Finance Ch 8 Vocab

Better Business Bureau® (BBB)

Non-governmental organization that accredits businesses with a rating.

big box store

Large retail establishments that are typically part of a regional or national chain.

class action suit

Legal action taken on behalf of a large group of plaintiffs with similar complaints against the same party.

Consumer Financial Protection Bureau (CFPB)

Federal government agency that helps regulate consumer financial markets and protects consumers from unfair, deceptive, or abusive financial practices.

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.

express warranty

Guarantee of performance for a specific period of time that is either full or limited in what is covered.

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.

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.

generic

Product designed and marketed to be comparable to a name brand alternative.

grey market

Product or place where a good or service is sold through an unauthorized reseller.

implied warranty

Unwritten guarantee that a product will work for its advertised purpose and will meet reasonable expectations of performance.

limited warranty

Partial guarantee of performance for a product or service.

Magnuson-Moss Warranty Act

Federal law that requires manufacturers and sellers of consumer products to provide clear and detailed information about warranty coverage.

outlet store

Retail establishment that typically offer a single name brand or type of merchandise at discounted prices.

Securities and Exchange Commission (SEC)

Federal agency that protects investors by enforcing securities laws that require companies to publicly disclose important information.

service contract

A fee-based agreement to provide additional product services under specific circumstances.

small claims court

State court where disputes can be resolved without high fees or costs.

specialty retailer

Store that focuses on the specific product you are shopping for.

trade-off

What you give up in order to get something else.

unit pricing

Cost per unit of measure of a product.