Resource Management

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51 Terms

1
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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

2
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Facts and Figures

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

cleaning 99% of germs, 99% of dentists recommend

3
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Glittering Generalities

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

Skincare, teeth whitening, weight loss products, eyelash serum

4
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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

5
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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

6
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Testimonial

a famous personality is used to endorse the product

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

7
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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

8
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collateral

property that is a pledged to guarantee repayment of a loan

9
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credit report

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

10
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credit rating

an evaluation of a consumers credit history

11
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credit score

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

12
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cosigner

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

13
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capital

items owed, or assets

14
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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

15
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canceled check

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

16
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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

17
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endorsement

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

18
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minimum balance

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

19
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outstanding

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

20
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overdraft

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

21
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payee

the one to whom a check is made out

22
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reconcile

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

23
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voided check

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

24
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claim

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

25
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co-insurance

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

26
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deductible

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

27
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exclusion

specific risks not covered by an insurance policy

28
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indemnity

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

29
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insurable interest

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

30
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insurance

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

31
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liability

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

32
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policy

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

33
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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

34
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premium

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

35
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base price

the price of a vehicle with its standard equipment

36
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book value

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

37
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invoice price

the price the dealer pays the manufacturer for a vehicle

38
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lease price

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

39
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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

40
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options

features available on a vehicle at extra cost

41
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standard equipment

featured that every model comes with

42
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sticker price

the dealer’s initial asking price for a vehicle

43
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benefits

sick leave, vacation leave. health insurance

44
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bonuses

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

45
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commission

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

46
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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

47
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minimum wage

the lowest hourly rate an employer may legally pay most workers

48
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overtime

work in excess of 40 hours per week

49
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salary

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

50
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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

51
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TIP

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

to insure promptness

to insure prompt services