Shared Flashcard Set

Details

Smart Shopping
Basics
36
Finance
9th Grade
04/30/2012

Additional Finance Flashcards

 


 

Cards

Term
Retail sales
Definition
sell goods and services directly at their place of business.
Term
Nonstore sellers
Definition
sell goods and services in different ways and from different locations.
Term
Telemarketing
Definition
is a form of selling that involves the seller phoning you to promote the purchase of goods and services.
Term
T-commerce
Definition
refers to shopping on television.
Term
E-commerce
Definition
refers to buying and selling goods and services online.
Term
Consumer cooperatives
Definition
are nonretail associations owned and operated by a group of members for their own benefit rather than for profit.
Term
Advertising
Definition
Is a paid message touting the attributes of something in order to convince consumers to buy it.
Term
Warranty
Definition
guarantees that a product will meet certain performance and quality standards.
Term
Full Warranty
Definition
Must provide free repair or replacement of defective products or parts, repair or replacement within a reasonable time, no unreasonable demands on the customer as a condition of receiving repairs or replacement, replacement if a number of attempts at repair fails, and transfer of coverage to a new owner if the product changes hands during the warranty period.
Term
Limited Warranty
Definition
provides service, repairs, and replacements only under certain conditions.
Term
Implied Mechantability
Definition
Means that a product is what it is called and does what it names implies.
Term
Implied Fitness
Definition
Means that a product must be fit for any performance or purpose promised by the seller.
Term
Comparison Shopping
Definition
is the process of gathering information about products and services to find the best quality or usefulness at the best price.
Term
Extended warranty
Definition
a contact that provides for the servicing of a product, if needed, during the term of the contract.
Term
work order
Definition
requests service and describes the work that wil be performed.
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
telemarketing
Definition
Seller calls on telephone to sell goods or services
Term
T-commerce
Definition
Shopping in response to ads on television
Term
E-commerce
Definition
Buying goods and services on the Internet, including Internet auctions
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
warranty
Definition
A guarantee that a product will perform up to specified standards; four types are implied, written, full, and limited warranties
Term
estimate
Definition
A total expected cost, in writing, for performing a service
Term
work order
Definition
Gives authority to a service provider to perform services
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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