Consumer Protection Agencies

PotpourriConsumer

Bill of Rights

BudgetingFinancial

Statements

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1-100 q

This third party company maintains an objective view for consumers, but their services aren’t free.

1-100 a

What is Consumer Reports

2-100 q

This is owned by a larger company and usually associated with a logo, slogan, mascot, or phrase.

2-100 a

What is a brand

3-100 qThis is the first right of consumers.

3-100 a

What is the right to be informed.

4-100 qThis refers to money set aside for a specific expense each month, not necessarily something you get from your parents every week.

4-100 aWhat is an allowance

5-100 q

This common financial statement reports on incomes and expenditures.

5-100 a

What is an income statement

1-200 qThis government ‘administration’ oversees new medicine entering the market

1-200 aWhat is The Food and Drug Administration

2-200 qWhen shopping by these, you are looking for the lowest cost per weight or volume

2-200 aWhat are unit prices

3-200 qConsumers uniting to demand fair treatment is known as this.

3-200 a

What is the consumer movement

4-200 q

This type of expense changes from month to month. It is a little bit harder to budget for.

4-200 a

What is a variable expense

5-200 q

This statement measures the inflow and outflow of monies for a family or business

5-200 aWhat is a statement of cash flows

1-300 q

This is one of the things that consumer agencies protect against. It is similar to false advertising.

1-300 aWhat is fraud

2-300 qThis type of record proves ownership to a house and is important to keep with other financial records.

2-300 aWhat is a deed

3-300 q

This is a form of a guaranteed safety that is usually not written or advertised on a package

3-300 aWhat is an implied warranty

4-300 q

This is similar to a discrepancy and can happen when a person or family spends significantly more or less than they planned.

4-300 aWhat is a budget variance

5-300 qAfter making some financial statements, you could calculate this for yourself, which is total assets minus total liabilities. Mr. Mursewick’s is very negative.

5-300 aWhat is Net Worth

1-400 qThis organization has regional offices that will field and investigate consumer complaints. It is abbreviated BBB.

1-400 aWhat is the Better Business Bureau

2-400 qWhen a group of consumers is wronged by the same company due to similar circumstances, they can come together as a group and file one of these.

2-400 aWhat is a class action lawsuit

3-400 qThis type of guarantee is written down and states exactly what the company will stand behind.

3-400 aWhat is an express warranty

4-400 qThis type of expense, like a mortgage payment or rent does not change from month to month.

4-400 aWhat is a fixed expense

5-400 qThis statement lists assets on the left side and liabilities on the right side, just like they appear in the accounting equation.

5-400 aWhat is a balance sheet

1-500 qWhen shopping, consumers should be wary of this. Also called a purchase of a product on a whim.

1-500 aWhat is an impulse buy

2-500 qThis is how the jury initially decided how much money to award Stella Liebeck after she spilled coffee on herself

2-500 aWhat is they doubled the one day revenue of McDonald’s coffee sales (answers may vary)

3-500 qThis third consumer right was not violated for Stella Liebeck. She could have easily gone to Burger King that morning.

3-500 aWhat is the right to choose

4-500 qThis is a place where people can save and budget money for when they are done working in life. It is a tax-deferred account.

4-500 aWhat is an IRA or Individual Retirement Account

5-500 qWhen making financial statements, this occurs when two records do not agree.

5-500 aWhat is a discrepancy