Consumer and Financial Decisions Formative Quiz #1 (1.1-1.3)

A good is something that is ...

• intangible

• tangible

• a want

• that is neither durable or non-durable

Which of the following is an example of a service?

• Fresh Fade Barber Shop

• Buying a Mcchicken at McDonalds

• Buying a screen protector for your phone

• Buying an apple juice

Which of the following is NOT an example of a non-durable good?

• Buying a sandwich at subway

• Buying a car

• Buying a Frank Green waterbottle

• Buying pair of Nike shoes

TRUE OR FALSE: Needs are what we require to survive!

• TRUE

• FALSE

Which of the following correctly defines 'opportunity cost'?

• Opportunity cost refers to the potential benefits or opportunities that you miss out on when you choose one option over another.

• Opportunity cost refers to the potential benefits or opportunities that you gain when you choose one option over another.

• Opportunity cost refers to what you have to pay financially in order to buy a good or service.

How does customer service influence consumer and financial decisions?

• Good customer service makes customers go to competitors.

• Good customer service creates customer loyalty which results in the consumer being more willing to purchase from the same business.

• Negative customer service experiences results in the consumer purchasing from alternative businesses with better customer service.

TRUE/FALSE: Customer service refers to the support given by a business only after the sale of a good or service. 

• TRUE

• FALSE

This image represents which factor that influences consumer and financial decisions?

• Environmental considerations

• Gender

• Price

• Convenience

Disposable income refers to the amount of money that....

• you pay in taxes

• you have once you add income tax

• you have once you minus income tax

• you spend on luxury items

This image represents which factor influencing consumer and financial decisions?

• Price

• Convenience

• Gender

• Branding