6735770
Description
Flashcards by kaleese mitchell, updated more than 1 year ago
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Created by kaleese mitchell
over 7 years ago
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| Question | Answer |
| Bait and switch | 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 KM |
| Bandwagon | Trend that gains popularity and demand of products KM |
| Food & Drug Administration | Food and Drug Administration – responsible for protecting the health of the public in the following areas: food, drugs, medical devices, cosmetics, tobacco, animal products KM |
| Full warranty | Covers all parts of a product but may have time limitations. The warrant is not valid for normal wear and tear or consumer misuse. KM |
| Mortgage | loan for a home KM |
| Phishing | sending an electronic message falsely claiming to be a legitimate business for the purpose of gaining personal or financial information KM |
| Pop-ups | a new web browser window that displays advertisements KM |
| Truth in Lending Act | federal law that requires financial institutions to disclose specific information about the terms and cost of credit, including the finance charge and the annual percentage rate (APR). KM |
| Equal Opportunity Act | cannot discriminate when offering lending opportunities KM |
| Secure Credit Card | a credit card that uses your personal bank account as collateral KM |
| Fair Credit Reporting | It states consumers have the right to know what information is in their credit report and to correct any errors. This legislation was designed to promote accuracy and ensure privacy of consumer information in consumer credit reports KM |
| Interest | Cost of borrowing money or earnings from lending money. KM |
| Supply & demand | high supply = low cost, low supply = high cost, high demand = high cost, low demand = low cost KM |
| Utilities | Cost of running a home either rented or owned. Examples include: electricity, water, gas, and trash. KM |
| Redress | money or other benefits that a consumer receives as fair compensation for a company’s mistake for remedy for wrong or loss KM |
| Rewards | Items or perks that are earned by your purchasing history KM |
| SPAM | Advertising messages received over e-mail or electronic messaging system that is unwanted KM |
| Testimonials | Stories told by happy consumers about a product or service that may influence others KM |
| Commerce | agency to further the interest of the local business KM |
| Conserve | to save or reduce KM |
| Electronic messaging | Advertising through the use of unsolicited texts, emails, and banners on web pages KM |
| Energy Guide Label | Yellow sticker, required by law, which allows a consumer to compare the yearly cost to operate an appliance. KM |
| Energy Star Label | government backed green and blue logo that shows outstanding energy efficiency. KM |
| Extended warranty | A warranty that is purchased and extends beyond the basic warranty usually giving more time and more coverage. KM |
| 2009 Credit Card Act | Aim to establish fair and clear information about your credit account. KM |
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