Section 5.1 Vocabulary
Financial Freedom (Missed it?)
The ability to make a decision without worrying about Financial Constraints (to hold back).
i.e. Like say you're going on vacation you don't want to hold back
Video- How to Think Like a Millionaire to Achieve Financial Freedom
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning financial freedom.
2.0: In your own words (not the teacher's), define financial freedom.
3.0: Identify a choice that hurts your ability to be financially free.
4.0: Explain why you think (opinion) most Americans are not Financially Free. Research your opinion and provide evidence from what you find to back up your opinion.
Product Liability
The legal responsibility that a manufacturer has for selling or producing a faultyproduct.
i.e. - McDonald's Coffee Case
Video- What is Product Liability?
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning Product Liability.
2.0: In your own words (not the teacher's), define Product Liability.
3.0: Name a product from https://www.cpsc.gov/Recalls and describe the specific reasoning behind its recall.
4.0: Consider the following scenario: Finn's month-old smartwatch alarm feature stopped working unknowingly. Finn missed an important event because of the lack of a notification. This resulted in the loss of a large amount of income for Finn. Provide a viewpoint from the producers' side and a viewpoint from the consumer side as to why either side should be held liable. Then be the judge and make your decision about who should be held liable.
Product Recall
A request to return a product that has a known defect that could endanger the consumer.
i.e. - Polaris Off-Highway Vehicle was taken off the market for having fire hazards.
Video - Product Recall
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning Product Recall.
2.0: In your own words (not the teacher's), define Product Recall.
3.0: Name two common household products that have been recalled in the within the last couple weeks. Identify where you found this information. (You will need to use a source already provided to you elsewhere to access these...)
4.0: Research/Find a case (other than Ford's & McDonalds) where a product was recalled. Determine how much was spent to fix the problem. Based on your opinion of your research, did they act soon enough (& why) and was the issue something that could have reasonably been taken care of prior to the release of the product (& why)?
Payday Lender (Missed It?)
A company that provides loans at a high-interest rate, with a promise of repayment upon your next payday.
i.e. - Payday Loans in Nebraska, Payday Express
Video - Payday Loan Explained
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning Payday Lending
2.0: In your own words (not the teacher's), define Payday Lender.
3.0: According to the video shown in class, when you think you need to get a payday loan, what are 2 (or more) things you should do?
4.0: Read some reviews that people have left of some local PayDay lenders. Take note of one 5-star review and one 1-star review. With detail, describe what is similar between these people and what is different about them. (Please include which store and website you used for reviews)
Interest Rate
A yearly percentage of the debt paid for borrowing money.
i.e. - If you borrow $500, and there is a 10% interest rate, you will have to pay back $550.
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning Interest Rates
2.0: In your own words (not the teacher's), define Interest Rate.
3.0: If the interest rate is 15%, provide an example of when this is good for the consumer, and an example of when this is bad for the consumer.
4.0: Provide mathematical examples that show the difference between simple interest and compound interest. (You most definitely need to show your work to prove this point.)
Video - What are Interest Rates?
Section 5.2 Vocabulary
CPL
Consumer Protection Laws;
Laws designed to protect the rights of consumers, safety, fair trade and competition.
i.e. - The Competition Act of 2002, The Prevention of Food Adulteration Act of 1954
Video - Consumer Protection
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning CPL's.
2.0: In your own words (not the teacher's), define CPL's.
3.0: Name and explain a real Federal law that protects consumers (other than the example given above). (May require googl'ing.)
4.0: (To be completed after all other 4.0's) Which Rights & Responsibilities have you not used as answers to being covered by the CPA, FDA and FTC? Based on those rights and responsibilities, identify how the CPSC (google it) helps ensure those rights and responsibilities.
BBB
Better Business Bureau;
A non-profit agency that recommends businesses brands and charities that can be trusted to provide goods and services.
i.e. - Wendy's, Arby's and Domino's Pizza are all businesses that have been reviewed by the BBB.
Video- What Is The Better Business Bureau?
https://money.cnn.com/news/companies/bbb-ratings/
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning the BBB.
2.0: In your own words (not the teacher's), define the BBB.
3.0: How should the lack of a BBB recommendation effect a consumer? Make sure to explain your answer.
4.0: Read this article. There are 4 bolded statements, followed by a couple paragraphs explaining it. Summarize each section into 1 detailed sentence.
CPA
Consumer Protection Agency;
A state agency that creates CPL's and enforces CPL's to give consumers access to seek reconciliation for damages.
Video- Consumer Protection Agencies
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning CPA.
2.0: In your own words (not the teacher's), define CPA.
3.0: How -AND who- would you contact to seek to make things even within the CPA?
4.0: Which 3 Rights & Responsibilities are covered the most by the CPA? Provide a well-explained reason for each.
FTC
Federal Trade Commission;
A federal agency that creates and enforces laws upon producers with the purpose to maintain free and open markets.
Video- A Brief History of the Birth of the Federal Trade Commission
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning the FTC
2.0: In your own words (not the teacher's), define FTC.
3.0: What role does the consumer have with the FTC?
4.0: Which 3 Rights & Responsibilities are covered the most by the FDC? Provide a well-explained reason for each.
FDA: (Food and Drug Administration) A federal agency that upholds safety standards on the food and drug industry.
i.e. - Shearer's Foods, LLC puts out an Allergy Alert due to unstated Soy and Milk in their No Salt Added Kettle Cooked Potato Chips.
EQ - What is a common sentence that the FDA might say to consumers?
Video- Introduction to the US Food and Drug Administration (FDA)
How far are you in your understanding? I can:
1.0: Write a factual statement (not definition) concerning
2.0: In your own words (not the teacher's), define
3.0: What is a common sentence that the FDA might say to consumers?
4.0: Which 3 Rights & Responsibilities are covered the most by the FDA? Provide a well-explained reason for each.