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Indiana Department of Financial Institutions

DFI > Education > Education Information > Consumer Credit Education > Quizzes > Consumer Awareness Quiz Consumer Awareness Quiz

1. Buying clubs are designed to help consumers compare prices at different stores.

True

False

2. The mail-order rule allows a person to cancel an order that is not shipped within a certain time period.

True

False

3. Layaway purchase plans are designed to help consumers buy items at discount prices.

True

False

4. The cooling-off period generally applies to purchases of $25 or more.

True

False

5. Most consumer complaints require legal action to solve.

True

False

6. The most reliable source of consumer information would be from:

an advertisement.

a salesperson.

an executive of the company.

a product label.

7. A buying club commonly:

requires a minimum purchase.

has a large initiation fee.

wants the members to encourage others to join.

only allows a few people in an area to be members.

8. The mail-order rule requires that companies:

notify customers if an item is not currently available.

only sell certain items by mail.

accept credit cards for mail-order purchases.

allow a person to return an item for full credit.

9. The right to cancel certain purchases of $25 or more within three business days is known as the (fill in the blank) rule.

layaway

cooling-off

mail-order

telemarketing

10. The first step a person with a consumer complaint should take is to:

obtain legal assistance.

contact a consumer agency.

write to the headquarters of the company.

return to the place of purchase.

CONSUMER AWARENESS QUIZ ANSWERS

  1. FALSE
  2. TRUE
  3. FALSE
  4. TRUE
  5. FALSE
  6. a product label
  7. has a large initiation fee
  8. notify customer if an item is not currently available
  9. cooling-off
  10. return to place of purchase