Personal Finance – Chapter 8
Flashcard maker : Lily Taylor
The first element in a purchasing decision is gathering information. T/F
Consumer information from business organizations includes advertising, product labels, and packaging. T/F
National name brand products usually coast more than store brands or generics. T/F
An express warranty is usually in a written form. T/F
Most consumer complaints are resolved with the use of a government agency. T/F
A(n) ________________ warranty covers most repairs of a product.
The highest prices for used cars are usually at a
When leasing a motor vehicle, the capitalized cost refers to the
price of the vehicle.
A legally binding decision by a third part is
______________________ are publically supported community law offices that provide legal assistance to consumers who cannot afford their own attorney.
Legal aid societies
A nonprofit organization whose member-owners may save money on certain products or services.
Information about freshness or shelf life found on the package of a perishable product.
The use of a standard unit of measurement to compare the prices of packages of different sizes.
A partial refund of the price of a product.
A written guarantee from the manufacturer or distributor of a product that specifies the conditions under which the product can be returned, replaced, or repaired.
An agreement between a business and a consumer to cover the repair costs of a product.
A contractual agreement with monthly payments for the use of an automobile over a set time period, typically three, four, or five years.
Price of the vehicle.
Interest rate being paid on the capital cost.
Expected value of the vehicle at the end of the lease.
The attempt by an impartial third party to resolve a difference between two parties through discussion and negotiation.
The settlement of a difference by a third party whose decision is legally binding.
Small claims court
A court that settles legal differences involving amounts below a set limit and employs a process in which the litigants usually do not use a lawyer.
A legal action taken by a few individuals on behalf of all the people who have suffered the same alleged injustice.
Legal aid society
One of a network of publicly supported community law offices that provide legal assistance to consumers who cannot afford their own attorney.