Finaces
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Created by:
tiffanyjwhs2010 on October 26, 2009
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14 terms
Terms | Definitions |
|---|---|
 Down Payment | Is a portion of the total cost of an item that must be paid at the time . |
| Cooperative | A nonprofit organization owned and operated by its members for the purpose of saving money on the purchase of goods and services. |
| Impulse Buying | Purchasing items on the spur of the moment. |
| Open Dating | Indicates the freshness or "shelf life" of a perishable product such as milk or bread. |
| Unit Pricing | Is the use of a standoard unit of measurement to compare the prices of packages that are different sizes. |
| Rebate | Is a partial refund of the price of a product. |
| Warranty | Is a written guarantee from the manufacturer or distributor that states the conditions under which the product can be returned,replaced, or repaired. |
| Service Contract | A separately purchased agreement by the manufacturer or distributor to cover the costs of repairing the item. |
| Fraud | Dishonest business practices that are meant to decieve,trick,or gain an unfair advantage. |
| Mediation | Is the attempt by a neutral third party to resolve a conflict between a customer and a business through discussion and negotiation. |
| Arbitration | Is a process where a conflict between a customer and a business is resolved by an impartial thirdd party whose decision is legally binding. |
| Small Claims Court | Is a court that deals with legal disputes that involve amounts below a certain limit. |
| Class-action suit | Is a legal acton on behalf of all the people who have suffered the same injustice. |
| Legal aid society | One of a network of community law offices that provide free or low-cost legal assistance. |
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