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

Download Exam 3, part 3 | CTE 3808 - CONS IN COM MKTPLC and more Quizzes Production and Operations Management in PDF only on Docsity! TERM 1 Consumer Sentinel DEFINITION 1 site online to find whats going on with consumer products TERM 2 Main Consumer Problem DEFINITION 2 Identity Theft TERM 3 Most expensive cost in budget DEFINITION 3 Housing TERM 4 Typical House down payment DEFINITION 4 10-20% of the total price TERM 5 FCC (Federal communications commission) DEFINITION 5 Especially look at TV advertisements and programs for kids TERM 6 E-bay DEFINITION 6 largest online auction site TERM 7 FTC (Federal Trade Commission) DEFINITION 7 Regulates Advertisements & Protects consumers TERM 8 FAA (Federal Aviation Administration) DEFINITION 8 looks out in the sky; pilot information and regulations TERM 9 Risk of Government Bonds DEFINITION 9 Low Risk TERM 10 % of new cars leased DEFINITION 10 30% TERM 21 One-Price System DEFINITION 21 one price for one product or service (no bargaining) TERM 22 Cross Selling DEFINITION 22 Selling another brand when a customer doesn't like one or wants a complimentary item. Opportunity for greater sales TERM 23 Privacy DEFINITION 23 keeping peoples information about their lives and their activities away from public consumption TERM 24 Censorship DEFINITION 24 an attempt to control or the act, process, or policy of control TERM 25 invoice price DEFINITION 25 Cost to the dealer (car) TERM 26 PITI DEFINITION 26 Acronym for a mortgage payment; the sum of monthly principle, interest, tax, and insurance TERM 27 Sticker Price DEFINITION 27 Price of the car including transportation costs and market adjustments TERM 28 Lemon Laws DEFINITION 28 Laws that allow owners of new cars that repeatedly break down to get their money back or get it replaced TERM 29 Certified Divorce Planner DEFINITION 29 Splits up assets in a divorce and works with attorneys TERM 30 Chapter 11 Bankruptcy DEFINITION 30 Business goes under TERM 31 Chapter 7 Bankruptcy DEFINITION 31 eliminates all debt except tuition and child support TERM 32 Gifting DEFINITION 32 People's natural want to give things to people Used for people's natural drive to bond *Americans give an average of 6 Bday gifts/year TERM 33 Sunk Cost Fallacy DEFINITION 33 When you put money into something (i.e. football tickets) you tend to try to go. (regardless of rain, etc) TERM 34 Chapter 13 Bankruptcy DEFINITION 34 eliminates some of the debt, but some still has to be paid TERM 35 Cramming DEFINITION 35 Phone Companies adding unexplained charges to bills for services never ordered or authorized TERM 46 years of potential life lost DEFINITION 46 life expectancy- age at death TERM 47 Right to cure laws DEFINITION 47 laws stating that homeowners can allow a builder to correct problems before they take legal action TERM 48 Digital Divide DEFINITION 48 the internet is not equally accessible to all TERM 49 Shopbots DEFINITION 49 browser-based shopping assistants that scan the internet and compile info they are asked to locate TERM 50 Market space DEFINITION 50 the internet realm in which buying and selling take place TERM 51 Strong Encryption DEFINITION 51 the ability to achieve unbreakable confidentiality TERM 52 E-Consumerism DEFINITION 52 Actions of consumers or their agents to protect and promote consumer interest and to seek empowerment in the context of the electronic marketplace TERM 53 Consumer Unit DEFINITION 53 members of a household related by blood, marriage, adoption or other legal arrangement; also people who live together and pay bills together TERM 54 Rent DEFINITION 54 payment for the use of property TERM 55 Security Deposit DEFINITION 55 payment required by landlord in advance to cover wear and tear of a unit TERM 56 illiquid asset DEFINITION 56 difficult to sell readily to get the cash i.e. houses TERM 57 Mortgages DEFINITION 57 loans to purchase real estate in which the real estate serves as collateral TERM 58 Net worth DEFINITION 58 Assets-Liabilities TERM 59 Assets DEFINITION 59 what is owned TERM 60 Liabilities DEFINITION 60 What is owed