Comparison Shopping
The practice of comparing the price of products or services from different vendors before buying, often to find the best deal or price.
What is comparison shopping?
A voucher providing a discount for a particular item when purchased.
What is a coupon?
A document acknowledging that a person has received money or property after a sale.
What is a receipt?
A type of bank account that allows a person to deposit and withdraw their money.
What is a checking account?
A card issued by a bank allowing the owner to transfer money electronically to another bank account when making a purchase.
What is a debit card?
Before you begin to comparison shop, you should...
Decide what features you want and what your budget is.
A deduction from the usual cost of something.
What is a discount?
A mandatory financial charge that the government adds to the cost of some goods, services, and transactions.
What is a tax?
An amount of money you add to a bank account.
What is a deposit?
A card that is loaded with a specific cash amount and can only be used at a SPECIFIC store.
What is a gift card?
Should you do more comparison shopping for a box of donuts or a pair of running shoes?
A pair of running shoes.
An opportunity that encourages you to purchase a specific item (eg a discount).
What is a sale or promotion?
A sum of money (added to the bill total) given by a customer to a waiter or waitress for their service.
What is a tip?
An amount of money you take out of a bank account.
What is a withdrawal?
A card that is loaded with a specific cash amount and can be used at ANY store.
What is a prepaid card?
Name two resources you can use to comparison shop.
Internet, Consumer Reports magazine, friends and family, sales representatives.
Why do stores offer promotions and sales?
Great deals convince customers to buy things they don't need and stay loyal to the store or brand.
Name a piece of information you would usually see on a receipt.
Date and time of purchase; total cost; tax and tip.
The monthly record of your account transactions sent to you by your bank.
What is a bank statement?
An online process that allows you to send money directly from your checking account to another person using a username, email address, or cell phone number.
What is a peer-to-peer payment app (PayPal, Venmo, CashApp, etc.)?
What do you need to think about when comparison shopping besides price?
Quality and features.
Mrs. Darnell has a 25% off coupon for a $40 dress. How much will the dress cost if she uses the coupon?
$30
Why might you want to keep a receipt?
Returns and exchanges; gift receipts; budgeting; check that bank and credit statements are correct.
What do you need in order to open a checking account?
An ID and proof of address.
Name a situation in which you would use a peer-to-peer payment app.
To repay a friend, etc.