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Consumer Ed. CH. 1
| Question | Answer |
|---|---|
| What is a consumer? | A person who uses goods or services |
| What are goods? | goods are physical objects that are produced |
| What is an example of a good? | chocolate chip cookies, radios, and magazines |
| What are services? | services are actions that are preformed for someone |
| What is an example of a service? | repairing a car, serving a meal, and caring for a child |
| What are the three major ecomonomic roles that most people play? | consumer, worker, and citizen |
| What is a workers responsibility economically? | A person who earns money at any kind of job, or even if you do volunteer work |
| What is a citizen responsibility economically? | A person who uses public services such as schools and roadways. These people pay taxes for public services and have the right to vote for elected leaders. |
| How are the roles of consumer, worker, and citizen interrelated? | Where you live in the U.S you have to pay taxes as a citizen for public services, and to pay workers that are also consumers just like you. |
| How do consumers have power? | Purchasing decesions made by consumers have an impact because they affect which goods are produced and which services are offered |
| What is the market place? | all of the goods and services available for sale to the general public |
| Who does the country's economic system/ cycle function? | when consumers buy products they employ workers which more money results in economic growth and then the cycle repeats |
| What do businesses do to attract new consumers? | businesses develop new and better products |
| What are retailers roles? | retailers sell goods and services directly to consumers, strive to offer the right mix of product and to provide helpful service |
| What is the key to business success? | happy customer |
| Why do the opinions of teens matter? | teens spend a lot of money on products because they don't have debt and mortages to worry about and their input matters because they are the ones selling the product to their parents |
| What are some examples of how teens play a role in family buying decisions? | groceries, entertainment, vaction destinations, activities, and houses |
| How does technology challenge consumers? | consumers can buy items through the internet which cause impulse buys for products consumers don't really need or can afford |
| What are the five skills needed to be an effective consumer? | set goals, think critically, do their research, manage everyday finances, plan for financial security |
| Why is it important to use consumer skills wisely when making financial decisions? | if you go on the internet and make impulse buys on junk you don't need you could end up waisting a lot of money that is needed for more important services and goods such as social security, insurance, and mortgages ` |
| What is the consumer movement based on? | the idea that the power of consumers as a group can balance the economic and political power of business and industry |
| What are consumer advocates? | people or orginizations who work on behalf of consumers |
| What are examples of jobs the consumer advocates do? | the investigate business practices, expose unfair or dangerous situations and encourage the passage of laws protecting consumers |
| Who was Harvey Wiley and what big accomplishments did he have? | he was a medical doctor who proved that adding certain chemicals to foods and drugs was dangerous and his campaign led to the passage of the Food and Drug Act of 1906 |
| Who was Upton Sinclair and what big accomplishments did he have? | he wrote a novel called The Junge that exposed conditions in meat packing plants leading to the passage of the Meat Inspection of 1906 |
| Who was Stuart Chase and F.J. Schlink and what were there big accomplishments? | published Your Money's worth in 1927, a book showing how misleading advertising affects consumers |
| Who was Rachel Carson and why was she successful? | published Silent Spring a book that revealed damaging effects of insecticides and other pesticides, and her work inspired many enviromental laws |
| Who was Ralph Nader and what was his big accomplishment? | published Unsafe at Any Speed in 1965, demonstrating that many highway deaths were caused by defects in cars, now he works with consumers in other transportation areas |
| What are the 7 consumer rights? | right to safety, to be informed, to choose, to be heard, to redress, to consumer education, and to service |
| What right should be protected against products that are hazardous to life or health? | right to safety |
| What right should be protected against dishonest advertising, labeling or sales practices, and should be given facts needed to make goof choices? | right to be informed |
| What right should be assured access to a variety of goods and services at competitive prices? | right to choose |
| What right should know their interests will be considered in making of laws? | right to be heard |
| What right are consumers entitled to swift and fair remedies for wrongs that are done? | right to redress |
