Money In Review Chapter 6 Flashcards

Questions and Answers

What is branding?

The feeling of regret after a purchase

Financial opportunity given up due to alternative choices

The process of communicating the value of a product

The promotion of a product or service by identifying it with distinct characteristics (correct)

What does financing mean?

To buy an item with credit, paying over time

What is opportunity cost?

The financial opportunity given up because you choose to do something else with your money

A significant purchase is usually an amount you spend, typically over $______.

300 Signup and view all the answers

What is marketing?

The process of communicating the value of a product or service to the customers Signup and view all the answers

What does brand recognition refer to?

The public's ability to recall and recognize a brand by its logo, jingles, or packaging Signup and view all the answers

What is buyer's remorse?

Feeling regret or concern after making a large purchase Signup and view all the answers

What does 'caveat emptor' mean?

Buyer beware Signup and view all the answers

Give an example of a need.

Housing, food, etc. Signup and view all the answers

Give an example of a want.

Eating out, downloading new songs, grass seats to a Seattle Seahawks game Signup and view all the answers

What is a need?

Something you have to have Signup and view all the answers

What are needs?

Things you need for survival Signup and view all the answers

What is a want?

Something you like to have Signup and view all the answers

Study Notes

Branding

Involves promoting a product or service by highlighting its unique characteristics.
Strong branding shapes public perception and can influence perceived quality and effectiveness.

Financing

Refers to purchasing items using credit, enabling payments to be spread over time.

Opportunity Cost

Represents the potential financial gain that is forfeited when opting for one choice over another.

Significant Purchase

Defined as a purchase usually around $300, typically causing emotional discomfort or financial strain when parting with the money.

Marketing

Encompasses the communication of a product's or service's value to potential customers.
Effective marketing strategies can significantly boost consumer interest and sales.

Brand Recognition

The ability of the public to identify and recall a brand based on its visual elements like logos, jingles, and packaging.

Buyer's Remorse

A psychological response involving regret or anxiety experienced after making a considerable purchase.

Caveat Emptor

A Latin phrase meaning "Buyer Beware," indicating that the buyer is responsible for checking the quality and suitability of goods before making a purchase.

Examples of "Needs"

Essential items required for survival, including housing and food.

Examples of "Wants"

Non-essential items that enhance quality of life, such as dining out, downloading music, or attending entertainment events.

Need

A fundamental requirement necessary for survival and functioning.

Needs

Critical essentials that sustain life and well-being.

Want

A desired item that is not essential, contributing to personal enjoyment or satisfaction.

Description

This quiz covers key concepts from Chapter 6 of 'Money In Review'. You'll learn important financial terms such as branding, financing, and opportunity cost. Perfect for students wanting to reinforce their understanding of essential financial principles.