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Throck Eco ch 3-4

Ch 3-4 test review

any person or group who buys or uses goods and services to satisfy personal needs and wants consumer
The ability to consume depends on... a person's income
money that a person has left after all taxes have been paid disposable income
necessities come out of what type of income disposable
income left over for luxury items descretionary
What is the first decision a consumer must make? whether ot buy an item or not while considering trade off and opportunity costs
How is the resource of time being spent while making a decision? you invest time in researching products to make an informed decision
What is the choice that has the greatest perceived value? rational choice
What type of advertising attempts to show one product is superior to the rest? competitive advertising
What type of advertising benefits consumers by giving price, quality and special features of a product? Informative advertising
a type of false or deceptive advertising where customers are lured in with one item and then pressured to buy a more expensive one is known as what? "bait and switch"
Deciding where to buy an item and which brand to buy is known as comparison shopping
Products that have no recognizable logo and are usually cheaper are known as what generic brands
Products that have a recognizable logo and backed by major companies are known as what? brand name products
What is the movement to educate buyers about thier purchases and to deman better products called? Consumerism
What can happen to products that are sold but later found to be dangerous, such as the curise control switch on millions of Ford vehicles? recalled
What federal agency protects against monopolies, price fixing, false advertising and the labeling of products and violations against consumer credit laws? Federal Trade Commission
Receiving funds either directly or indirectly to buy products with a promise to repay later is known as? credit
Anytime you recieve credit, you are going into what? debt
Good meant to last more than 3 years are known as? durable goods
WHat happens to the amount of interest paid on installment loans when the number of months you pay back in is increased? increases
What happens to total amount of money you repay when the number of installments is decreased? decreases
What is the most common type of American debt? mortgages
When you use your debit card, are you using credit? No- it is an electronic transfer like a check
How do you find the finance charge for a $15,000 loan at 9.5% APR? you multiply 15,000 by .095
What type of institution is owned by its members and make loans? Credit Union
What type of institution takes over installment debts from stores and adds fees for collecting the debt? finance company
What back major credit cards such as Visa and Mastercard? banks, not finance companies
What is the total cost of credit expressed in dollars, and includes annual fees? finance charge
What is the cost of credit expressed in a percentage over a year? Annual percentage rate (APR)
What is the amount of money a borrower must pay to use someone else's money? interest
This is a type of calculation of interest based on the balance on day 1. Makes no difference if you pay off the balance this month, you will still pay finance charges Previous Balance
Type of calculation where no finance charge is collected if balance is paid in full; you only pay interest on what is not paid by the end of the month Past Due Balance
What organization checks your credit rating and decides if you are a risky or safe candidate for credit? a credit bureau
If you have a poor credit rating, what type of interest rates are you likely to recieve? high
What is necessary for secrued loans and can be taken if you do not pay your debt? collateral
What do we call loans not backed by collateral, but only a promise to repay? unsecure loans
What are state and federal laws called that restrict the amount of interest you can be charged? usury laws
What law states that a person cannot be denied credit on the basis of gender, race, religion, national origin, marital status or age? Equal Credit Opportunity Act
What act gave the government greater power in regulation credit agencies and protecting consumers? The Truth in Lending Act
The inability to pay based on your income results in filing what in court? bankruptcy
If you file bankruptcy, how many years will you be without the ability to use credit? 10
Created by: davislauren