Consumer Bowl

This is the East Brunswick FBLA Consumer Bowl Vocabulary for the Test

Alternative Dispute Resolution (ADR)

A matter of resolving problems without the use of the court system

What are the two forms of ADR?

Mediation and arbitration

When was the ADR established?

1992

When was the alternative dispute resolution further expanded?

1999

What is mediation?

A neutral third-party assist in conflict but is not the decision-maker

What is arbitration?

A neutral third-party acts as the decision maker

When matters or arbitrated parties are required to sign a

Arbitration agreement

Who serves as mediators or arbitrators?

Volunteers from all walks of life

What are the advantages of using alternative dispute resolution?

1.matters are dealt with promptly 2. participants can avoid expensive litigation 3.for service of train volunteer mediators and arbitrators is free

What is the three-step process for approval to conduct Bingos and raffles?

1.registration as a qualified organization 2.municipal approval of the event
3. state review of the application

The New Jersey legalize games of chance control commission send you an application form and registration fee of ....

$100 (nonrefundable) pay by certified check or money order

How long is the initial registration made by the legalize games chance and control last for?

2 years

The Municipal license is ....... until the commission approves it

Inactive

How long does the commission (of games of chance) have to review the application ?

15 business days

When was the board of pharmacy established?

1877

Who does the board of pharmacy consist of?

Eight registered pharmacist, two members of the general public, one state government member

What the purpose of the board of pharmacy is

1. Check this health safety and welfare of the people of the New Jersey
2. regulate the practice of pharmacies and pharmacists

How does the board of pharmacy is protect the public?

1. Every pharmacist has met all the necessary requirements for licensure
2. investigation and prosecution of any pharmacist was broke in the states consumer protection laws
3. requiring that all pharmacies be registered by the state and renew their permits annually
4. Ensure patients receive the prescribed medications

At a pharmacy what is your profile consist of?

Your family name and first name, your address and telephone number, age and gender, original data refill date of the medication, identifying the prescription number, the quality of the drug dispense, and the pharmacist comments concerning your drug therapy.

Your pharmacist is required to

Council you about the medications your doctor has prescribed

Counseling from a pharmacist may include

The name of the medication, how and when to take the medication, any common side effects, any possible interactions with any other medication,proper storage of your medication

Before leaving your pharmacist counter you should know

The name of the medication, how and when your medication should be taken, whether there are restrictions, what should be done at the doses missed

How are complaints with the pharmacies board resolved ?

The complaint will be referred to an investigator, the pharmacist or pharmacy will be asked respond to your concerns, the board will evaluate the complaint.

The bureau of securities registers and has information about

Brokerage firms, stockbrokers and sales agents, investment advisors

Consumers can call the bureau of securities and ask?

Is the company/person registered, are there any past disciplinary actions against the company or person I am dealing with

New Jersey's definition of household furniture

Furniture, major electrical appliances, mattresses, carpets, and draperies.

Furniture sales for more than $100 must involve a

Contract signed by both the seller and the buyer

For furniture contracts the print must be

Legible and at least 10 point Bold type - The date for delivery must be written into the contract on the day of purchase

And furniture contracts the regulations prohibit the words such as

All sales final, nonrefundable, or no cancellations

Every retailer must have its refund policy posted in at least one of the following locations

Attached is the item and self, I fixed each cash register point of sale, clearly visible to the buyer from the cash register, posted it each store entrance used by the public

If the seller fails to deliver the furniture up on the agreed-upon date

The consumer has a choice between a prompt refund her the opportunity to receive the furniture at a later date

What an example of misrepresentation

When the item does not match the item purchased by the consumer that includes color

Misrepresentation is

Illegal

Advertisement for furniture items indicates that a "sale" is taking place it is required that the ad

Clearly state the beginning and ending date of the sale, indicate the original price of the item as well as the sales price, clearly say that assembly is required

Any furniture and household item Being on sale for $100 or more must

Have a tag affixed to it with the price clearly indicated

Any item has been on sale for ...... days or more of the price list and can no longer be considered a sale price

60 days

Words to describe used mattresses

Rebuilt, reconditioned, refurbished

Ever used mattress being sold must have

A special cloth pack 2 x 3" in size that provides the name of the company that sanitize the mattress, the date of sanitation, and full address of the person or company that performed the sanitizing process

What is carbon monoxide?

