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Chapter 13
Personal Finance
31
Finance
12th Grade
05/01/2012

Additional Finance Flashcards

 


 

Cards

Term
retail store
Definition
Obtains goods from wholesalers to sell to consumers
Term
wholesale
Definition
Obtains goods from suppliers to sell to retailers
Term
department store
Definition
Sells a variety of goods and services in a single store
Term
warehouse club and
super store
Definition
Offers price advantages and wide product selection to its members
Term
discount store
Definition
Sells certain lines of merchandise at below-average prices
Term
consignment store
Definition
Sells used merchandise at reduced prices
Term
thrift
Definition
The quality of being frugal, using resources wisely
Term
specialty store
Definition
Sell goods and services for specialized purposes
Term
door-to-door sales
Definition
Salesperson comes to home, either by invitation or not
Term
catalog shopping
Definition
Shopper calls on telephone to buy goods listed in a catalog
Term
telemarketing
Definition
Seller calls on telephone to sell goods or services
Term
T-commerce
Definition
Shopping in response to ads on television
Term
E-commerce
Definition
Buying goods and services on the Internet, including Internet
auctions
Term
reliability
Definition
Being able to depend on a person or business to back up their claims reliability services
Term
services
Definition
Special consumer features offered by a store or other seller
Term
impulse buying
Definition
Buying on the spur of the moment, without planning
Term
warranty
Definition
A guarantee that a product will perform up to specified standards;
four types are implied, written, full, and limited warranties
Term
estimate
Definition
A total expected cost, in writing, for performing a service
Term
work order
Definition
Gives authority to a service provider to perform services
Term
contract
Definition
Legally binding papers signed by all parties in an agreement
Term
service warranty
Definition
Guarantees certain quality standards of performance
Term
nonstore seller
Definition
Also called direct marketers, they sell goods and services in different ways and from different locations. They include door-to-door salespersons, catalogs, telemarketers, electronic salws via television or Internet, consumer cooperatives, and vending machines
Term
consumer cooperative
Definition
A nonretail association owned and operated by a group of members for their own benefits rather than for profit
Term
advertising
Definition
a paid message touting the attributes of soemthing in order to convince consumers to buy it
Term
comparision shopping
Definition
The process of gathering information about products and services to get the best quality or usefulness at the best price
Term
warrenty
Definition
A guarantee that a product will meet certain performance and quality standards
Term
full warrenty
Definition
provides for free repair or part replcement of the warrented item or part if any defect occurs while the warrenty is in effect
Term
limited warrenty
Definition
Provides service, repairs and replacements only under certain conditions
Term
implied merchantability
Definition
An unwritten warranty that guarentees a product is what it is called and does what its name implies
Term
implied fitness
Definition
An unwritten warranty that guarentees a product is fit for any performance or purpose promised by the seller
Term
extended warrenty
Definition
A contract that provides for the servicing of a product, if needed, during the term of the contract
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