Resource Management

Bandwagon

the suggestion that everybody is using the product and that you should too in order to be part of the group

Old Navy, Stanley

Facts and Figures

statistics and factual information are used to prove the superiority of the product

cleaning 99% of germs, 99% of dentists recommend

Glittering Generalities

“Weasel words” are used to suggest a positive meaning without actually making any guarantee

Skincare, teeth whitening, weight loss products, eyelash serum

Plain Folk

the suggestion that the use of the product is a practical product of good value for ordinary people

Hamburger helper, jimmy dean sausage, ford, crackle barrel

Snob Appeal

the suggestion that the use of the product makes the customer part of an elite group with a luxurious and glamorous lifestyle

Cat food, Stanley

Testimonial

a famous personality is used to endorse the product

Covergirl Carrie Underwood, clothing stores, cartoon products, shoes, bandaids

Wit and Humor

customers are attracted to products that divert the audience by giving viewers a reason to laugh or to be entertained

Super bowl commercials

collateral

property that is a pledged to guarantee repayment of a loan

credit report

a record of a particular consumer’s transactions and payment patterns

credit rating

an evaluation of a consumers credit history

credit score

a numerical rating, based on credit report information, that represents a persons level of credit worthiness

cosigner

a person with a strong established credit history who signs a credit application and contract along with the borrower

capital

items owed, or assets

credit references

a reference who can provide information about your character

ex. teacher, businesses whom you have dealt with on a credit basis, and businesspeople

canceled check

a check that is stamped and perforated by a financial institution to show it’s been paid

checking fees

check to see what kind of fees are included before choosing your checking account like a monthly fee, a fee for each check you write, ATM and debit card fees

endorsement

a signature on the back of a check that entitles the payee to either receive payment or transfer it to someone else

minimum balance

you have to keep a certain amount of money in your account in order to avoid a penalty

outstanding

refers to transactions received by the bank after the closing date of your bank statement

overdraft

lack of sufficient funds to cover the full amount of a check

payee

the one to whom a check is made out

reconcile

to bring a bank statement and your own record of transactions into agreement

voided check

a check which you made a mistake and torn up, wrote in your register as void

claim

a request made by the holder of an insurance policy for payment of a loss

co-insurance

an agreement in which the insurance company and the insured person share the cost of claims after the deductible is met

deductible

a set amount an insured person must pay per loss before the insurer will pay benefits

exclusion

specific risks not covered by an insurance policy

indemnity

restoring the insured person to the financial position he or she was in before the loss occurred

insurable interest

you have a financial stake in the life or property being insured

insurance

purchased protection that guarantees to pay you in the event of certain specified losses

liability

legal responsibility to pay someone who has suffered an injury or loss caused by another

policy

the written agreement between a consumer who purchases insurance and the insurance company

pre-existing conditions

conditions existing before applying for insurance, might have a one-year waiting period before claims relating to the condition are paid

example medical conditions

premium

payments insured people make to the insurance company in exchange for coverage

base price

the price of a vehicle with its standard equipment

book value

the estimated value of a given make, model, and year of vehicle

invoice price

the price the dealer pays the manufacturer for a vehicle

lease price

a monthly payments in exchange for exclusive use of the vehicle for a specific period of time

MSRP

manufacturers suggested retail price; for a vehicle, its includes the base price, the price of options installed by the manufacturer, and the manufacturer’s transportation charge

options

features available on a vehicle at extra cost

standard equipment

featured that every model comes with

sticker price

the dealer’s initial asking price for a vehicle

benefits

sick leave, vacation leave. health insurance

bonuses

a sum of money paid to an employee in addition to regular pay

commission

a fixed percentage or amount of profit given to an employee in exchange for making a sale

contract employees

hired for a specified period of time to complete a particular project for an employee, usually at an hourly rate or a total project rate, sometime have benefits

minimum wage

the lowest hourly rate an employer may legally pay most workers

overtime

work in excess of 40 hours per week

salary

a set amount of money earned by an employee per year or other fixed length of time

temporary employees

to fill temporary vacancies or to help with additional work, paid by an employment agency and given short-term assignments at various companies, slightly lower hourly wage, no benefits

TIP

money given to an employee by customers in exchange for performing a service

to insure promptness

to insure prompt services