4318616
Description
Flashcards by Lydia Vance, updated more than 1 year ago
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Created by Lydia Vance
almost 9 years ago
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| 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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