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personal finance 4th
3/7/12
23
Accounting
9th Grade
03/07/2012

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Cards

Term
Consumer
Definition
Behaviors that Can Lead to Financial Loss
Term
failure to plan
Definition
Not making shopping lists, spending plans, doing comparison shopping, etc.
Term
failure to be informed
Definition
Not reading labels, fine print, contracts, sales offers, etc.
Term
failure to communicate
Definition
Not asking questions, discussing purchases, saying “no” when needed
Term
scam/scheme
Definition
A plot designed to trick someone; a deception
Term
illegal
Definition
Against the law
Term
lie/lying
Definition
To tell an untruth/the habit or practice of telling untruths
Term
concealing information
Definition
Hiding information; hiding the truth
Term
pyramid
Definition
A scam that usually involves a “get rich quick” chain letter, sending money to others in order to, supposedly, receive money in the mail yourself
Term
chain letter
Definition
A letter asking one to send several letters with money in order to, supposedly, receive money in the mail yourself
Term
high-pressure sales approach
Definition
Using extreme tactics to persuade a consumer to buy
Term
vague offers
Definition
Offers that withhold certain details, expecting one to pay up front to get them
Term
sweepstakes letter
Definition
States that one has won a valuable prize, but must pay a fee to claim it
Term
lottery
Definition
Prizes awarded by chance after purchase of a ticket; very small chance of winning
Term
earn-money-at-home offers
Definition
Offers that hinge on a consumer first purchasing something
Term
condition
Definition
A stipulation or prerequisite
Term
winning bid at auctions
Definition
A scam artist my notify you that you have the winning bid, ask for money, but never ship the item purchased
Term
identity theft
Definition
Stealing one’s personal information to commit theft or fraud
Term
media
Definition
Means of communicating---e.g., word of mouth, telephone, texting, emails, etc.
Term
Federal Trade Commission
Definition
FTC; a government agency to assist consumers who’ve been victims of fraud
Term
National Consumers League
Definition
Has a website where incidents of consumer fraud may be reported
Term
Better Business Bureau
Definition
A local consumer protection agency
Term
State Attorney General
Definition
This state office assists consumers who have been victimized by fraud
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