| What does redress mean? | to set right |
| What right should have the opportunity to learn how to be effective consumers? | right to consumer education |
| What right should have the right to expect convenience, courtesy, and responsiveness from business? | right to service |
| What does the Fair Packaging and Labeling Act do? | requires truth in packaging to help consumers compare goods |
| What does the Food, Drug, and Cosmetic Act do? | assures consumers of the safety and purity of food products, drugs, and cosmetics |
| What does the Federal Hazardous Substances Labeling Act do? | requires warning labels on all products that may be hazardous |
| What does the Child Protection and Toy Safety Act do? | bans the shipment and sale of goods intended for use by children that may be dangerous to them |
| What does the Automobile Information Disclosure Act do? | requires that manufactures label cars with specific information, such as suggested retailed price |
| What does the Textile Fiber Products Identification Act do? | requires manufactures of textiles and fabrics to provide labels with listing fiber content and other information |
| What does the Magnuson-Moss Warranty Act? | governs consumer product warranties/guarantees |
| What does the Truth in Savings Act do? | requires financial institutions to provide figures such as interest rates in standard forms |
| What does the Truth in Lending Act do? | requires creditors to report all credit chargers and interest rates to the consumer |
| What does the Credit Billing Act do? | provides a procedure for consumers to follow in having billing errors corrected |
| What does the Credit Reporting Act do? | controls how a person's credit history is kept, used, and shared |
| What does the Financial Services Modernization Act do? | requires financial institutions to notify customers about the kinds of information they collect about them, how that information may be used, and their privacy rights |
| What does the Federal Trade Commission (FTC) do? | enforce laws against dishonest advertising and hels protect consumer rights |
| What does the Consumer Product Safety Commission (CPSC) do? | works to protect the public against unreasonable risks to develop safety standards for household products |
| What does the Unites States Department of Agriculture (USDA) do? | inspects and sets standards fro meat, poultry, and canned fruits and veggies |
| What does the Food and Drug Administration (FDA) do? | enforces laws and regulations on the purity, equality, and labeling of food, drugs and cosmetics |
| What does the Federal Communications Commission (FFC) do? | regulates interstate and international communication by radio, cable... etc., and provides consumer information and adresses complaints related to these areas |
| What does the National Telecommunications and Information Administration (NTIA) do? | works to provide consumers with more choices and better quaility telecommunications products and services, such as Internet |
| What does the Federal Consumer Information Center (FCIC) do? | provides information to consumers on a wide range of topics through low-cost publications, like a Web site |
| What are consumer groups roles? | they are orginizations that are focused on consumer education, protection, and advocacy |
| What are some examples of consumer groups? | National Consumers League, Public Citizen and Consumer Action |
| What is the Consumers Union? | it is an independent consumer testing agency that has long been a champion of consumer rights |
| What is the most well known business and industry group that works to assist consumers? | Better Business Bureau |
| What is the media? | channles of mass communication such as newspapers, magazines, radio, television, and realated Web sites |
| What is identity theft? | illegal use of an individuals personal information |
| What are the 4 things that a person could find out about you? | date of birth, bank account, credit card numbers and passwords |
| What is a social security number? | a unique 9 digit number used by the Social Security Administration to keep track of your earnings |
| Why dont't you give out your social security number? | it can be used to access bank and credit card accounts as well as other personal information |
| Do you give your social security number to businesses if they ask for it? | you can give it to them or you can ask them to identify you by a different method |
| What it be smart to carry your social security number in your wallet? | No because someone could steal it and take all of your money out of you bank account with your personal information |
| What are the 7 ways to prevent identity theft? | mail w/ care, keep personal info in safe places, don't share passwords 4 online accounts, don't give out personal info unless you initiate contact, make sure websites R secure sites, secure home internet service, shred charge & credit card statements |
| If your identity is stolen what is the list of order of events you should do? | file a report with the police, notify your banks and credit card companies, call the 3 major credit card reporting agencies; Equifax, Experian, & Trans Union, & call the Federal Trade Comission 2 resolve the identity theft problem |
