PFL Unit 2 Summative Assessment

Important factors consumers should consider when purchasing a good or service include all of the following except:

• Consumer’s budget

• Price of alternatives

• Potential impact on environment, society, and economy

• Success of the marketing campaign

You need to buy a laptop for school, and you want to ensure you have a high quality product with the features you need to be successful. Based on this scenario, which step of the consumer decision making process should you complete?

• Problem Recognition

• Purchase Decision

• Information Search

• Post Purchase Evaluation

An insurance policy for a vehicle covers repairs and medical costs after an accident; in contrast, an extended warranty covers ____________________.

• flood damage

• major mechanical failures

• regular maintenance

• trade in value

Why is competitive pricing used by retailers?

• allows retailers to price products based on competitive products: price could be the same or slightly less or more

• allows retailers to price products based on the value to the customer versus the cost to make it

• allows retailers to price products based on the quantity in stock

• allows retailers to price products based on the success of the advertisement.

When advertisers use someone’s personal story with the product, this is an example of _____________ advertising technique.

• Testimonial

• Repetition

• Loaded Words

• Appeal to Logic

One of the main responsibilities of The Consumer Financial Protection Bureau to empower consumers with

• information, strategies, and data.

• knowledge, resources, and tips.

• tools, common questions, and tips.

• enforcement, legal counsel, and financial advice.

If you notice a car dealership is sneaking in extra fees and violating the fair lending act, how should you handle this situation to ensure the business is held responsible?

• Pay the car dealership and do not address your concern.

• Tell friends and family to avoid this dealership.

• Contact the car dealership and file a complaint.

• Contact the Federal Trade Commission to report the incident.

According to the FTC report for the entire country in 2021, all of the following are examples of fraud and identity theft that were reported except which one?

• Identity Theft

• Imposter Scams

• Online Shopping and Negative Reviews

• Home Robbery

What techniques are used in a Phishing scam?

• Scammers use email or text messages to trick consumers into giving personal information.

• Scammers dig out personal documents from recycle bins.

• Scammers fake caller ID to show it is a call from the Social Security Administration.

• Scammers steal your personal documents from your wallet.

All of the following consumer behaviors make you vulnerable to identity theft or fraud except:

• using the same passwords for all accounts

• throwing documents with personal information in the trash without shredding

• providing personal information over the phone or email

• hanging up immediately when you think a phone call could be from a scammer