consumer choice defintions

Question 1

acceptable quality

Answer 1

fit for purpose, free from defects ect

Question 2

acceptence

Answer 2

when offeree agrees to proposal

Question 3

barter

Answer 3

swaping or exchanging of a good

Question 4

book up

Answer 4

a charge account operated by trader

Question 5

budget

Answer 5

list of income and likley expenditures

Question 6

business

Answer 6

any organisation that produces and sells goods and services in order to make a profit

Question 7

caveat emptor

Answer 7

buyer beware

Question 8

cheque

Answer 8

a written communication ordering your financial institution to pay a person a specific amount of money

Question 9

comparison shopping

Answer 9

looking around to obtain the best deal

Question 10

consideration

Answer 10

the giving up of something of value

Question 11

commerce

Answer 11

the buying and selling of goods and services between individuals and bussinesses

Question 12

consumer

Answer 12

someone who purchases goods and services to satisfy needs and wants

Question 13

consumer guarantees

Answer 13

sets of rights and remedies for defective goods and services

Question 14

contract

Answer 14

a legally binding agreement

Question 15

distribution chain

Answer 15

the ways of getting products to the consumer

Question 16

drawee

Answer 16

financial institution that frovides cheque account facilities

Question 17

e-commerce

Answer 17

the buying and selling of goods via the internet

Question 18

EFTPOS

Answer 18

electronic funds transfer at point of sale

Question 19

electronic transfer

Answer 19

trasfer of funds from one account to the other via the internet of telephhone

Question 20

e-tailer

Answer 20

electronic retailer

Question 21

goods

Answer 21

item you can see of touch

Question 22

impulse buying

Answer 22

buying something without giving much thought

Question 23

income

Answer 23

money recieved on a regular basis from work, property, bussines ect

Question 24

interest

Answer 24

the extra money you have to pay back when you borrow money

Question 25

labour force

Answer 25

people aged 15 and over who are either employed or unemployed

Question 26

mail order

Answer 26

to buy a product and recieve it by mail services

Question 27

manufacturer

Answer 27

a person or business that makes goods

Question 28

money

Answer 28

a token with agreed value used as payment

Question 29

needs

Answer 29

necessary for survivial

Question 30

offer

Answer 30

a proposal

Question 31

online shopping

Answer 31

purchasing a product over the internet

Question 32

payee

Answer 32

a person who is to recieve the money from a cheque

Question 33

price

Answer 33

anount of money a consumer is willing to pay

Question 34

profit

Answer 34

what remains after all business expences are deducted from sales revenue

Question 35

redress

Answer 35

to set right

Question 36

retailer

Answer 36

a bussines that sells products directly to consumers

Question 37

rip off

Answer 37

to over charge or swindle

Question 38

scam

Answer 38

a illegal business practice

Question 39

services

Answer 39

things done for you by others

Question 40

unconscionable act

Answer 40

a practice by sellers that is either illegal of morally wrong

Question 41

wants

Answer 41

things that we do not need but we like to have

Question 42

wholesaler

Answer 42

buys goods in large quantities from the manufacturer