Finanical literacy Chapter 8, 9, 10, 11,

limited warranty

a written warranty that does not meet the standards of a full warranty because of specified limitations

business organization

an enterprise that produces goods or provides services, usually in order to make a profit

Open dating

information about freshness or shelf life found on the package of a perishable product

media sources

newspaper and magazine articles, television or radio broadcasts, interviews, and photographs

Buying Influences

someone who has a positive or negative impact on your selling activity

influences in buying used cars

- number of miles - condition -demand of model

impulse buying

A buying decision made by customers on the spot when they see the merchandise

independent testing

A collection of tests performed by one or more professional software testers, who are not related to the product development team

Leasing a Motor Vehicle

Advantages -small cash outflow -lower monthly payments than buying -lease provides detailed records-helps if you use your car for business purposes -albe to obtain a more expensive car more often Disadvantages -no ownership interest -must meet requirements -may have additional costs for extra mileage, turning the car in early, or for certain repairs

full warranty

a warranty that guarantees that if a product is found to be defective within the warranty period, it will be repaired or replaced at no cost to the purchaser.

Label information

Certain label information is helpful; however, other information is nothing more than advertising. Federal law requires that food labels contain the company name and address, ingredients, nutrients & food allergy warnings. Product labeling for appliances includes information about operating costs, to assist you in selecting the most energy-efficient models.

Personal Contacts

Family, friends, current and former classmates, neighbors, club members, and church members

Automobile Operation Costs

Fixed Costs -depreciation -interest on loan -insurance -license, registration and taxes Variable Costs -gas and oil -tires -maintenance and repairs -parking and tolls

waranty

a written agreement to repair a product or refund your money if a product does not function properly

express warranty

a written explanation of the producer's responsibilities in the event that a product is found to be defective or otherwise unsatisfactory

Government Agencies

Operated by the government to provide technical assistance, counseling, grants, or other means of financial assistance at low-interest rates.

information gathering

Refers to the process of identifying, collecting, documenting, structuring, and communicating information from various sources in order to enable educated and swift decision making to occur.

cooperative

a nonprofit organization whose member-owners may save money on certain products or services