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Unit 4 FM

Vocabulary Terms for Unit 4: Consumer Spending

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.