Term
| True or False: There are five steps in the pre-purchase decision making process. |
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Definition
| False -- There are five total, but only 3 before the purchasing step |
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Term
| ________ warranties are not written but understood etc. |
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Definition
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Term
| What percent of money paid for service contracts is actually used? |
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Definition
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Term
| Which federal agency is the oldest? |
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Definition
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Term
| What is FCC responsible for? |
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Definition
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Term
| Who signed amendments to FDA in 1938 |
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Definition
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Term
| What caused the FDA to add the amendment in 1938? |
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Definition
| Elixir Sulfanilamide issue |
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Term
| Which Federal Agency is responsible for consumers eating infecting beef? |
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Definition
| USDA - US Department of Agriculture (which is overseen by the Sec. of Ag) |
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Term
| The Federal Aviation Administration is part of which Government Agency? |
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Definition
| Department of Transportation |
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Term
| Which Federal Agency made Martha Stewart serve jail time? |
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Definition
| Securities and Exchange Commission uncovered her alleged insider trading, but she served jail time for Obstruction of Justice and I think that's dealt with by the Department of Justice |
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Term
| True or False: FTC was responsible for arresting Martha Stewart |
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Definition
False, the purpose of the FTC is to prevent unfair methods of competition in commerce, unfair or deceptive practices/advertising, and requires manufacturers and sellers of consumer products to provide detailed information about warranty coverage.
Dont get tripped up though, because the Department of Justice works with the FTC in enforcing the Sherman-Anti-trust law |
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Term
| _________ is an independent agency created by the Congress that maintains the stability and public confidence in the nation's financial system by insuring deposits, examining and supervising financial institutions, and managing receiverships. |
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Definition
| FDIC -- Federal Deposit Insurance Corporation |
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Term
| Complaining has lead to ________ which means that if you return the item, you don't get your money back but you can buy new/different item from the same company. (Essentially store credit) |
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Definition
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Term
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Definition
| Consumers who complain in volume on the internet |
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Term
| True or False: You must have an be honest about complaining, have reasonable expectation, avoid nuisance/frivolous lawsuits, or you have no legal right to sue. |
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Definition
| False -- those are just recommendations on how to complain effectively. *(not 100% sure) |
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Term
| True or False: Jimmy Carter signed (some type of) legislation |
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Definition
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Term
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Definition
| As the price of the good increases, the quantity of goods offered by suppliers increases and vice versa |
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Term
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Definition
| As the price of a good increases, the demand for the good will decrease and vice versa. |
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Term
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Definition
Imperfect Competition - Monopolies
Price Discrimination
Imperfect Information
Inequality
*She gave housing prices as an example in class* |
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Term
| Groups that protect Consumers: |
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Definition
Government Agencies
Consumer Groups
Industry Self-Regulation |
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Term
| _________ was the first state to deregulate electric utility industry. |
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Definition
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Term
| The administrator of the EPA is appointed by... |
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Definition
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Term
| Current Secretary of Agriculture |
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Definition
| Thomas Villsack --former governor of Iowa |
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Term
| True or False: Dietary Supplements do NOT have to go through the same FDA approval as food |
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Definition
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Term
| Example of a Vertical Merger |
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Definition
Wood deck company merging with a company that owns acres of forests
In class example: lumber & furniture companies |
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Term
| Example of Horizontal Merger: |
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Definition
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Term
| Example of Market Extension Merger: |
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Definition
American Grocery store merging with one in Taiwan
In class example: Hooters going global |
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Term
| Example of Product Extension Merger: |
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Definition
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Term
| An organization, started in 1973, of people who work in business in the areas of consumer affairs and customer services. These members are often the consumers voice within a company. |
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Definition
| Society of Consumer Affairs Professionals -- SOCAP |
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Term
| Which Nongovernmental Pro-consumer group publishes "Consumers Report" magazine? |
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Definition
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Term
| Which is the oldest consumer organization? |
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Definition
| National Consumers League |
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Term
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Definition
| Dry Clean only label when really it can be handwashed |
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Term
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Definition
Liability - bodily, property, personal
Collision
Comprehensive
Uninsured Motorist
Medical payments
Towing Insurance
Rental Car Insurance |
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Term
| Which is not a complain against consumer protection agencies? |
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Definition
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Term
| Deck Repair man doing a bad job, he has the right to come back and try to fix it before being sued under ______. |
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Definition
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Term
| Charging $1800 for replacing computer parts that didn't ned replacing |
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Definition
| High balling? Maybe? Not sure |
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Term
| Charities must spend ______% or more directly to people it says it helps to be considered efficient. |
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Definition
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Term
| True or False: The Better Business Bureau is NOT a third party medium that deals with complaints between consumer and businesses. |
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Definition
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Term
| US biggest import to China: |
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Definition
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Term
| Portable credit card scanning device used by waiters: |
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Definition
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Term
|
Definition
| Equifax, Experian, Transunion |
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Term
| A freeze to prevent identity theft is called a _______ |
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Definition
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Term
| The number to opt out of pre-approved credit card offers |
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Definition
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Term
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Definition
| putting your money into an asset that generates a return |
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Term
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Definition
putting your money into an asset that the future value, or return, relies on supply and demand.
