personal finance chapter 4

social factors obviously affected frans choice of back pack if the pack is

a popular style

am implied warranty guarantees that

a product is fit for its intended use

the process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding

arbitration

the settlement of a difference by a third party whose decision is legal binding is called

arbitration

express warranties, may

be a written warranty state that a defective product will be fixed or replaced at no charge during a specified amount of time cover only certain aspects of the product, such as parts

a national network of consumer agencies sponsored by local business organizations deals with complaints against local merchants and can tell a consumer about the experiences other consumers have had with a certain store

better business bureau

comparison shopping is a waste of time when buying an item such as

box of salt

you would most likley negotiate the price for a(n)

car

a legal action on behalf of all the people who have suffered the same justice

class-action suit

four things that are required on food packages

common name of the product name and address of manufacturer or disputer net weight nutritional information

a nonprofit organization owned and operated by its members

cooperative

when you cannot afford to buy the top of the line product, what is the wisest consumer choice?

determine if the quality and quantity of both products are the same and buy the lowest priced item

dishonest business practices that are meant to deceive, trick, or gain an unfair advantage

fraud

before you begin to shop, you should

identify your needs

purchasing items on the spur of the moment

impulse buying

how are ingredients listed on food product packages

in decreasing order

in ohio, disagreements less than $3000 are generally handled

in small claims court

what party usually settles small claims court disputes

judges

the attempt by a neutral third party to resolve a conflict between a customer and a business through discussion and negotiation

mediation

what is the disadvantage of paying with cash

money not earning interest or available for emergencies

what is the advantage of paying with cash

no fees or continuing payments, additional discounts possible

indicates the freshness, or shelf life, of a perishable product, such as milk or bread

open dating

to figure unit price for an item the correct formula is

price of item divided my the ounces or number of items in a package

sometimes manufacturers offer a partial refund of the price of a product. this is called

rebate

a seperate purchased agreement by the manufacturer or disputer that states that conditions under which the product can be returned, replaced, or repaired

service contract

deals with legal disputes that involve amounts below a certain limit

small claims court

what is the best local source for dispute resolution settlements

small claims court

when dissatisfied with a product your last resort to resolve the issue should be

taking legal action in small claims court

the standard use of a standard unit of measurement to compare the prices of packages that are different sizes is called

unit pricing

product labels for appliances generally include

yearly cost of operating