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WorksheetsFinancial literacy and consumer decision making
Total questions: 10
Worksheet time: 5mins
Consumers purchase goods and services
to satisfy their basic needs and wants
to keep up with social trends
because businesses use marketing to make them
to keep the economy afloat
Consumer decision-making refers to the ways individuals make choices about which products they will purchase to satisfy their needs and wants. The process differs depending on whether the purchase is minor or major. Which of the following is an example of a major decision?
groceries
a pair of shoes
a new home
the latest game
For a major purchasing decisions, consumers need to: (which one is incorrect)
Identify needs and wants
Collect information about products options
Evaluate the product alternatives against a set of criteria
Make purchasing decisions that consider the short- and long-term financial consequences
Buy the first product you see because you like it
Which of the following is not a factor that affects decision making?
Personal
Social
Economic
Cultural
Attitude
Personal factors that influence consumer purchasing decisions include ( more then one answer)
Age
Marketing
Occupation
Personal Taste
Social pressure can also influence purchasing decisions. Which of the following is not an example of social pressure?
trends and fads
word of mouth recommendations
age and gender
celebrity endorsements
For most consumers the price of products versus the ability to pay are the most important factors influencing decisions. Which of the following is not an example of an economic factor:
budget limits
Insurance, legal fees and other costs
loans or credit options for purchasing product
trends or fads
Psychological factors that influence consumer purchasing decisions include: (pick all that apply)
Motivation
Perception
Beliefs and attitudes
Marketing
Cultural factors refer to the set of values, behaviours and ideals that are shared by a group of people . Which of the following is not an example:
nation
religion
location
trends
Ethical factors can affect consumer decision-making,.Which of the following is not an ethical factor:
sustainable use of resources
cheapest price
animal welfare
recycling
