Monday, April 17, 2006

What Kind Of Cunsumer Are You Quiz

This weeks post, I thought I would ask you all few questions to see what kind of consumer you are. Post your answers, if you wish, in the comments. Later in the week, I will post a link to the answers. (answers are now linked at bottom of post)

1. It's usually more expensive to lease rather than to buy a new car.

2. Car-insurance companies charge about the same premiums to drivers who own the same make and model cars.

3. Lowering collision and comprehensive deductibles will lower auto premiums.

4. For consumers who want life insurance protection for less than 10 years, it is usually wisest to purchase a whole life insurance policy rather then term life.

5. All savings and investment products sold by banks are federally insured.

6. If credit card users make a late payment, most credit card issuers can hike credit card interest rates to well over

7. The least expensive mortgage is the one with the lowest monthly payments.

8. Most renters do not need renter's insurance because their landlords are insured.

9. Unit pricing on shelf labels at food stores allows comparison of prices between large and small packages - and brands.

10. Different pharmacies charge about the same price for a particular name brand prescription drug.



Answers (according to "66 Ways to save money")
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2 comments:

  1. LawrenceApril 19, 2006 at 8:34 AM

    1. No.
    2. No.
    3. No.
    4. Don't know. Haven't researched this one yet.
    5. Usually, but not 100% sure.
    6. Usually, but not 100% sure.
    7. No.
    8. No.
    9. Yes.
    10. No.

    ReplyDelete
  2. pyroguyApril 25, 2006 at 8:21 AM

    1. Yes. Leasing is the most expensive way to operage a vehicle.
    2. No. Your driving record, age, etc are greater liability factors than the type of car.
    3. False. Lowering deductibles will always raise the preimium. The insurance company would be taking on more risk, so the premium is higher.
    4. Whole life insurance is a bad investment...likely the worst financial product on the market. Level term insurance is the way to go.
    5. False. Most savings products are insured, however most investment products are not.
    6. 25%
    7. False. ARMS and Balloon mortgages often have lower payments than fixed-rates, but are much more expensive over the life of the loan.
    8. False. Landlords CANNOT insure the contents owned by a renter because they don't have an "insurable interest".
    9. Sometimes. Check them, they are sometimes wrong...and have different units.
    10. False.

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