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Chapter 4 Consumer Purchasing

AB
down paymentA portion of the total cost of an item that must be paid at the time of purchase
cooperativeA non-profit organization owned and operated by its members
impulse buyingPurchasing items on the spur of the moment
open datingA labeling method that indicates the freshness or shelf life, of a perishable product
unit pricingThe use of a standard unit of measurement to compare the prices of packages that are different sizes
rebateA partial refund of the price of a product
warrantyA written guarantee from the manufacturer that states the conditions under which the product can be returned
service contractA separately purchased agreement by the manufacturer to cover the costs of repairing an item
fraudDishonest business practices that are meant to deceive, trick, or gain an unfair advantage
mediationThe attempt by a neutral third party to resolve a conflict between a customer and a business
arbitrationA process whereby a conflict between a customer and a business is resolved by an impartial third party whose decision is legally binding
small claims courtA court that deals with legal disputes that invole amounts below a certain limit
class-action suitA legal action on behalf of all the people who have suffered the same injustice
legal aid societyA network of community law offices that provide free or low-cost legal assistance


High school business instructor
Muskegon Mona Shoores
Muskegon, MI

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