A colorless and odorless gas produced by the incomplete burning of various fuels including charcoal wood kerosene propane and natural gas

Every year more than ....Americans die from an intentional CO poisoning

400

Every year more than ..... visit hospital emergency rooms for CO poisoning

20,000

More than ..... are hospitalized due to CO poisoning

4,000

170 people in the United States die every year due to CO poisoning from Nonno automotive consumer products such as

Malfunctioning fuel burning appliances, engine powered equipment such as portable generators,
fireplaces,
charcoal based heating and cooking devices being operated in enclosed areas

What are the symptoms of CO poisoning?

Headache, fatigue, shortness of breath, nausea, dizziness

High-level CO poisoning results and severe symptoms including

Mental confusion, vomiting, loss of muscular coordination, loss of consciousness, death

If you suspect you are experiencing CO poisoning

Open all of your homes doors and windows immediately, go to emergency room, return to the house only when the source of theCO has been found and fixed

How do you prevent CO poisoning

Avoid portable generators, never put idling equipment in your garage, never try to heat your home with a charcoal grill, never use gas oven to heat your home, make sure all appliances are installed to the manufacturers instructions, have all coal burning appliance service by technician every year, have your chimney inspected and cleaned every year, never leave the car running in the garage, make sure that your car is exhaust pipe is not blocked by snow, INSTALL A CO DETECTOR

New Jersey began to require the carbon monoxide detectors be installed in all new one and two family homes prior to the initial occupancy and upon the sale of existing homes

April of 2003

CO detectors must meet

Underwriters Lab UL-2034 standard

when deciding to contribute to charities beware of

-high pressure phone calls
-prize money over a phone call
-phone calls that say a messenger will come to your home to pick up a contribution
-solicitors who claim you gave in the past

things you should know about charities

-know your charity
-don't be fooled by a convincing name
-demand identification
-beware of telephone solicitations
-don't fall for the tearjerker

Additional tips for charities

- do not give credit card number over the phone
-don't respond to letters saying you have pledged money, when you have not
-ignore harassing letters
-do not give cash- write a check

The Division's Charities Registration Section has

more than 19,000 charities and 250 fund raising firms

Three major credit bureaus

Experian, Equifax, TransUnion

How to save gas

- do not idle
-do not drive aggressively
-do not drive faster than the speed limit
-turn off ac when you can
-buy regular gasoline

How to improve vehicle efficiency

-check your tires
-get a tune up
-buy vehicles with good gas mileage
-follow manufacturers recommendations

Getting what you pay for at the pump

-office of weights and measures decal
-price on street signs = price on the pump itself
-check to see if price for cash/credit card vary
-the pump is reset
-your tank is not overfilled

When you pay for gas, check...

-total gallons=total price
-the price attendant says matches the pump
-the # of gallons, price per gallon, and total amount are printed on the receipt (check against credit card statement)

If your car starts pinging/bucking after you filled your tank

the station may be selling gas with a lower octane rating then is stated on the pump

What is foreclosure?

a procedure in which a borrower gives up rights to a property due to the inability to comply with "mortgage" or "deed of trust"

How to avoid scams when selling a home

-never sell the deed for your home
-verbal promises cannot be trusted

what is surplus funds?

the difference between the sales price and the amount owed (the deed holder is entitled to surplus funds)

an auction of property by the sheriff following a court order to seize and sell a property

Sheriff's Sale

when homeowners are contacted about foreclosure options by a third party, they should...

