Unit 4-Consumerism Flashcards
(26 cards)
Money earned
Income
Total amount of income earned before deductions are made
Gross
The amount of income left after deductions are taken out
Net
Money spent
Expense
Expenses which usually do not vary in amount and must be paid on a regular basis. (Mortgage, car payments, insurance)
Fixed
Expenses which vary from week to week or month to month
Variable
When a person has more expenses and income during the time
Net loss
When a person has more income than expenses
Net gain
A budget or spending plan is based upon these 4(n,w,v,g)
Needs, wants, values, goals
Spending plan process step 1,2,3,4,5
1-Set financial smart goals 2-get organized 3-decide on your plan 4-implement your plan 5-gain control
Savings =
10%
food=
15-20%
Recreation=
2-6%
Housing=
25-35%
Transportation=
10%
Misc./unexpected =
3-10%
A federal agency that was formed to set and enforce safety standards of products such as household appliances, toys, and tools. If a product under the jurisdiction of the CPSC is found to be harmful or hazardous, they can prevent that product from being sold cotton or they can require the manufacturer to repair or replace the product
Consumer product safety commission (CPSC)
Non-prophet organization or you sponsored by local businesses it can provide consumer education materials, answer consumer questions, and provide general information about a companies consumer complaint record
Better business bureau (BBB)
A federal agency that was formed to set and enforce safety standards for food and drugs and cosmetics. They have the authority to stop the sale of an item under the jurisdiction, if it is found to be harmful or hazardous. They may also require safety warnings to be placed on harmful or hazardous products. This is the agency which tests new drugs and medications before they are put on the market
Food and drug administration (FDA)
A federal agency that was formed to protect consumers against ales advertising, illegal sales, schemes, and all unfair trade practices.
Federal trade commission (FTC)
A federal agency which provides state and local consumer protection offices which help answer consumer questions or problems. They can help resolve consumer complaints and provide consumer education materials.
Bureau of consumer protection
A product that does not meet the standard requirements. It is sometimes labeled your regular and may contain minor flaws or imperfections
Second
When a consumer buys an item at home or at a location that is not the sellers regular place of business, and consumer has three days to cancel that purchase if the cost was $25 or more the consumers opportunity to cancel for a full refund extends until midnight of the third business day following the sale
Cooling off
This law provides that consumers who buy a new. Automobile or motor home with significant defects that cannot be repaired, or is a lemon , can obtain relief through a cash refund or replacement.
Lemon law
