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FACS Consumer Economics > Lesson 7 > Flashcards

Lesson 7 Flashcards

0
Q

Reduced calories or light

A

No more than 3/4 of the calories of the product to which it is compared

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1
Q

Sugar free

A

Less than 0.5 grams of sugar per serving

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2
Q

More of an ingredient

A

At least 10% must have been added

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3
Q

High fiber

A

5 grams or more of fiber per serving

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4
Q

Cholesterol free

A

Less than 2 milligrams of cholesterol and 2 grams or less of saturated fat per serving

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5
Q

Low sodium

A

Less than 5 milligrams of sodium per serving

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6
Q

Fortified

A

Vitamins and minerals have been added

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7
Q

Enriched

A

Vitamin B complex and iron have been added

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8
Q

Daily values

A

How much of each nutrient the human body needs each day

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9
Q

Expiration date

A

The date by which you should use the product

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10
Q

Unit price

A

The price of one standard unit of a product

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11
Q

Utility

A

A measure of something’s usefulness

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12
Q

Style

A

A garment’s characteristics that distinguish it from other similar items of clothing

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13
Q

Fads

A

Styles that go in and out of fashion quickly

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14
Q

Classics

A

Styles that stay in fashion for a long time

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15
Q

Designer clothes

A

Styles created by a famous designer

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16
Q

Natural fibers

A

Come from plants or animals

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17
Q

Manufactured fibers

A

Fibers that are made rather than naturally occurring

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18
Q

Bed-and-breakfast (B&B)

A

Rooms for rent, often in the owner’s home, that include breakfast for one price

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19
Q

Carpool

A

An arrangement to share private transportation

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20
Q

Odometer

A

Indicates mileage

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21
Q

Features

A

The characteristics of a particular car model that offer benefits to the owner

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22
Q

Options

A

Features that you can choose to include or not include in the car

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23
Q

Rebate

A

A partial refund of the purchase price

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24
Q

Leasing

A

Renting

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25
Q

Gross capitalized cost

A

The price you would pay for a car, and should negotiate it just as if you were buying the car

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26
Q

Capitalized cost reduction

A

The cash down payments or the value of the trade-in if you have one

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27
Q

Acquisition fee

A

A payment to cover the cost of setting up a lease; often includes a security deposit that should be refunded at the end of the lease

28
Q

Residual value

A

The predicted value the car will have at the end of the lease; what you will be expected to pay if you purchase the car at that time

29
Q

Money factor

A

An indication of the interest rate that you would pay for financing the lease of the car

30
Q

Monthly payment

A

The amount you will pay each month

31
Q

Mileage allowance

A

The number of miles you will be allowed to drive the car without paying an extra charge per mile

32
Q

Excess wear fee

A

An amount charges for damage to the car that is beyond which could reasonably be expected

33
Q

Disposition fee

A

An amount that is paid when the car is returned at the end of the lease

34
Q

Invoice price

A

The amount the dealer paid to buy the car from the manufacturer

35
Q

Sticker price

A

The manufacturer’s suggested retail price

36
Q

Owner’s manual

A

Shows where all the controls are located and how to operate them

37
Q

Maintenance schedule

A

Timetable for checking systems and replacing parts

38
Q

Dipstick

A

A metal measuring stick with a handle

39
Q

Tune-up

A

Replacing the spark plugs; can also include replacing the air filter, fuel filter, and other parts

40
Q

Rebuilt (reconditioned)

A

Used parts that were repaired or restored to working order

41
Q

Lemon laws

A

Protect consumes who buy defective cars

42
Q

Dormitories

A

Buildings with rooms that collages rent to students at reasonable prices, usually in large complexes

43
Q

Efficiency apartment

A

The smallest and the least expensive type of apartment

44
Q

Duplex

A

An apartment in a building that houses two separate units

45
Q

Condominium

A

A housing unit similar to an apartment that you own rather than rent

46
Q

Mobile home

A

A small house on wheels, designed so that the owner may have it transported to a rented or purchased space, often in a mobile home community

47
Q

Lease

A

A legal contract you sign that gives you the right to live in the apartment for a specific period of time as long as you pay the rent and follow the contract rules

48
Q

Tenant

A

Renter

49
Q

Landlord

A

The owner

50
Q

Security deposit

A

Money the landlord holds to cover any damages to rental property

51
Q

Mortgage

A

A loan to buy real estate, such as a land or a house

52
Q

Escrow account

A

A holding account used by a mortgage lender to accumulate the borrower’s funds for taxes and insurance until these payments are due

53
Q

Principal

A

The amount you borrow

54
Q

Down payment

A

A specified percentage of the purchase price up front

55
Q

Closing costs

A

A collection of fees to cover costs related to your purchase

56
Q

Points

A

A service fee charged by most lenders for which each point is equal to 1 percent of the principal

57
Q

Fixed-rate mortgages

A

Mortgages that charge the same interest rate for the entire term of the loan

58
Q

Adjustable-rate mortgages (ARMs)

A

Interest rates on loans that go up or down as other interest rates in the economy rise or fall

59
Q

FHA mortgage

A

A loan insured by the Federal Housing Administration designed to reduce the down payment

60
Q

VA mortgage

A

A military veteran may qualify for this loan

61
Q

Graduated-payment mortgage

A

Allows you to make small payments for a few years and much larger ones later

62
Q

Interest-only mortgages

A

Loans that require borrowers to pay only the interest for a period of time before they must start paying on the principal of the loan

63
Q

Appreciate

A

Increase in value over time

64
Q

Home equity loan

A

Using the equity in your home as collateral to borrow for other purposes

65
Q

Offer

A

A proposal to buy the house for a stated price

66
Q

Earnest money

A

Proof of your intention to buy at the agreed-upon price

67
Q

Energy star products

A

Products are identified by labels which may be used only on products that meet rigorous federal standards for energy efficiency

FACS Consumer Economics (2 decks)

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