Financial Literacy Final Study Guide
questions & answers rated A+
class action suit - ANS ✔✔a legal action on behalf of all the people who have suffered the same
injustice
arbitration - ANS ✔✔resolving a conflict between a consumer and a business through an
impartial third party whose decision is legally binding
fraud - ANS ✔✔dishonest behavior practices that are meant to deceive, trick, or gain an unfair
advantage
rebate - ANS ✔✔a partial refund of the price or purchase
impulse buying - ANS ✔✔purchasing items at the spur of the moment
small claims court - ANS ✔✔a court that deals with legal disputes that involve amounts below a
certain limit
mediation - ANS ✔✔the attempt by a neutral third party to resolve a conflict between a
costumer and a business through discussion and negotiation
warranty - ANS ✔✔a separately purchased agreement by the manufacturer or distributor to
cover the costs of recovering a purchased item
unit pricing - ANS ✔✔the use of a stndard unit of measurement to compare the prices of
packages that are different sizes
, open dating - ANS ✔✔a labeling method that indicates the freshness of a perishable product
document - ANS ✔✔record or write down
service contract - ANS ✔✔a written gurantee from the manufacturer or distributor that states
the conditions under which the product can be returned, replaced, or repaired
down payment - ANS ✔✔a portion of the total cost of an item that must be paid at the time fo
the purchase
credit - ANS ✔✔An arrangement to recieve cash, goods, or services now and pay for them in
the future
creditor - ANS ✔✔An entity, such as financial institutions, merchants, or individual, that lends
money
line of credit - ANS ✔✔The maximum amount of money a creditor will allow a credit user to
borrow
grace period - ANS ✔✔A time period during which no finance charges will be added to you
account
finance charge - ANS ✔✔The total dollar amount you pay to use credit
annual percentage rate (APR) - ANS ✔✔The cost of credit on a yearly basis, expressed as a
percentage
questions & answers rated A+
class action suit - ANS ✔✔a legal action on behalf of all the people who have suffered the same
injustice
arbitration - ANS ✔✔resolving a conflict between a consumer and a business through an
impartial third party whose decision is legally binding
fraud - ANS ✔✔dishonest behavior practices that are meant to deceive, trick, or gain an unfair
advantage
rebate - ANS ✔✔a partial refund of the price or purchase
impulse buying - ANS ✔✔purchasing items at the spur of the moment
small claims court - ANS ✔✔a court that deals with legal disputes that involve amounts below a
certain limit
mediation - ANS ✔✔the attempt by a neutral third party to resolve a conflict between a
costumer and a business through discussion and negotiation
warranty - ANS ✔✔a separately purchased agreement by the manufacturer or distributor to
cover the costs of recovering a purchased item
unit pricing - ANS ✔✔the use of a stndard unit of measurement to compare the prices of
packages that are different sizes
, open dating - ANS ✔✔a labeling method that indicates the freshness of a perishable product
document - ANS ✔✔record or write down
service contract - ANS ✔✔a written gurantee from the manufacturer or distributor that states
the conditions under which the product can be returned, replaced, or repaired
down payment - ANS ✔✔a portion of the total cost of an item that must be paid at the time fo
the purchase
credit - ANS ✔✔An arrangement to recieve cash, goods, or services now and pay for them in
the future
creditor - ANS ✔✔An entity, such as financial institutions, merchants, or individual, that lends
money
line of credit - ANS ✔✔The maximum amount of money a creditor will allow a credit user to
borrow
grace period - ANS ✔✔A time period during which no finance charges will be added to you
account
finance charge - ANS ✔✔The total dollar amount you pay to use credit
annual percentage rate (APR) - ANS ✔✔The cost of credit on a yearly basis, expressed as a
percentage
