Ramsey Classroom Chapter 5 Quiz

Why do stores like scan and go options, apps, and one-click purchases?

• It's easier for the retail store clerks.

• Digital pay is the way of the future, and retail stores like being ahead of the times.

• It makes paying easier and faster, so customers are more likely to overspend.

• It’s harder for customers to pay, so they end up saving money.

As an effective marketing strategy, companies pay a lot to...​ ​ (a)  

• Have products strategically placed in stores
• Choose a brand similar to theirs.
• Get you to dislike their branding
• Leave you confused about their product

When someone steals and uses your debit or credit card info, that's called ______________.

• Authorized spending

• Fraud

• Borrowing

• Networking

Americans spend over $2,100 a year on ______________.

• Credit card fees

• Groceries and eating out

• Entertainment

• Impulse purchases

Companies use marketing to get your prefrontal cortex offline so you'll be vulnerable to impulse purchases.

• True

• False

Part of being a smart consumer is being able to . . .

• Set up digital wallets and mobile payment

• Discern when to open a retail store credit card

• Use a credit card for the points

• Say no to an unnecessary purchase

Why is paying for something in cash a better option than a virtual payment even if it isn't as convenient?

• The perks of virtual payments outweigh the downsides.

• It’s easier to part ways with cash, so you're more likely to overspend.

• If you make spending less convenient, you're less likely to buy things you don't need.

Why does brand recognition help businesses?

• It keeps the consumer from buying more of their product or service.

• It helps them partner with other businesses.

• It helps the business recognize their own logo.

• It makes their name and logo easily memorable for consumers.

It's okay to make an online purchase if you're on unsecured Wi-Fi, as long as you log off as soon as you're done.

• True

• False

Appreciating who you are and what you have instead of wanting what your friends have is called _______________.

• Consumerism

• Gratitude

• Contentment

• Comparison