Flashcards
UNIT 3 AND 4
Flashcards do conjunto (25)
- 1Bait and switchThe 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
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- 3Food & Drug AdministrationFood and Drug Administration – responsible for protecting the health of the public in the following areas: food, drugs, medical devices, cosmetics, tobacco, animal products
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- 4Full warrantyCovers all parts of a product but may have time limitations. The warrant is not valid for normal wear and tear or consumer misuse.
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- 5Mortgageloan for a home
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- 6Phishingsending an electronic message falsely claiming to be a legitimate business for the purpose of gaining personal or financial information
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- 7Pop-upsa new web browser window that displays advertisements
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- 8Truth in Lending Actfederal 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).
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- 9Equal Opportunity Actcannot discriminate when offering lending opportunities
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- 10Secure Credit Carda credit card that uses your personal bank account as collateral
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- 11Fair Credit ReportingIt 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
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- 12InterestCost of borrowing money or earnings from lending money.
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- 13Supply & demandhigh supply = low cost, low supply = high cost, high demand = high cost, low demand = low cost
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- 14UtilitiesCost of running a home either rented or owned. Examples include: electricity, water, gas, and trash.
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- 15Redressmoney or other benefits that a consumer receives as fair compensation for a company’s mistake for remedy for wrong or loss
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- 16RewardsItems or perks that are earned by your purchasing history
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- 17SPAMAdvertising messages received over e-mail or electronic messaging system that is unwanted
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- 18TestimonialsStories told by happy consumers about a product or service that may influence others
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- 19Commerceagency to further the interest of the local business
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- 20Conserveto save or reduce
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- 21Electronic messagingAdvertising through the use of unsolicited texts, emails, and banners on web pages
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- 22Energy Guide LabelYellow sticker, required by law, which allows a consumer to compare the yearly cost to operate an appliance.
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- 23Energy Star Labelgovernment backed green and blue logo that shows outstanding energy efficiency.
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- 24Extended warrantyA warranty that is purchased and extends beyond the basic warranty usually giving more time and more coverage.
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- 252009 Credit Card ActAim to establish fair and clear information about your credit account.
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