click below
click below
Normal Size Small Size show me how
JC Bus. chapter 12
Household Expenditure
Term | Definition |
---|---|
Buying goods on credit | Receiving goods now but paying for them later |
Renting | The consumer pays for the use of a particular good for a short or long period of time without ever owing the good. |
Credit cards/Store cards | By using store cards and credit cards, the consumer receives up to one month's credit before they have to pay for the goods and services they purchased. |
Hire Purchase | Hire purchase is used by households to purchase goods such as fridges, home computers, AV equipment, etc. It involves 3 parties the buyer, the seller and the financial institution. |
Cash Purchase | With a cash purchase, the goods and services are paid immediately with notes and coins, laser card, smart card and by cheque. |