| When purchasing an item the store collects your data and uses it for a variety of things, like what? | reputable buisnesses keep credit card numbers secure and don't share them with anyone, catolog companies might use your infor 4 own makerting purposes, they might sell your name 2 other companies, & your answers 2 product registoration survery |
| What does the Financial Services Modernization Act require companies to do? | to get involved in financial activites to send privacy notices to customers, so companites must post an opt-out option, which means you have 2 take the time to get out of the emails, or they will automatically keep sending 2 u |
| What is online profiling? | a practice in which companies collect info about the Web sites consumer visits and then uses that info to predict what the consumer may buy in the future |
| What are cookies? | cookies are small files stored on your computers hard drive when sites remember your passwords and info about you because they are trying to target you to buy stuff |
| Can you get rid your cookies? | yes, you can clear your cookies so they don't pile up |
| What steps can you take when trying to be safe on the internet? | you should keep info about yourself closed 2 others on the Internet, report any inapprotiate actions toward you online, because cyber-stalking has been reported |
| What is the defintion of caveat emptor? | the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made |
| Deceptive advertising | advertising that is likely to mislead consumers through false statments, omitted info, or other unfair means |
| Is deceptive adversiting legal? | no it is illegal and the Federal Trade Comission is empowered to stop it |
| What are the four examples of deceptive advertisting? | bait and switch, false promises for free gifts, deceptive pricing, and hidden catches |
| What is the definition of bait and switch? | when a retainer advertises a product that has no intention of selling, hoping to persuade customers to buy a higher priced item |
| What is the definition of fraud? | deceitful conduct desgined to manipulate another person for some gain |
| What are the two common examples of fraud? | the pyramid scheme, and chain letters |
| What is the pyramid scheme? | an illegal get rich quick plan, where each person who participates give a sum of $ & then recruits other people, this cycle continues & supposedly each participant will get $ from people who joined later |
| Why are pyramid schemes illegal? | the get people to contribute money based on false promises |
| Do people involved in a pyramid scheme benefit? | only the people at the top of the pyramid or who started the scheme or the ones who get the money while everyone else "looses" |
| How does the chain letter system work? | it is similiar to the pyramid scheme but usually through the mail getting people to send the same letter to a certain amount of people |
| What should you do if you receive a chain letter asking for money? | you should break the chain by not sending it to others, because if you do you are committing a federal crime |
| How can you report suspected cases of fraud? | you can visit the FTC website, contact your local consumer protection agency, your local post office, or your state attorney general's office |
| What are 4 effective tips when complaining? | talk to the person who did the work or the salesperson who assisted you, look up frequently answered questions, and ask to speak with the manager, and always be polite |
| What are the 5 key facts you need to remember when writing a letter of complaint? | write to the store manager or customer service dept., enclose copies of reciets, keep copies of letter & orginal receits, be persistent & polite, if none of this works then write a letter to the next higher level emploee |
| What is mediation? | when 2 parties try to resolve a dispute with the help of a neutral 3rd party |
| What is the 3rd party's role in mediation? | to help the two sides communicate and work out a solution |
| What is arbitration? | procedure in which a neutral person or panal listens to both sides of a dispute, weighs the evidence, & reaches a decesion |
| What is the differnce between nonbinding arbitration and binding arbitration? | in binding arbitration both parties agree in advance that the arbitrators decesion will be final and in nonbinding arbitration you do not have to abide the decesion |
| Is going to court or mediation and arbitration more money? | going to court |
| What are the 3 ways to take legal action? | small claims court, lawsuit, and class action suit |
| What is small claims court? | court of law in which disputes involving sums under a certian amount are resolved by a judge & are usually less strict than normal court because you don't need a lawyer |
| How would you go about filing a lawsuit? | you would hire a lawyer and file a lawsuit in regular court usually if your claim is valid and large |
| What is a class action suit? | a lawsuit filled on behalf of a group of people who all have the same complaint |
Created by:
ClaireMass