Business chapter 4 test

A legal action on behalf of all the people who have suffered the same injustice

Class action suit

A partial refund of the price of a product

Rebate

What are some examples of trade offs

-Buying a sound system with a credit card instead of waiting until you have saved enough money to pay cash for it -Choosing a poorly made or difficult to repair jacket because it is the cheapest one available

Describe the research based steps for buying a personal computer

-Identifying needs -gathering information -become aware of the marketplace -weighing alternative -making the purchase

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

Arbitration

What are the four phases for a research-based approach to buying

Before you shop Weighing alternatives Making the purchase After the purchase

a nonprofit organization owned and operated by its members for the purpose of saving money on the purchase of goods and services

Cooperative

A portion of the total cost of an item that must be paid at the time of purchase

Down payment

List the econmic, social, amd personal factors that influence a decicion to buy sn article of clothing

Econmic- prices, brand names, quailty, and maintance costs Social- lifestyle and culture Personal- age, occupation, and family size

Dishonest business practices that are meant to deceive trick or gain an unfair advantages

Fraud

Wise buying decisions will:

Help you get the most out of the product and enable you to meet your financial goals

Purchasing items on the spur of the moment

Impulse buying

A network of community law offices that provide free or low cost legal assistance

Legal aid society

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

Meditation

A labeling method that indicates the freshness of a perishable product suck as milk

Open dating

Identify methods to resolve consumer complaints

Return to the place of purchase, contact the company that manufactured the disputed products, obtain help from a consumer agency or dispute resolution program , initiate legal action

A separately purchased agreement by the manufacturer or distributor to cover the costs of repairing an item

Service contract

Describe the advantages and disadvantages of small claims court and joining a class-action suit.

Slower More expensive More stressful

A court that deals with legal disputes that involve amounts below a certain limit

Small claims court

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

Unit pricing

A written guarantee from the manufacturer or distributor that states the conditions under which the product

Warranty

Explain why some of the strategies for making wise purchases purchases may be more important than other, depending on the item being purchased

when, where, what to buy, how much to pay, how to make sure that the products they buy will preform as advertised