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Christmas Shopping Scenario Many Consumers Wait Until the Weekend Before Christmas to Do

question 53

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Christmas Shopping Scenario
Many consumers wait until the weekend before Christmas to do their gift shopping for family and friends, and Lanny is one of those consumers once again this year. She really was not looking forward to having to deal with all the other people at the mall because she only had Saturday to do all of her shopping. She saw an advertisement that morning in the newspaper for a collection of stores located in her little downtown area, so she decided to shop there instead of the mall, thinking there wouldn't be as many other shoppers interfering with her shopping task. While she was there, she was trying to keep track in her head how much she was spending in an attempt to avoid going overboard and wind up with a huge credit card bill next month. In just two hours, Lanny was able to purchase all the gifts she needed to buy and even found a cute bracelet for herself.
-Refer to Christmas Shopping Scenario. When Lanny saw the cute bracelet, she decided to buy it as a reward to herself for getting her Christmas shopping task completed. She really didn't think about what this purchase would do to her credit card balance, she just wanted the cute bracelet. Which term best describes this spontaneous purchase?

Definitions:

Mortgage Loan

A loan secured by collateral of some specified real estate property which the borrower is obliged to pay back with a predetermined set of payments.

Discharge in Bankruptcy

The legal process that releases a debtor from most of their debts, providing a fresh financial start, as determined under bankruptcy law.

Down Payment

An initial, upfront payment made on a purchase, typically significant in value, with the balance to be paid later.

Voluntary Bankruptcy

The act of deliberately filing for bankruptcy by an individual or organization as a mechanism to address insurmountable debt.