correct Answer
    A. Company Car
    Explanation
    A company car is a better way of transport compared to own transport or public transport because it offers convenience, reliability, and cost-effectiveness. With a company car, individuals can avoid the hassles of maintaining and fueling their own vehicles. Additionally, company cars often come with perks such as insurance coverage and regular maintenance, ensuring a smooth and worry-free transportation experience. Furthermore, using a company car can be more cost-effective as the expenses are typically covered by the employer, saving individuals from the financial burden of owning and operating their own vehicle.

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  • 15. 

    Is borrowing as much money as you can and then declaring bankrupt a good idea?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Borrowing as much money as possible and then declaring bankruptcy is not a good idea. It is unethical and can have serious consequences. Bankruptcy should be a last resort when all other options have been exhausted. It can have long-term negative effects on credit scores, financial reputation, and future borrowing opportunities. It is important to responsibly manage finances and avoid excessive debt to maintain financial stability.

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Quiz Review Timeline (Updated): Mar 21, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 02, 2010
    Quiz Created by
    Arnage36

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