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Unit 4 FM
Vocabulary Terms for Unit 4: Consumer Spending
Term | Definition |
---|---|
Penny | Coin with value of one cent |
Nickel | Coin with value of five cents |
Dime | Coin with value of ten cents |
Quarter | Coin with value of twenty-five cents |
Currency | Coins and Bills |
Cash Options | Currency, Check or Debit Card |
Retail Purchase | Making a purchase In-Store |
Electronic Purchase | Making a purchase Online |
Vending Machine Purchase | Purchasing Items from a machine |
Compare Products | Compare Price, Value, Brand, and other specifics |
Unit Price | Cost to purchase ONE item. Used to compare similar items sold in different quantities. |
Incentives | A way that a company entices a consumer to make a purchase. Discounts and Coupons |
Sales Tax | Government tax on all purchases |
Sales Price | Price after incentives has been adjusted to the purchase price. |
Total Price | Price after any incentives and the sales tax have been adjusted to the purchase price. |
Fast Food Restaurant | Restaurant that prepares and serves food quickly without a wait staff in an extremely casual atmosphere. |
Casual Dining Restaurant | Restaurant that serves modestly prices food in a casual atmosphere with table service. |
Fine Dining Restaurant | Restaurant with full services, high quality food in a formal atmosphere. |
Gratuity | A fee that is separate from the cost of food or service that is paid directly to the wait staff based on their service. |