Unit 3: Savvy Consumer Vocab

Lydia Vance
Flashcards by Lydia Vance, updated more than 1 year ago
Lydia Vance
Created by Lydia Vance about 5 years ago
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Flashcards on Unit 3: Savvy Consumer Vocab, created by Lydia Vance on 01/16/2016.

Resource summary

Question Answer
Bait and Switch LV The fraudulent practice of advertising and luring consumers to a store with promised products or services that then appear to be unavailable and replaced with higher priced items.
Bandwagon LV Trend that gains popularity and demand of products
Better Business Bureau (BBB) LV Gathers and reports information on business/service reliability and alerts and informs the public of its findings. Consumers can also file complaints with the BBB.
Brand Loyalty LV Consumers become committed to a certain brand and make repeat purchases over time. Loyal customers will consistently purchase products from their preferred brands, regardless of convenience or price.
Bundle Plan LV A pricing plan that combines two or more utilities that offers savings for the consumer (i.e. cable + internet + phone with same company)
Commerce LV Agency to further the interest of the local business.
Conserve LV To save or reduce.
Cost Per Wear/Use LV Divide total cost of item or service by how often it is used or worn to determine the true cost effectiveness of this purchase.
Electronic Messaging LV Advertising through the use of unsolicited texts, emails, and banners on web.
Energy Guide Label LV Yellow sticker, required by law, which allows a consumer to compare the yearly cost to operate an appliance.
Energy Star Label LV Government backed green and blue logo that shows outstanding energy efficiency.
Extended Warranty LV A warranty that is purchased and extends beyond the basic warranty usually giving more time and more coverage.
Federal Trade Commission LV Is an independent agency of the United States government, with a mission to promote consumer protection and eliminate and prevent monopolies.
Food and Drug Administration LV Responsible for protecting the health of the public in the following areas: food, drugs, medical devices, cosmetics, tobacco, animal products.
Full Warranty LV Covers all parts of a product but may have time limitations. The warrant is not valid for normal wear and tear or consumer misuse.
Homeowner's Insurance LV Required coverage that provides protection for your residence and its associated financial risks, such as damage to personal property and injuries to others.
Implied Warranty LV A warranty that is not written but is implied that a product sold functions as it is intended.
Limited Warranty LV A warranty that covers part of a product but not all. Example: might cover parts but not labor.
Loss Leader LV A product or service sold at a substantial discount in order to generate additional sales
Phishing LV Sending an electronic message falsely claiming to be a legitimate business for the purpose of gaining personal or financial information.
Pop-ups LV A new web browser window that displays advertisements.
Predatory Practices/Lending LV When lenders conduct business in ways that are deceptive. They may use several fraudulent, deceptive, or discriminatory methods, to lure the consumer into practice that could lead to financial ruin.
Redress LV Money or other benefits that a consumer receives as fair compensation for a company’s mistake for remedy for wrong or loss.
Renter's Insurance LV A type of insurance that covers the loss of a tenant's personal property as a result of damage or theft. A landlord's insurance does not cover a tenant's possessions.
Rewards LV Items or perks that are earned by your purchasing history.
SPAM LV Advertising messages received over e-mail or electronic messaging system that is unwanted.
Testimonials LV Stories told by happy consumers about a product or service that may influence others.
Utilities LV Cost of running a home either rented or owned. Examples include: electricity, water, gas, and trash.
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