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
