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