Consumers Ed Chap 3 Test

the Consumer Bill of Rights

President John F. Kennedy established this set of fundamental rights and later Presidents added 3 more. 

• Right to Safety

• Right to be Informed

• Right to choose

• Right to be heard

• Right to be Redress

• Right to Consumer Education

• Right to a Healthy Environment

Consumer Responsibilities

This is a list of 7 consumer duties that we need to make informed decisions.

• Responsibility to use products safety

• Responsibility to use information

• Responsibility to choose carefully

• Responsibility to express satisfaction or dissatisfaction

• Responsibility to seek redress

• Responsibility to be an educated consumer

• Responsibility to contribute to a healthy environment

Right to Consumer Education

This consumer rights means we have the right to get adequate information to make good decisions.

the right to choose

This consumer right is to have competition and break up monopolies.

Redress

This is the right to seek remedy to a problem often known as a refund.

EPA

This Government agency was created to protect our Environment. 

SEC

This government agency is used to protect investors and investigate white collar crimes.

OSHA

This government agency enforces workplace safety.

FTC

This government agency was created in 1924 to protect consumers from unfair or deceptive practices. 

the Consumer Product Safety Commission

This government agency was created in 1972 to protect consumers from dangerous products like choking hazards on baby toys. 

fraud

This the deliverate deception designed to secure unfair or unlawful gain. 

pyramid scheme

This type of financial fraud in which people pay to join an organization is often seen in Multi Level Marketing companies. 

trading up

This legal selling practice means pressuring consumer to buy a more expenseive product than intended.

Bait and Switch scheme

This type of fraud involves Baiting consumers with an advertised but non-existent bargain and then switching them to a more expensive item

Loss Leader

This type of legal deceptive selling practice involves selling an item at a price below cost to draw you into the store. 

warranty

This is a company's promise that their products will meet specific standards over a given time period.

full warranty

This is a very specific written guarantee to repair or replace a product at no charge

monopoly

This type of company has an unfair advantage over competitors. 

cease and desist

An order that requires a company to stop using deceptive advertising. 

arbitration

Panel that is used to seek and receive remedy to a problem.

limited warranty

does not meet standards of a full warranty and must specify the limitation

implied warranty

an unwritten guarantee that the product is of sufficient quality to fulfill the purpose for which it was designed

sale price

a sale is only a sale if the price is below the actual price

fraudulent if

the person who made the statement must know it is false; the purpose of the statement must be to cause others to give up property that has value, such as money

Better Business Bureau

nonprofit agency that helps resolve disputes between consumers and sellers.

cooling off periods

you can back out of an agreement to buy something