Example: baseball cards/collectors items |
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Term
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Definition
| Consumer has part ownership in a corporation |
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Term
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Definition
| Consumer is lending money to the company or government by selling the bond |
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Term
| What is an example of Sunken Cost Fallacy? |
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Definition
| Season ticket holders not going to one of the games. |
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Term
| True or False: The more attributes presented, the less risky the product seems. |
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Definition
| True, if it comes with a warranty that must mean its good. Referred to as attribute based choices |
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Term
| The most common type of implied warranty: |
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Definition
| "warranty of merchantability" -- means that the seller promises that the product will do what it is supposed to do. |
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Term
| If you purchase does not come with a written warranty, it is still covered by implied warranty unless the product is marked ____________ |
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Definition
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Term
| The treatment of ailments/illnesses is now starting to be looked at by: |
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Definition
| FDA or CPSC--leaning towards CPSC |
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Term
| A person who writes letters and makes calls on your behalf |
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Definition
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Term
| Who is responsible for improper pig slaughtering and being sold? |
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Definition
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Term
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Definition
Rollover
T-Bone
Head-on
Off-center |
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Term
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Definition
| Browser based shopping assistants; intelligent agent programs that scan the internet and compile the information they are asked to locate in a format convenient for users. |
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Term
| For something to be insured it must meet the following criteria: |
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Definition
Probability of risk can be established
Financial loss can be determined
Event will not affect everyone insured |
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Term
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Definition
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Term
| Covers if your vehicle collides with another vehicle, flips over, crashes into object, regardless of who caused the crash. |
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Definition
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Term
| Covers losses from incidents other than collisions, such as fire, theft, hail, flood |
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Definition
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Term
| Health insurance for the elderly and the very poor |
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Definition
| Medicare and Medicaid respectively |
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Term
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Definition
| more economical than other types because it provides PROTECTION ONLY |
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Term
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Definition
| provides a savings or investment component, may not be as beneficial as a separate investment account |
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Term
| Risk associated with all securities and can not be reduced through diversification. |
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Definition
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Term
| Risks associated with one particular investment and can be reduced through diversification |
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Definition
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Term
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Definition
Stocks - ownership in a company
Bonds - promise to repay debt |
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Term
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Definition
| the rate of return without adjusting for inflation |
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Term
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Definition
| Rate of return adjusted for inflation |
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Term
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Definition
| Dividends from stocks, interest from bonds |
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Term
| Situation in which net exports are negative |
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Definition
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Term
| Situation in which net exports are positive |
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Definition
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Term
| The rate at which a person can trade the currency of one country for the currency of another |
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Definition
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Term
| The exchange rate between the Japanese yen and US dollar |
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Definition
80 yen to 1 dollar
1 yen = .0125 dollars |
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Term
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Definition
Acquisition
Bonding
Learn
Defend |
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Term
| FDA established when? What was the amendment? |
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Definition
| 1906; amendment in 1938 drugs must be approved |
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Term
| When was the USDA established? |
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Definition
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