What Concept Is Best Explained By The Statement, "Money Spent Here Cannot Be Spent There"?
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Persnl Finance - 6
Personal Finance Chapter 6
| Question | Answer |
|---|---|
| The purpose of advertising is to | tease the consumer, persuade the consumer, and inform the consumer |
| What concept is best explained by the statement, "Money spent here cannot be spent there"? | opportunity cost |
| Identify which method companies are using to compete for your money: Reputation for holding its value | product positioning |
| When a company places an ad and offers no interest on your purchase for 3 years | the cost of financing is built into the price of the item. |
| Identify which method companies are using to compete for your money: Car salesman | personal selling |
| Four common marketing tactics are | personal selling, financing, repetition, product positioning |
| A spur-of-the-moment, unplanned decision to buy a product or service | impulse buy |
| The promotion of a product or service by identifying it with distinct characteristics; usually associated with public perception, quality or effectiveness | branding |
| To buy an item with credit; paying over time | financing |
| Dave tells the story of a man who bought his dream car, drove it home, but then returned it the next day after some money calculations. This story is an example of | opportunity cost |
| Identify which method companies are using to compete for you money: TV commercials | media |
| The persistent increase in the cost of goods and services or the persistent decline in the buying power of money | inflation |
| Why is financing a purchase a bad idea? | Going into debt is a bad idea, causes you to pay more than the cost of the item, and prevents you from building wealth |
| Why should you consider the opportunity cost? | the money spent in one place can not be spent in another. |
| An economic system based on a free market, profit motive, open competition and private ownership of the means of production | capitalization |
| Ways companies compete for your money: | personal selling, creative financing, repetition, and product positioning |
| Identify which method companies are using to compete for your money: "90-days-same-as-cash" | financing |
| List 5 steps you should take before making a significant purchase. | wait overnight, consider your buying motives, make sure you understand what you are buying, consider the opportunity cost, seek wise conunsel |
| What effect does inflation have on purchasing power? | it means your dollars buy less than they did in the past. |
| Why is consumer awareness such an important part of a healthy financial plan? | We live in the most marketed-to culture in the world. Buying too many things, with money you don't have, to impress people you don't really like, will make winning with money impossible. |
What Concept Is Best Explained By The Statement, "Money Spent Here Cannot Be Spent There"?
Source: https://www.studystack.com/flashcard-2692576
Posted by: coteenbad1947.blogspot.com
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