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FACS Consumer Economics > Lesson 7 > Flashcards

Lesson 7 Flashcards

(68 cards)

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0
Q

Reduced calories or light

A

No more than 3/4 of the calories of the product to which it is compared

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1
Q

Sugar free

A

Less than 0.5 grams of sugar per serving

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2
Q

More of an ingredient

A

At least 10% must have been added

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3
Q

High fiber

A

5 grams or more of fiber per serving

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4
Q

Cholesterol free

A

Less than 2 milligrams of cholesterol and 2 grams or less of saturated fat per serving

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5
Q

Low sodium

A

Less than 5 milligrams of sodium per serving

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6
Q

Fortified

A

Vitamins and minerals have been added

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7
Q

Enriched

A

Vitamin B complex and iron have been added

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8
Q

Daily values

A

How much of each nutrient the human body needs each day

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9
Q

Expiration date

A

The date by which you should use the product

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10
Q

Unit price

A

The price of one standard unit of a product

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11
Q

Utility

A

A measure of something’s usefulness

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12
Q

Style

A

A garment’s characteristics that distinguish it from other similar items of clothing

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13
Q

Fads

A

Styles that go in and out of fashion quickly

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14
Q

Classics

A

Styles that stay in fashion for a long time

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15
Q

Designer clothes

A

Styles created by a famous designer

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16
Q

Natural fibers

A

Come from plants or animals

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17
Q

Manufactured fibers

A

Fibers that are made rather than naturally occurring

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18
Q

Bed-and-breakfast (B&B)

A

Rooms for rent, often in the owner’s home, that include breakfast for one price

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19
Q

Carpool

A

An arrangement to share private transportation

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20
Q

Odometer

A

Indicates mileage

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21
Q

Features

A

The characteristics of a particular car model that offer benefits to the owner

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22
Q

Options

A

Features that you can choose to include or not include in the car

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23
Q

Rebate

A

A partial refund of the purchase price

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24
Leasing
Renting
25
Gross capitalized cost
The price you would pay for a car, and should negotiate it just as if you were buying the car
26
Capitalized cost reduction
The cash down payments or the value of the trade-in if you have one
27
Acquisition fee
A payment to cover the cost of setting up a lease; often includes a security deposit that should be refunded at the end of the lease
28
Residual value
The predicted value the car will have at the end of the lease; what you will be expected to pay if you purchase the car at that time
29
Money factor
An indication of the interest rate that you would pay for financing the lease of the car
30
Monthly payment
The amount you will pay each month
31
Mileage allowance
The number of miles you will be allowed to drive the car without paying an extra charge per mile
32
Excess wear fee
An amount charges for damage to the car that is beyond which could reasonably be expected
33
Disposition fee
An amount that is paid when the car is returned at the end of the lease
34
Invoice price
The amount the dealer paid to buy the car from the manufacturer
35
Sticker price
The manufacturer's suggested retail price
36
Owner's manual
Shows where all the controls are located and how to operate them
37
Maintenance schedule
Timetable for checking systems and replacing parts
38
Dipstick
A metal measuring stick with a handle
39
Tune-up
Replacing the spark plugs; can also include replacing the air filter, fuel filter, and other parts
40
Rebuilt (reconditioned)
Used parts that were repaired or restored to working order
41
Lemon laws
Protect consumes who buy defective cars
42
Dormitories
Buildings with rooms that collages rent to students at reasonable prices, usually in large complexes
43
Efficiency apartment
The smallest and the least expensive type of apartment
44
Duplex
An apartment in a building that houses two separate units
45
Condominium
A housing unit similar to an apartment that you own rather than rent
46
Mobile home
A small house on wheels, designed so that the owner may have it transported to a rented or purchased space, often in a mobile home community
47
Lease
A legal contract you sign that gives you the right to live in the apartment for a specific period of time as long as you pay the rent and follow the contract rules
48
Tenant
Renter
49
Landlord
The owner
50
Security deposit
Money the landlord holds to cover any damages to rental property
51
Mortgage
A loan to buy real estate, such as a land or a house
52
Escrow account
A holding account used by a mortgage lender to accumulate the borrower's funds for taxes and insurance until these payments are due
53
Principal
The amount you borrow
54
Down payment
A specified percentage of the purchase price up front
55
Closing costs
A collection of fees to cover costs related to your purchase
56
Points
A service fee charged by most lenders for which each point is equal to 1 percent of the principal
57
Fixed-rate mortgages
Mortgages that charge the same interest rate for the entire term of the loan
58
Adjustable-rate mortgages (ARMs)
Interest rates on loans that go up or down as other interest rates in the economy rise or fall
59
FHA mortgage
A loan insured by the Federal Housing Administration designed to reduce the down payment
60
VA mortgage
A military veteran may qualify for this loan
61
Graduated-payment mortgage
Allows you to make small payments for a few years and much larger ones later
62
Interest-only mortgages
Loans that require borrowers to pay only the interest for a period of time before they must start paying on the principal of the loan
63
Appreciate
Increase in value over time
64
Home equity loan
Using the equity in your home as collateral to borrow for other purposes
65
Offer
A proposal to buy the house for a stated price
66
Earnest money
Proof of your intention to buy at the agreed-upon price
67
Energy star products
Products are identified by labels which may be used only on products that meet rigorous federal standards for energy efficiency

FACS Consumer Economics (2 decks)

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