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Spending and Saving

Spending and Saving. Ch. 15 Sec. 2 Pp. 409-415. Making Spending Decisions. Values and pressures Choosing what to buy: 1) price, 2) quality, 3) features, 4) warranty and service, 5) sales/discount Cash or credit. Making Savings Decisions. Liquidity Income Safety

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Spending and Saving

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  1. Spending and Saving Ch. 15 Sec. 2 Pp. 409-415

  2. Making Spending Decisions • Values and pressures • Choosing what to buy: 1) price, 2) quality, 3) features, 4) warranty and service, 5) sales/discount • Cash or credit

  3. Making Savings Decisions • Liquidity • Income • Safety • Insurance – 1) life, 2) health, 3)disability, 4) property (house, car)

  4. Protecting Workers and Consumers • 1927 – Food and Drug Administration (FDA) makes sure food and drugs are safe and labeled correctly • 1930s – Federal government begins protecting workers • 1971 – Occupational Safety and Health Administration (OSHA) enforces safety and health standards in workplace • 1972 – Consumer Product Safety Commission (CPSC) makes safety rules for toys, clothes, and appliances.

  5. Questions • What should a wise shopper consider when buying a product? • a. Can you afford it? • b. Does quality match price? • c. Does it have needed features? • d. All of the above.

  6. Questions • Consumers who are about to borrow money for purchases should calculate • a. the manufacturer’s warranty. • b. the liquidity of their investment. • c. the purchase price plus interest. • d. the fringe benefits.

  7. Questions • Which is nota way to save money? • a. bank account • b. stocks and bonds • c. mutual funds • d. vacation

  8. Questions • When a manufacturer gives you a written promise to repair a product that you purchased from them, they have agreed to which of the following? • a. labor contract • b. parts-only contract • c. warranty • d. insurance

  9. Questions • Why do people have difficulty making choices about what to buy? • a. hard to decide whether to pay by credit card • b. advertising affects decisions • c. friends do not own similar items • d. cannot afford to make new purchases

  10. Questions • What should a wise shopper consider when buying a product? • a. Can you afford it? • b. Does quality match price? • c. Does it have needed features? • d. All of the above.

  11. Questions • Assistance in rebuilding homes after natural disasters is a benefit of • a. liability insurance. • b. property insurance. • c. health insurance. • d. life insurance.

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