Shared Flashcard Set

Details

Smart Shopping Basics
N/A
31
Finance
9th Grade
04/30/2012

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Cards

Term
Retail Stores
Definition
stores that sell goods or services directly at their place of business
Term
Nonstore Seller
Definition
Also called direct marketers, they sell goods and services in different ways and from different locations. They include door-to-door salespersons, catalogs, telemarketers, electronic sales via television or Internet, consumer cooperatives, and vending machines
Term
Telemarketing
Definition
A form of selling that generally involves the seller calling you on the telephone to sell goods or services
Term
T-Commerce
Definition
Shopping done on the television
Term
E-Commerce
Definition
Buying and selling goods and services online
Term
Consumer Cooperative
Definition
A nonretail association owned and operated by a group of members for their own benefit rather than for profit
Term
Advertising
Definition
A paid message touting the attributes of something in order to convince consumers to buy it
Term
Comparison Shopping
Definition
The process of gathering information about products and services to get the best quality or usefulness at the best price
Term
Warranty
Definition
A guarantee that a product will meet certain performance and quality standards
Term
Full Warranty
Definition
Provides for free repair or replacement of the warranted item or part if any defect occurs while the warranty is in effect
Term
Limited Warranty
Definition
Provides service, repairs, and replacements only under certain condition
Term
Implied Merchantability
Definition
An unwritten warranty that guarantees a product is what it is called and does what its name implies
Term
Implied Fitness
Definition
An unwritten warranty that guarantees a product is fit for any performance or purpose promised by the seller
Term
Extended Warranty
Definition
A contract that provides for the servicing of a product, if needed, during the term of the contract
Term
Work Order
Definition
A request for service; also includes a description of work to be done
Term
retail store
Definition
Obtains goods from wholesalers to sell to consumers
Term
wholesale
Definition
Obtains goods from suppliers to sell to retailers
Term
department store
Definition
Sells a variety of goods and services in a single store
Term
warehouse club and super store
Definition
Offers price advantages and wide product selection to its members
Term
discount store
Definition
Sells certain lines of merchandise at below-average prices
Term
consignment store
Definition
Sells used merchandise at reduced prices
Term
thrift
Definition
The quality of being frugal, using resources wisely
Term
specialty store
Definition
Sell goods and services for specialized purposes
Term
door-to-door sales
Definition
Salesperson comes to home, either by invitation or not
Term
catalog shopping
Definition
Shopper calls on telephone to buy goods listed in a catalog
Term
reliability
Definition
Being able to depend on a person or business to back up their claims
Term
services
Definition
Special consumer features offered by a store or other seller
Term
impulse buying
Definition
Buying on the spur of the moment, without planning
Term
estimate
Definition
A total expected cost, in writing, for performing a service
Term
contract
Definition
Legally binding papers signed by all parties in an agreement
Term
service warranty
Definition
Guarantees certain quality standards of performance
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