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Consumer Quiz Answers

YOUR SCORE:
18 out of 20 correct: Congratulations, you're a Savvy Consumer! But you should buy the book anyway, and give it as a gift to the poor slobs you call friends. They can't possibly be as brilliant as you!

More than 10 correct: Hmmmm, you've got potential, but you could be making costly mistakes. Buy The Savvy Consumer and read relevant subchapters as you need them to educate yourself and become one tough customer!

Less than 10 correct. Uh oh. You're a con artist's dream. There's a target right on your forehead. You're wasting time and money. Order The Savvy Consumer, and when it arrives, read it cover to cover. It's one purchase that won't be a waste!

QUIZ KEY
If you answered TRUE to any of these questions, you're wrong! They're all FALSE. See the explanations below. And get the details about these and more than a hundred other consumer topics in The Savvy Consumer by Elisabeth Leamy.

1. When you buy a car, you have three days to return it. [FALSE. Car sales are final. No returns allowed except in rare circumstances. Read more in Chapter 2.]

2. When you hire a mover, you can always expect to pay the quoted price or higher. [FALSE. If you ask for a "guaranteed not to exceed" estimate, the price will be as quoted or less. Details in Chapter 3.]

3. If you receive a coupon to have 5 rooms of carpeting cleaned for $25 bucks, that's a good deal. [FALSE. Coupon carpet cleaners upsell you once they get in the door. Reputable carpet cleaners don't charge by the room. See Chapter 4.]

4. Your chances of winning a publisher's sweepstakes increase if you buy a magazine. [FALSE. By law, sweepstakes must let you enter and give you an equal chance of winning even if you don't purchase anything. Read more in Chapter 13.]

5. Alarm companies are required to monitor your alarm and call the police if it goes off. [FALSE. Most alarm companies guarantee that their equipment will work, but don't promise to monitor your alarm. Details in Chapter 4.]

6. When you're remodeling, it's a good idea to apply for building permits yourself to save money. [FALSE. If you apply for the permits yourself, you are legally liable for any mistakes the contractor makes. See Chapter 5.]

7. When a telemarketer calls, you should say "take me off your list." [FALSE. You should say "put me ON your 'do not call' list." The explanation is in Chapter 14.]

8. When you lease a car, the monthly payment is fixed, not negotiable. [FALSE. Just like when you buy a car, you should negotiate the total price first and your monthly payments are derived from that price. Learn more in Chapter 2.]

9. If you are behind on your debts, collection agents have a right to call you and you can't stop them. [FALSE. All you have to do is send a certified letter asking the collection company not to call you anymore, and by law it must stop. Chapter 6.]

10. When you donate to charity, your money must be used for the cause. [FALSE. Federal law does not require charities to use any particular percentage of their revenue for their stated mission. It's up to you to give to a charity that will use your money wisely. Details in Chapter 7.]

11. You should hire a personal trainer certified by the government to make sure he or she is qualified. [FALSE. The government doesn't regulate personal trainers at all. Chapter 11.]

12. Your credit score is the same with every financial institution and it doesn't change. [FALSE. Each bank has different standards that go into its credit scores and your score changes with every single bill you pay or late payment you make. For more, see Chapter 6.]

13. It's a good idea to let savings bonds mature as long as possible. [FALSE. Savings bonds stop going up in value after 30 years. Details in Chapter 7.]

14. Kids who sell candy on the street are usually raising money for sports teams or anti-drug programs. [FALSE. The teams and programs are false fronts. These candy kids are usually victims of adult criminals who make them work on the streets for next to no compensation. The story in Chapter 15.]

15. You can hold on to gift cards as long as you want and use them when you're ready. [FALSE. Most gift cards start to lose value after 18 months and some expire altogether. See Chapter 10.]

16. If you receive unsolicited merchandise in the mail, you have to return it. [FALSE. If a company sends you something you didn't order and tries to get you to buy it, that's illegal. You can keep the merchandise as a free gift. Details in Chapter 13.]

17. A "lemon" is an unreliable used car. [FALSE. Lemons are NEW cars that have repeat problems that can't be corrected. Get the details in Chapter 2.]

18. Junk mail is a fact of life in America. There is no way to reduce the amount you get. [FALSE. You can sign up for a "do not mail" list and drastically reduce your junk mail. The contact information you need is in Chapter 13.]

19. If your bank asks you to withdraw money to help catch a crooked bank employee, you should cooperate. [FALSE. This is a classic scam pulled by con artists posing as bank examiners. They ask you to withdraw money and hand it over to them and then they disappear. Protect yourself by reading Chapter 15.]

20. The Better Business Bureau is the government agency that helps consumers. [FALSE. The Better Business Bureau is a private, non-profit company. It does help consumers, but it doesn't have the power to MAKE bad companies do the right thing. See Chapter 16.

 

 

Copyright 2004 Elisabeth Leamy