Worksheets01.00 YOUR DECISION MAKING PROCESS
Total questions: 40
Worksheet time: 20mins
You take a chance and buy a lottery ticket. The possibility that you’ll lose your money is called:
a. an alternative.
b. a consequence.
c. a risk.
d. an opportunity cost.
There are several different ways you could solve a problem. Your choices are called:
a. alternatives.
b. consequences.
c. risks.
d. opportunity costs.
Whenever you make a decision, you have to be willing to accept the results. The results of your actions are called:
a. alternatives.
b. consequences.
c. risks.
d. opportunity costs
You give up something because you want something else more. What you give up is called:
a. an alternative.
b. a consequence.
c. a risk.
d. an opportunity cost.
Joe forgot to mail in his car payment on time. As a result, he has to pay a late fee. This late fee is:
a. an alternative.
b. a consequence.
c. a risk.
d. an opportunity cost
Sarah decides to watch a movie instead of doing her math homework. What are some possible consequences of her decision?
The first step of the decision-making process is:
a. listing your choices.
b. stating the problem.
c. evaluating the results of your choice.
d. getting information.
The last step of the decision-making process is:
a. listing your choices.
b. stating the problem.
c. evaluating the results of your choice.
d. getting information.
Matt is one of the friendliest students at school. He is always talking to someone about sports or movies. He thinks he needs a cell phone. His parents say a cell phone is too expensive. Can you help Matt decide if he should buy a cell phone?
What are two kinds of information that Matt needs to make his decision?
Matt is one of the friendliest students at school. He is always talking to someone about sports or movies. He thinks he needs a cell phone. His parents say a cell phone is too expensive. Can you help Matt decide if he should buy a cell phone?
If Matt decides not to buy a cell phone, what is an alternative choice he can make?
You do what everyone else is doing.
a. synthesis
b. compliance
c. procrastination
d. agonizing
You choose the first thing that you think of.
a. procrastination
b. agonizing
c. spontaneity
d. avoidance
You wait too long to decide.
a. compliance
b. procrastination
c. spontaneity
d. desire
You are confused by too much information.
a. agonizing
b. security
c. synthesis
d. desire
You choose a safe, less risky option.
a. security
b. spontaneity
c. desire
d. synthesis
People paying money for goods and services is called:
a. the unemployment rate.
b. consumer spending.
c. income risk.
d. interest rates.
When prices go up, it is called:
a. personal risk.
b. income risk.
c. inflation.
d. consumer spending.
The number of people out of work is called:
a. inflation.
b. interest-rate risk.
c. consumer prices.
d. the unemployment rate.
The amount you pay to borrow money is called:
a. income risk
b. consumer spending
c. interest rate
d. personal risk
The chance that you might earn less money is called:
a. consumer prices.
b. inflation risk.
c. interest-rate risk.
d. income risk.
The three types of factors that affect consumer purchases are social, economic and ________.
necesary
optional
geographic
personal
Branding and prices are influences that fall under _________ factors.
economic
social
personal
influential
If Lay's Potato Chips come in a family size bag of 10.25 ounces for $4.69, what is the unit price?
$2.19/lb.
$0.46/oz.
$2.19/oz
$0.46/lb.
If you can buy:
a) Utz Big Bag of Potato Chips: 14.5 oz. for $3.53
b) Lay's Party Size Bag of Chips: 15.25 oz. for $3.79
Which is the better buy?
Utz Big Bag
Lay's Party Size
When do most stores have sales?
back to school and summer
right before the season begins
back to school and in the middle of seasons
spring break and winter break
What is the price range for small claims court cases?
$500 -10,000
$1,000 - 5,000
$500 - 5,000
$100 - 1,000
When dissatisfied with a product and seeking satisfaction, your last resort should be to:
return to the place you made the purchase
take legal action
contact the Better Business Bureau
contact the product's manufacturer
When comparing two products, you need to consider both _________ and _________. Choose TWO!
quality
store you're buying from
favorite color
price
According to step 1 in the research-based approach to purchases, before you make a major purchase, you need to identify your needs and ________________.
see if there is a full refund available.
ask yourself if you can rent it temporarily.
gather product information.
determine if you will pay with cash or credit.
What is the main reason that brand names cost more money than generic (store) brands?
they are more popular
you are paying the advertising costs of the company
you get more of the product
They don't cost more.
A benefit of making a purchase at a convenience store is:
fewer options.
higher prices.
level of customer service.
fast service.
Which type of warranty only covers a product under specific circumstances (period of time, certain parts)?
full
limited
discounted
implied
Which type of warranty maintains that a product should be able to do what it is intended for?
full
limited
discounted
implied
What is a drawback of a class action lawsuit?
It's cheaper, since lawyer fees are shared
The potential settlement could be higher
It's a quick and easy process
A lot of people are needed in order to pursue it
The right to redress refers to the idea that a consumer can:
seek reimbursement or exchange for an unworthy product
exchange clothing items when they get sick of them
seek product information
change into newly purchases clothes before leaving the store
Determine if the following is legal or illegal:
Bait and Switch
Legal
Illegal
Determine if the following is legal or illegal:
Pyramid Scheme
Legal
Illegal
Determine if the following is legal or illegal:
Manufacturer's Suggested Retail Price (MSRP)
Legal
Illegal
Determine if the following is legal or illegal:
Loss Leader
Legal
Illegal
Determine if the following is legal or illegal:
Trading Up
Legal
Illegal
