How can we help?

You can also find more resources in our Help Center.

14 terms

Chapter 4 Vocab

STUDY
PLAY
Down payment
a portion of the total cost of an item that must be paid at the time of purchase
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
a labeling method that indicates the freshness, or shelf life, of a perishable product, such as milk or bread
Unit pricing
the use of a standard unit of measurement to compare the prices of packages that are different sizes
Rebate
a partial refund of the price of a product
Warranty
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 deceive, trick, or gain an unfair advantage
Mediation
the attempt by an neutral third party to resolve a conflict between a customer and a business through discussion and negotiation
Arbitration
a process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding
Small claims court
a court that deals with legal disputes that involve amounts below a certain limit
Class-action suit
a legal action on behalf of all the people who have suffered the same injustice
Legal aid society
a network of community law offices that provide free or low-cost legal assistance