-contact their lender
-seek legal advice
-never sign away deed
-be suspicious of offers to lease back a home
-never make mortgage payments to anyone other than the lender
-never listen to anyone other than the lender

The Grandparent Scam

The scammer will tell you that your grandparents/parents are ill and you need to send money

The average victim of a grandparent scam loses

$3,500

Common factors of grandparent scams

-as the victim to send funds through money order or wire service
-scammers use marketing lists
-scammers mention specific details
-hack into consumers emails and send urgent email
-scammers will prevent you from checking their story

How to protect yourself from grandparent scams

-talk with your family
-never wire money unless you are sure it is true
-check with a family member

Interior designers must be

Certified by means of a state examination and approval by the interior design examination and evaluation committee

When hiring a design professional pays to follow these steps

-Think through your project and budget
-make sure the individual you are considering hiring is actively licensed or certified
-Find out if the person is reputable and whether you agree with his quality of work
-Are you comfortable with working with him
-learn about professional fees

The contract for hiring a design professionals should include

-Full scope of work
-the price will not increase without your consent

How to protect yourself (interior designers)

-keep copies of contracts, receipts, documents
-contact the division of consumer affairs

Why choose the new car lemon law unit

-quicker
-No attorney is required
-Cases are scheduled at your convenience
-fee is $50

What does in the lemon law unit cover

-vehicles being used for commercial use
-living quarters of motor homes
-accident, vandalism, abuse, neglect
-damage caused by the times to repair or modify the vehicle by a person other than the manufacture

What is not covered by the used car lemon law

Motor vehicle sold for less than $3000, vehicles that are seven years old, vehicles that have been declared a total loss my insurance company, vehicles that have odometer readings more than 100,000 miles, vehicle sold it as is, vehicles that were not purchased from a dealer

Length of warrantee for lemon law cars

>24,000 miles // 90 days
24,000

What consumers need to know before a precious metals and jewelry sale

-know with whom you are dealing
-weighing must be done in plane sight
-check the scale
-prices must be prominent posted

What is a complete sales receipt

Name and address of the buyer, date of the transaction, name of the precious metals purchased, finest of the precious metals purchase, weight of the precious metals, prices paid, name address and signature of the seller.

What consumers need to know after the sale of precious metals and jewelry

-The item purchased must be kept in its original form for at least two business days
-The buyer must keep a serialized sales receipt of each transaction for at least one year

Transient buyers

Required to have a $5000 bond posted with the state office of weights and measures

agent

a person who acts or does business for another

bond

a formal contract to repay borrowed money with interest at fixed intervals

Brokers

Intermediaries that bring buyers and sellers together temporarily

Brokerage Account

A brokerage account is an account you open with a stockbroker in order to trade stock on a stock exchange. The broker uses the money in the account to buy and sell stock on your behalf when you decide you would like to make a trade. Some types of brokerage accounts allow the broker to make trades on his/her own
without your direct approval.

comission

Payment paid to salespeople, usually calculated as a percentage of sales

Disclosure Document

a detailed statement provided to a prospective franchisee, containing such information as the franchisor's finances, experience, size, and involvement in litigation

financial planner

a specialist who is trained to offer specific financial help and advice, both immediate needs and long terms goals

interest

A sum paid or charged for the use of money or for borrowing money

insurance agent

a person employed to sell insurance policies.

maturity date

The date on which an investment becomes due for payment.

mutual fund

fund that pools the savings of many individuals and invests this money in a variety of stocks, bonds, and other financial assets

portfolio

a group of investments held by an individual

principal

a sum of money lent or invested on which interest is paid.

prospectus

document issued to possible buyers of a stocks and bonds outlining the financial condition of the company issuing those securities

registered representative

a person who buys and sells securities for customers; a broker

return

the money an investor receives above and beyond the sum of money initially invested

risk

Degree of uncertainty of return on an asset; in business, the likelihood of loss or reduced profit.

stock

A share of ownership in a corporation.

Volatility

Indicates how much and how quickly the value of an investment, market, or market sector changes.

pyramid scheme

An illegal form of multi-level marketing in which emphasis is placed on collecting initial fees from as many people as possible