Unit 3: Consumer Protection and Budgets

Which of the following is not a disadvantage to online shopping?

• Waiting for the product to arrive

• Hassle to return the product

• Convenient (always open 24/7/365)

• Can't try on the product or test a product

Debt that is paid off within one year, such as medical bills or a credit card bill:

• Long Term Liability

• Current Liability

• Equity

• Liquid Asset

Financial situation that occurs when you spend more money than you make

• Budget

• Surplus

• Cash flow

• Deficit

Purchasing items at the spur of the moment

• Comparison shopping

• Impulse buying

• Unit pricing

• Timing purchase

The debts that you owe

• Surplus

• Income

• Net worth

• Liabilities

Any item of value that a person or company owns

• Deficit

• Expense

• Asset

• Liability

A process whereby a dispute between a customer and a company is solved by an impartial third party whose decision is legally binding

• Conversation

• Arbitration

• Mediation

• Fraud

Money that is left over after paying the essentials (like food, water, clothing, transportation, and shelter)

• Discretionary income

• Insolvency

• Deficit

• Net Pay

Independent government agency that promotes consumer protection, handles reports of fraud, and the elimination of anti-competitive business practices and monopolies

• BBB

• FCC

• FTC

• CPSC

Financial state where deficits is greater than your earnings

• Surplus

• Insolvency

• Liability

• Budget