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Personal FInance

Chapter 6

QuestionAnswer
1. A good salesperson will answer a question with a question. T
2. Never buy something you do not fully understand. T
3. The amount of stuff a person has is directly related to contentment and happiness. F
4. Young single adults should find an accountability partner with whom to discuss big purchases. T
5. Inflation has no effect on your buying power. F
6. A budget has little effect on a personʹs financial success unless he or she also develops power over purchase. T
7. You should never wait overnight before making a big purchase if there is only one item left. F
8. Teens have cited ʺfriendsʺ as the strongest influence over their purchase decisions. T
9. Repetition has proven to be an ineffective marketing technique. F
10. Zero percent financing is nothing more than a really good marketing tool. T
11. The promotion of a product or service by identifying it with distinct characteristics; usually associated with public perception, quality or effectiveness Branding
12. To buy an item with credit; paying over time Financing
13. Refers to the financial opportunity that is given up because you choose to do something else with your money Opportunity Cost
14. An amount of money you spend, usually $300, that causes some pain to part with Significant Purchase
15. The process of communicating the value of a product or service to customers Marketing
16. Refers to the publicʹs ability to recall and recognize a brand by its logo, jingles, packaging, etc. Brand recognition
17. Feeling regret or concern after making a large purchase Buyer's remorse
18. An economic system based on a free market, profit motive, open competition and private ownership of the means of production capitalism
19. The persistent increase in the cost of goods and services or the persistent decline in the buying power of money inflation
20. A spur-of-the-moment, unplanned decision to buy a product or service impulse buy
Created by: annalawson
 

 



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