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Bus:The Consumer

chapter 6 in business studies book.

QuestionAnswer
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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