Exam 3, part 2 | CTE 3808 - CONS IN COM MKTPLC, Quizzes of Production and Operations Management

Download Exam 3, part 2 | CTE 3808 - CONS IN COM MKTPLC and more Quizzes Production and Operations Management in PDF only on Docsity! TERM 1 Underutilization DEFINITION 1 -where consumers use a product, but only to a small fraction of the extent to which they intended to use it. -impulsiveness -sale purchases -function problems -manufacturing problems -self-consciousness -loss of interest -lifestyle changes TERM 2 Bounded Rationality DEFINITION 2 -a limited capacity for processing information TERM 3 Service Contract DEFINITION 3 -provides repair and/or maintenance for a specific time period TERM 4 Cross Selling DEFINITION 4 -taking consumer complaints as an opportunity to sell more products TERM 5 2-11 DEFINITION 5 -the primary toy market is children between the ages of... TERM 6 One Price System DEFINITION 6 -one price for one product or service TERM 7 FAA (Federal Aviation Adminstration) DEFINITION 7 -information on regulations and on certification of pilots TERM 8 FTC (Federal Trade Commission) DEFINITION 8 -complaint filing, free information on consumer issues TERM 9 OSHA (Office of Safety and Health Administration) DEFINITION 9 -regulates office buildings TERM 10 FCC (Federal Communication Commission) DEFINITION 10 -regulates what ads are shown on children's television TERM 21 Chapter 11 Bankruptcy DEFINITION 21 -when your business is going under TERM 22 House DEFINITION 22 -what you spend most of your income on TERM 23 Censorship DEFINITION 23 -an attempt to control or the act, process, or policy of control TERM 24 Privacy DEFINITION 24 -state of an individual or group which keeps information about their lives and activities from public consumption. TERM 25 Shopbots DEFINITION 25 -intelligent agent programs that scan the internet and compile the information they are asked to locate in a format convenient TERM 26 Paper Consumption DEFINITION 26 -environmental impacts on the internet TERM 27 Rent DEFINITION 27 -payment for the use of property TERM 28 Security Deposit DEFINITION 28 -payment required by the landlord in advance to cover wear and tear of the unit TERM 29 Lease DEFINITION 29 -legal document between the renter and landlord describing the rights and responsibilities of both TERM 30 Newlyweds DEFINITION 30 -the ultimate consumer -buy more in their first six month than most do in 5 years of settlement TERM 31 Change Points DEFINITION 31 -surges at different times of the year TERM 32 Illiquid Asset DEFINITION 32 -difficult to sell readily to get cash TERM 33 10-20% of Income DEFINITION 33 -typical down payment on a home TERM 34 Mortgage DEFINITION 34 -loans to purchase real estate in which the real estate serves as collateral, are what remains after the down payment is subtracted from the purchase price TERM 35 PITI DEFINITION 35 -principal, interest, takes, insurance TERM 46 Financial Management Process DEFINITION 46 - 3 step process 1.Settling and prioritizing financial goals and creating plans 2. Activating plans 3. Evaluating and revising plans TERM 47 Debit Cards DEFINITION 47 -allow customers access to their funds electronically in places like grocery stores TERM 48 Financial Planner DEFINITION 48 -looks at person or family's total financial picture, helps that person or family define and prioritize goals, and then works out a plan to achieve those goals TERM 49 Certified Financial Planner DEFINITION 49 -legitimate and well trained -must take rigourous examinations and required 3 years of practical experience and the code of ethics TERM 50 Loans DEFINITION 50 -sums of money lent at interest TERM 51 Insurance DEFINITION 51 -financial arrangement between individuals and insurance companies to protect against loss or injurt TERM 52 Deductibles DEFINITION 52 -amounts policy holders pay toward a loss before insurance coverage begins TERM 53 Perils DEFINITION 53 -events such as car accidents that cause financial loss TERM 54 Premium DEFINITION 54 -auto insurance payments TERM 55 Medicaid DEFINITION 55 -federal health care program for low income people who qualify TERM 56 Medicare DEFINITION 56 -federal health insurance program for people 65 or older and for many people with disabilities TERM 57 Investment DEFINITION 57 -commitment of funds to long term growth -purpose to build and maintain wealth TERM 58 Americans DEFINITION 58 -1/3 say they are rushed -no time TERM 59 Divorce DEFINITION 59 -the dividing of assets TERM 60 5% DEFINITION 60 -americans save this percentage of their income -but need to save 10%