Unit 5 PSM Test Review (DG MK08)

A promise or guarantee given to a customer that a product will meet certain standards

• Credit

• Warranty

• Bet

• Insurance

A warranty clearly stated in writing or offered verbally to encourage a customer to make a purchase.

• Implied Warranty

• Full Warranty

• Extended Warranty

• Express Warranty

A written guarantee that if a product is found to be defective within the warranty period, it will be repaired or replaced at no cost to the purchaser.

• Full Warranty

• Half Warranty

• Limited Warranty

• Implied Warranty

A written guarantee that may exclude certain parts of the product from coverage or require the customer to bear some of the expense for repairs resulting from defects.

• Half Warranty

• Full Warranty

• Limited Warranty

• Implied Warranty

A warranty that takes effect automatically by state law whenever a purchase is made.

• Implied Warranty

• On the Spot Warranty

• Limited Warranty

• Express Warranty

A statement that contains exceptions to and exclusions from a warranty.

• Warnings

• Disclaimer

• Informative Warranty

• Demand Warranty

Loaned money in exchange for the promise to pay later.

• Credit

• taxes

• revolving account

• promise to pay

A time-payment plan that allows for payment over a period of time such as a house note or car note

• revolving account

• promise to pay

• installment account

A seller’s promise that the product sold is fit for its intended purpose.

• Guranteed Warranrty

• Warranty of Merchantability

• Implied Warranty

A warranty that is used when the seller advises a customer that a product is suitable for a particular use, and the customer acts on that advice

• Warranty of Profitability

• Implied Warranty

• Express Warranty

• Warranty of fitness for a particular purpose