Non-governmental organization that accredits businesses with a rating.
New cards
2
big box store
Large retail establishments that are typically part of a regional or national chain.
New cards
3
class action suit
Legal action taken on behalf of a large group of plaintiffs with similar complaints against the same party.
New cards
4
Consumer Financial Protection Bureau (CFPB)
Federal government agency that helps regulate consumer financial markets and protects consumers from unfair, deceptive, or abusive financial practices.
New cards
5
Consumer Product Safety Commission (CPSC)
The CPSC is a federal agency that protects consumers from unreasonable risks of injury or death from using various products.
New cards
6
express warranty
Guarantee of performance for a specific period of time that is either full or limited in what is covered.
New cards
7
Federal Trade Commission (FTC) Bureau of Consumer Protection
Government agency that develops policy and research tools to protect consumers and collaborates with law enforcement agencies to assist in consumer protection.
New cards
8
full warranty
Guarantee of performance that states that if a product or service fails due to a manufacturing defect, it will be repaired or replaced.
New cards
9
generic
Product designed and marketed to be comparable to a name brand alternative.
New cards
10
grey market
Product or place where a good or service is sold through an unauthorized reseller.
New cards
11
implied warranty
Unwritten guarantee that a product will work for its advertised purpose and will meet reasonable expectations of performance.
New cards
12
limited warranty
Partial guarantee of performance for a product or service.
New cards
13
Magnuson-Moss Warranty Act
Federal law that requires manufacturers and sellers of consumer products to provide clear and detailed information about warranty coverage.
New cards
14
outlet store
Retail establishment that typically offer a single name brand or type of merchandise at discounted prices.
New cards
15
Securities and Exchange Commission (SEC)
Federal agency that protects investors by enforcing securities laws that require companies to publicly disclose important information.
New cards
16
service contract
A fee-based agreement to provide additional product services under specific circumstances.
New cards
17
small claims court
State court where disputes can be resolved without high fees or costs.
New cards
18
specialty retailer
Store that focuses on the specific product you are shopping for.
Studied by 18 people
Note 
Flashcard (22)