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Bus:The Consumer
chapter 6 in business studies book.
| Question | Answer |
|---|---|
| Consumer | anyone who buys goods or services. |
| False Economy | an action which saves money at the beginning but which, over a longer period of time, results in more money being wasted than being saved. |
| Caveat Emptor | Latin term meaning "let the buyer beware." A legal maxim stating that the buyer takes the risk regarding quality or condition of the property purchased, unless protected by warranty. |
| Merchantable Quality | refers to a basic level of quality and performance that is expected in a product. |
| Guarantee | a written assurance that some product or service will be provided or will meet certain specifications. |
| Credit Note | a monetary instrument issued by a seller that allows a buyer to purchase an item or service from that seller on a future date; i.e A gift card or store card credit. |
| Loss Leader | a product sold at a low price (at cost or below cost) to stimulate other, profitable sales. |
| Ombudsman | a government appointee who investigates complaints by private persons against the government . |
| Receipt | a written acknowledgement that a specified article or sum of money has been received as an exchange for goods or services. |
Created by:
murphyspooks
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