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Financial Literacy

Financial Literacy: Chapter 22 and 23 Review Notes

termDefinition
False Familiar generic products names include Kellogg’s, NIKE, and Coca-Cola. * 5/5 True False
True Buying a heavy coat in the summer makes sense, cost-wise. * 5/5 True False
False Promotional sales are always tied to holidays
True Examples of dark patterns can include ads that look like social media posts and hidden unsubscribe buttons. * 5/5 True False
Promotional Sale A sale that gives you a special buy on a new product.
Warranty A legal document that states the rights and responsibilities agreed to by the consumer and the store or manufacturer.
Clearance Sale A sale to move goods that are going out of season or that are no longer profitable.
Brand Name A word, picture, or logo on a product that helps consumers distinguish it from other products.
Impulse Buying Purchasing things on the spur of the moment.
Conservation The process of preserving, protecting, and planning the management of resources.
. Generic Products Products that have plain labels, lower prices, and no brand name.
Loss Leaders Products that are sold below cost in order to bring customers into the store.
. Unit Price A price expressed in a standard measurement, such as per ounce, for the same product.
Comparison Shopping Activity in which a consumer checks the price and quality of a product in more than one store.
Created by: user-1872418
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