Studied by 5 people
Looks like no one added any tags here yet for you.
Bait and switch
The unfair selling technique of attracting the consumer with a low-priced product, then getting the consumer to buy a similar-high priced product.
BBB
The organization that serves as a clearinghouse of information about local businesses.
Loss leader
An item marked to a low price to draw customers in.
Product
Type of advertising for a mountain dew ad
Disposable
Money left over after you paid the bills.
Target Market
A specific set of consumers to whom advertisements are aimed for.
24 hours
To be sure you are not buying on impulse how many hours should you wait making a major purchase decision
Price Fixing
When producers conspire to set identical prices.
Comparison
Shopping at several places to get the best value
Unit
Reducing cost to per-unit price
Competition
Provides high quality goods
Company
Advertising that promotes the image of a store, company or retail chain
Cherry Picker
One who purchases only loss leader items
Industry
Advertising intended to promote a general product group, without regard to where these products are purchased (Ex. "Got Milk?")
Consumer Responsibilities
To use products safely, to use information, and to be an educated consumer
Retailer
When a consumer experiences a problem with a product, what should be the first level of appeal
Producers
Manufacturers, farmers, and coal-miners best describe which group of people
Scarcity
The basic economic problem is that our unlimited needs and wants will always surpass our limited resources.
Implied
A warranty assumed to exist
Fraudulent or deceptive practices
Identity theft, forging checks, using fake ID', or lying to customers
Consumer Bill of Rights
In the early 1960's, President Kennedy helped protect consumers during a time which was called "the Consumer Movement" by writing the original parts of the...
FDA
Organization that enforces laws for food, cosmetics, and drugs
CPSC
This organization protects consumers from unreasonable risk from potential problems and handles recalls
FTC
This organization regulates unfair methods of competition, false/deceptive advertising, and deceptive labels
FCC
This organization regulates interstate/international communication by TV, radio, satellite, or cable
Part Owner of the Corporation
When a person buys shares of stock in a corporation, that person becomes...
Preferred Stock
Has a guaranteed rate of return if the company has a profit
Proxy
Assigning your voting right to someone else
Blue-chip
Stocks of well-known companies
Penny
Inexpensive stocks that often sell for less than $5 a share
Bull
When investors show optimism and purchase more stock, or "when the stock market is doing well," the phrase used to describe it is called...
Risk
The understanding that you could lose all of the money you invested
Annual Report
A corporation sends an investor a copy of "this" once a year, showing the values/worth of the investments made
Cyclical Stocks
Stocks that vary with economic change
Growth
Corporations that reinvest their profits into the business so it can expand are known as...
Market Value
The current value of what you'd expect to pay for shares of stock, bonds, or mutual funds
Limited
A warranty that reads, "Parts only; the customer must pay labor costs," is an example of what kind of warranty?
Warranty
An assurance of product quality or dealer responsibility
Deficit
When expenses exceed income, a budget can be said to be in...
Budget
A plan that compares revenue to expenses
Assets
Everything you own that is worth money
Cancelled
A check that has been processed by the bank
Outstanding
A check that is written but not taken out of an individual's account by the bank
Daily
You will receive the greatest gain of principle if interest is compounded..
Liquidity
The quality of easily being converted to cash
Blank Endorsement
The most common form of signing the back of a check you receive, whether it be personal or paycheck, so that you can deposit it is called...
Interest
The cost of borrowing someone else's money
Cleared Check
A check that has been written by you and has been cashed by the other party is called a...
Check Register
Reconciling your bank account is comparing your bank statement to your...
$50
Credit card holders may be held liable for...
Character, Capacity, Collateral
The important C's of credit are...
Cosigner
One who agrees to pay a note if the borrower does not pay is called...
Creditor
One who lends money for the use of goods and services for payment at a later date
Annual Fee
If you pay your credit card balance in full every month, the most important feature of a credit card would probably be...
Credit Union
Best source for a low-cost car loan
Insolvent
If your liabilities are greater than your assets you are...
Fair Credit Reporting act
The act that provides that you may see your credit file at no charge within 30 days of a credit denial
APR
The cost of credit expressed as a yearly percentage
Credit Report
A written statement of a consumer's credit history issued by a credit bureau is referred to as a...
Truth-In-Lending Act
To inform the consumer about the total cost of using credit
Involuntary
When a creditor asks the court to declare a debtor bankrupt
Credit Bureau
Trans Union, Experian, and Equifax are all examples of
Depreciation
Loss of value in a vehicle
Life
Insurance that protects against loss from death
Premium
Your regular monthly insurance payment
Liability
Auto insurance required by law
Term
Least expensive life insurance
April 15th
The last date for income tax filing
Social Security
Retirement, disability, are survivor benefits provided by...
Net Pay
The amount of take-home pay
W-4
The IRS Form used to claim allowances for purposes of withholding taxes
January 31st
Employers must send a Wage and Tax Statements to all employees who worked for them in the past year by...
Strike
When employers and union officials cannot agree to terms of a new contract, the result is often a....
Excise
A tax on a specific products and services
Property
Taxes you pay when you own a home
Sales
Taxes you pay when you purchase clothes
Income
Taxes you pay out of your paycheck
1099
The statement you receive from the bank stating the amount of interest earned
W-2
This form is essential in completing your 1040EZ; it tells you what your net and gross pay is for the year
Dependent
Someone who lives with you, and then gets half of his/her income
Note 
Flashcard (21)