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Study guide for exam 1

by: Jocelyn Norfleet

Study guide for exam 1 FCS 103

Marketplace > Illinois State University > FCS 103 > Study guide for exam 1
Jocelyn Norfleet
Management for Consumers
Donald Meyer

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About this Document

So sorry for this late post of the study guide. I was out of town these past couple of days but I have all answers written down this study guide and it is everything you need to know for the test a...
Management for Consumers
Donald Meyer
Study Guide
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This 3 page Study Guide was uploaded by Jocelyn Norfleet on Sunday September 13, 2015. The Study Guide belongs to FCS 103 at Illinois State University taught by Donald Meyer in Fall 2015. Since its upload, it has received 43 views.

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Date Created: 09/13/15
FCS 103 Exam 1 Study Guide Please use this guide to review for the exam Exam is 50 questions MC 2 points each I will select from this list and construct variations on these questions for the 50 question exam I will answer any of these in class on the day before the exam up to 10 minutes Chapter 1 Notes 9 NP WPPP 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 What other ways do we quotconsu me besides purchasing Use maintain dispose What is the quot5 word that drives nearly all consumer uses Satisfaction The highest 20 income countries consume 86 of expenditures while the lowest 20 consumes 13 What is the difference between Tangible vs intangible purchases Tangible is object intangible is action What are examples of types of scarcity Food technology What do even rich people have scarcity with time What is the difference between a good and a service Good is tangible service is intangible Be able to recognize examples of scarcity government versus universal versus foreign Governmentroads built schools fire and police Universaldecisions made to invest in resources Foreignuse of oil resources cropping decisions What is an opportunity cost Be able to associate what OC relate to example college education could spend 4 years working or raising a family instead full time Value of your second best choice given up for your first choice What is profit for a business Positive Difference between total S received from sale of a goodservice and total cost of providing that good or service What 2 entities are needed for a quotmarket transaction buyers and sellers What is a transaction completed through a free will exchange Buy a car boat start a collection Why does Opportunity cost exist one word Scarcity What OC do we give up when we make our first choice ans second choice One good or service When quantity demanded equals quantity supplied the price is usually at its equilibrium Relative price how does that compare to money price amp understand what synonyms go with money price Comparing items from time span such as tuition now and then What is perfect competition be able to choose which product from a list is the most perfect Markets where many businesses offer same product for sale to many customers at same price With perfect competitive products the price is usually at equilibrium See Question 12 and consider imperfect competition with the same question What is equilibrium price Price at which the quantity demanded is exactly equal to quantity supplied What form of government is based on free market and supply and demand pricing Capitalism Governments establish the types of markets ranging from capitalism most open to socialismgovernment controlled What recent lawsmandates have triggered criticism of our Federal government headed to socialism Health care act What are some examples of restricted purchases Drugs cigarettes alcohol What is a monopoly which of a list provided would be the most or least like a monopoly Only one producer of a product with no substitute What is the definition of consumer sovereignty In an economy where the desires and needs of consumers control the output of producers What types of services does US have in place that are more like a socialistic system Public schools library park What are the laws that protect business ideas for a period of years patents From what government entity the internet originate US department of defense What commonly used consumer product also was initiated by the federal government as was the internet GPS How has the internet affected our purchasing habits Not going to the store Chapter 2 Notes 32 33 Which source of values do most of our consumer decisions come from What are 3 other sources Family society other 3 teachers mentors culture Be able to recognize examples of life span versus short term goals 34 35 36 37 38 39 40 41 42 43 44 45 46 47 What are some items that can add to the money price to be a part the true quottransaction cost of an item Internet buying About how much does each class lecture time cost you as a full time student here About 97 an hour What are the 5 steps to the decision making process And what is the usual order Deciding to act identifying alternative evaluating alternative committing to a decision evaluating the results What are some risks and costs of on line purchases What is the difference between quotnet cost and quotnet benefit purchases Net cost wear dress once if expensive Net benefit get good use out of something When we buy something at the spur of the moment without preplanning what do we call that impulse What is it called when we always buy the same product or the same size container etc Why do we do that Brand loyalty What is conspicuous consumption Making a purchase to impress others What is technical obsolescence Be able to recognize examples SEE NOTESBook for examples technology changing What part of your life was Parkinson s Law addressing Time management What type of goal may be referred to as a quotbucket list item Life span goals What type of buying is triggered by items next to checkout lanes impulse buying What type of buying is purchasing the same brand of products each time you shop Brand loyalty What is the most important mistake that leads to bad choices especially with contracts or purchase agreements Failure to read fine print Chapter 3 48 49 50 51 52 53 54 55 56 57 58 59 About how much per person is spent in the US by advertising Who ultimately pays for that 541 per person A recent Super Bowl 30 Second spot is estimated to cost how much How much is that per estimated viewer 45 million111 million viewers What is a generic product Who sometimes makes them Why are they cheaper than brand name lacking a brand name From less company or from quotname brand company on same product line Absence from brand tax Why do advertisers spend so much to get you to buy Because it works if it didn t people wouldn t buy Be able to recognize descriptions of Persuasiveintended to associate specific product with certain life style in the mind Informative self explanatory informs about product Comparative actually names competitor selective Defensive adsintended to rebuke claims made by competitors 1110090 Counteradvertising corrective advertising one sanction that can be done by FTC FDA How are consumers sometimes impacted by indirect advertising with sales representatives Prescriptions Customer seen add wants to try it What creates quotmarket power What is it called when consumers buy the same brand over many purchases Occurs when brand loyalty occurs on a wide scale Brand loyalty Why was comparative advertising not used until recent years Couldn t say anything about any other company What is linked advertising travel is an example What agency steps in if there are deceptive ads What are some activities that will trigger action by them FTC Untrue lying to customer misrepresentation of costs illegal billing FTC may fine a company OR demand that they correct the problem by doing what to straighten out the mess Cease and Desist What is the most common FTC complaint from consumers about advertising Bait and switch 60 61 62 63 What are several methods to stop unwanted mail contacts Request in writing post office form contact direct mail advertising do not call registry What are 3 4 places to go to research a product before buying Consumer reports consumer research magazine popular magazines FTC tests for deception by examining an ad to determine if a reasonable person would be deceived Name at least 4 of the 5 telemarketing rules we discussed Call only from 8am9pm state that it is a sales call cant seek payment before delivery must explain in detail identify themselves Chapter 4 64 65 66 67 68 69 70 71 72 73 74 75 What is Fraud Why is fraud from businesses so short lived these days Making a false statement knowing that it is false What are the 5 6 common consumer product fraud categories Food beauty weight health repairs government How does a pyramid scheme work People collect fees and share of income earned by others recruit Why has the IRS formed a watchdog department to protect the tax system What are common schemes that have been offered in the past African americans work enough pay taxes What solution did some states enact to stop problems with door to door pressure sales How long of a period Put in laws 3 business days What is a common concern with internet bank accounts that may allow your personal information to be unwittingly given to a fraudulent company How do many secure sites solve this problem Look alike websites They use icon What are the 3 FTC quotmail order rules Must be done within that time period must be notified customer can cancel What is probably the most important personal information piece to protect What are other key numbers 55 Date and place of birth Bank account CC drivers license How often should you check your credit report At least once a year How many credit bureaus should you check 3 What is the cost of getting these reports each year One free report12 months Where 2 most important should you report an identity theft concern Law enforcement and credit agencies If identity protection is something you are concerned with where can you turn for protection Identity theft Insurance


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