Chapter 15 Quiz - Principles of Business, Marketing, & FInance

Consumer Movement

Banding together of consumers to demand fair treatment from businesses.

Impulse Buying

Buying too rapidly without much thought.

Unit Price

The price per unit of measure of a product.

Arbitration

Third-party settlement resulting in a decision that is legally binding.

Guarantee

A promise by the manufacturer or dealer, usually in writing, that a product is of a certain quality.

The first step in the buying decision-making process is to... - Decide whether to use cash or credit? - Identify your needs? - Evaluate the services at different stores? - Identify product alternatives?

- Identify your needs.

Most consumer complaints are resolved by... - Using arbitration? - Hiring a lawyer with consumer protection experience? - Returning to the place of purchase? - Taking legal action?

- Returning to the place of purchase.

Class Action Suit

A lawsuit brought by one party on behalf of a group with the same grievance.

Small Claims Court

A legal system for resolving cases involving small monetary amounts.

Brand

A name given to a product or service to distinguish it from other similar products or services.

An implied warranty is usually printed in the owner's manual of a product. True or False?

False.

Implied Warranty

Guarantees imposed by law that are not stated orally or in writing and that require certain standards to be met.

Express Warranty

Guarantees made orally or in writing that promise a specific quality of performance.

Mediation

Use of a third party who attempts to resolve the complaint between a consumer and business.

Fraud

When false information is given to a customer in an effort to make a sale.