Shared Flashcard Set

Details

PF 5.01 Vocabulary
N/A
33
Finance
11th Grade
10/29/2013

Additional Finance Flashcards

 


 

Cards

Term
Good
Definition
physical object that is purchased
Term
service
Definition
action that is performed for someone's benefit
Term
retailer
Definition
one who sells goods and or services directly to consumers
Term
marketplace
Definition
any place where goods and services are available to the general public
Term
merchandise
Definition
a product or physical item purchased
Term
consumable product
Definition
product that typically provides a single use or period of use and is destroyed or dissapears as the consumer enjoys the product
Term
durable product
Definition
product that lasts for a long period of time and continues to be available to the consumer for more than a single use
Term
warranty
Definition
guarantee that a product is in good working order and will give good service for a reasonable amount of time.
Term
full warranty
Definition
warranty with no specific limitations
Term
limited warranty
Definition
states specifically what limitations are
Term
consumer advocate
Definition
person or organization that works on behalf of consumers.
Term
consumer action panel
Definition
group formed by a trade association to address consumer complaints
Term
government agency
Definition
An organization that operates as part of the state or federal government
Term
merchant services
Definition
Any helps provided to consumers by companies/stores/businesses
Term
consumer affairs department
Definition
A department of a business that communicates with customers about their rights and needs as consumers
Term
Better Business Bureau (BBB)
Definition
A nonprofit organization sponsored by private businesses that attempts to settle consumer complaints against local businesses
Term
CR: right to be safe
Definition
Being entitled to protection against potentially harmful goods and services
Term
CR: right to be informed
Definition
Being entitled to information about a seller’s reputation, product and service performance, quality, and price
Term
CR: right to choose products and services
Definition
Having the opportunity to select goods, services, and places to shop
Term
CR: competition
Definition
A situation in which the same or similar goods and services are offered by more than one seller.
Term
CR: right to be heard
Definition
Having opportunities to make known likes, dislikes, and problems with products and services
Term
CR: right to redress
Definition
Being entitled to a fair and quick remedy to a wrong or loss
Term
CR: right to consumer education
Definition
Being entitled to training to gain knowledge and skills as consumers
Term
CR: right to service
Definition
Being entitled to convenience, courtesy, and responsiveness
Term
CR: right to a healthy environment
Definition
Being able to live in a safe, non-threatening environment
Term
RES: to use products safely
Definition
Read and follow manufacturers’ directions for using a product
Term
RES: to find and use information
Definition
Find materials to compare sellers and products/services to be purchased
Term
RES: to choose purchases carefully
Definition
Make purchases from companies with reliable products and ethical business practices
Term
RES: to speak up
Definition
Let companies know when products/services are defective or below-standard
Term
RES: to seek redress
Definition
Pursue remedies whenever products/services do not meet expectations
Term
RES: to learn
Definition
Learn skills that prepare one to be a confident, informed consumer
Term
RES: to reward good service
Definition
Use your buying power to support reliable sellers and service providers
Term
RES: to promote a healthy caring relationship with the environment
Definition
Consider the effect on the environment of consumer practices, and support companies that consider the environment as well
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