Life Skills Flashcards
Test 1
a person or business that offers loans at extremely high interest rates
loan sharks
buying too rapidly without much thought
impulse buying
an obligation of repayment owed by one party to a second party
debt
guarantees imposed by law that are stated orally or in writing and that require certain standards to be met
implied warranty
the knowledge and skillset necessary to be informed consumer and manage finances effectively
financial literacy
third-party settlement resulting in a decision that is legally binding.
arbitration
a system by which goods and services are produced and distributed
economy
guarantees made orally or writing that promise a specific quality of performance
express warranty
a period of temporary economic decline during which trade and industrial activity are reduced; generally identified by a fall in the gross domestic product (GDP)
recession
a promise by the manufacturer or dealer, usually in writing that a product is of a certain quality
guarantee
use of a third party who attempts to resolve the compliant between a consumer and business
mediation
banding together of consumers to demand fair treatment from business
consumer movement
what are the sevon basic rules of negotiating
always tell the truth, use cash, walk-away power, shut up, “that isn’t good enough”, go to the authority, and if I were to technique.
the four most common marketing techniques
personal selling, financing, repetition, and product positioning.
the 5 steps of developing power over purchase
wait overnight, consider buying motives, make sure you understand your purchase, consider the opportunity, seek wise counsel
