Unit 4-Consumerism

Question 1

Money earned

Answer 1

Income

Question 2

Total amount of income earned before deductions are made

Answer 2

Gross

Question 3

The amount of income left after deductions are taken out

Answer 3

Net

Question 4

Money spent

Answer 4

Expense

Question 5

Expenses which usually do not vary in amount and must be paid on a regular basis. (Mortgage, car payments, insurance)

Answer 5

Fixed

Question 6

Expenses which vary from week to week or month to month

Answer 6

Variable

Question 7

When a person has more expenses and income during the time

Answer 7

Net loss

Question 8

When a person has more income than expenses

Answer 8

Net gain

Question 9

A budget or spending plan is based upon these 4(n,w,v,g)

Answer 9

Needs, wants, values, goals

Question 10

Spending plan process step 1,2,3,4,5

Answer 10

1-Set financial smart goals
2-get organized 
3-decide on your plan
4-implement your plan
5-gain control

Question 11

Savings =

Answer 11

10%

Question 12

food=

Answer 12

15-20%

Question 13

Recreation=

Answer 13

2-6%

Question 14

Housing=

Answer 14

25-35%

Question 15

Transportation=

Answer 15

10%

Question 16

Misc./unexpected =

Answer 16

3-10%

Question 17

A federal agency that was formed to set and enforce safety standards of products such as household appliances, toys, and tools. If a product under the jurisdiction of the CPSC is found to be harmful or hazardous, they can prevent that product from being sold cotton or they can require the manufacturer to repair or replace the product

Answer 17

Consumer product safety commission (CPSC)

Question 18

Non-prophet organization or you sponsored by local businesses it can provide consumer education materials, answer consumer questions, and provide general information about a companies consumer complaint record

Answer 18

Better business bureau (BBB)

Question 19

A federal agency that was formed to set and enforce safety standards for food and drugs and cosmetics. They have the authority to stop the sale of an item under the jurisdiction, if it is found to be harmful or hazardous. They may also require safety warnings to be placed on harmful or hazardous products. This is the agency which tests new drugs and medications before they are put on the market

Answer 19

Food and drug administration (FDA)

Question 20

A federal agency that was formed to protect consumers against ales advertising, illegal sales, schemes, and all unfair trade practices.

Answer 20

Federal trade commission (FTC)

Question 21

A federal agency which provides state and local consumer protection offices which help answer consumer questions or problems. They can help resolve consumer complaints and provide consumer education materials.

Answer 21

Bureau of consumer protection

Question 22

A product that does not meet the standard requirements. It is sometimes labeled your regular and may contain minor flaws or imperfections

Answer 22

Second

Question 23

When a consumer buys an item at home or at a location that is not the sellers regular place of business, and consumer has three days to cancel that purchase if the cost was $25 or more the consumers opportunity to cancel for a full refund extends until midnight of the third business day following the sale

Answer 23

Cooling off

Question 24

This law provides that consumers who buy a new. Automobile or motor home with significant defects that cannot be repaired, or is a lemon , can obtain relief through a cash refund or replacement.

Answer 24

Lemon law

Question 25

How much debt is too much

Answer 25

20% net pay

Rent or mortgage can be 30%

Question 26

A plan for tracking and managing your income and expenses

Answer 26

Budget/spending plan