The rights of a customer and the responsibilities of a supplier

Complaining about faulty goods or service is never easy. Most people dislike making a fuss. However, when you are shopping, it is important to know your rights.

When your buy something from a shop, your are making a contract. This contract means that it’s up to the shop - not the manufacturer - to deal with your complaints if the goods are not satisfactory.

The goods must not be broken or damaged and must work properly. This is known as “merchandise quality”.

The goods must be as described.

The goods should be fit for their purpose.

If the shop sells a customer faulty goods, it has broken its side of the bargain.

If goods are faulty when a customer first inspects or uses them, he should go back to the shop, say that he cancels the purchase and should ask for complete refund. If he prefers, he can accept a repair or a replacement.

If goods break down through no fault of a consumer, after he has used them for a time, he may still be entitled to some compensation. In some cases it would be reasonable to expect a complete refund. The customer and the supplier must negotiate a reasonable settlement.

There are four golden rules:

Examine the goods your buy at once. If there are faulty, tell the seller quickly.

Keep any receipts you are given. If you have to return something, the receipt will help to prove where and when you bought it.

Don’t be afraid to complain. You are not asking a favour to have faulty goods put right. The law is on your side.

Be persistent. If your complaint is justified, it is somebody’s responsibility to put things right.

Costs of economic growth. Labor problems.

One of the advantages of economic growth is the creation of new jobs. Some people have jobs that did not exist 20 years ago. Part of them makes their living operating the computers. Millions of workers have jobs that computers have made easier.

However, the introduction of computers spelled unemployment for many workers, for example for typesetters. It also cut the managers’ stuff, make the management easier. Unemployment is the most undesirable consequence of economic growth. Unemployment causes social and economic problems.

Social problems are that unemployeds who have been mild mannered loose their temper. They feel they are unnecessary.

Those who lost their jobs being in their forties or fifties hardly ever find new full-time job with a former salary. Many of the workers take jobs delivering flowers, polishing glass, stock-clerking, or driving taxes. Others do such odd jobs as painting and home repairs to earn income. Some of them try retraining programs, but find that employers are reluctant to hire older, experienced persons as beginners.

Retraining in new skills is only one solution to the problem, and not a simple one. Retraining is more useful to the young than to the old.

1.1.2.

№ 21. Annual report of a company.

Just as teachers send out report cards to the Dean’s office each term, corporations issue annual reports summarizing the progress made last year. Stockholders and potential investors use the annual report to evaluate the performance of corporation.

The annual report is a message to the stockholders-the owners-of a corporation from the corporate management. The report tells the stockholders the company’s financial status at the end of the fiscal year and what the management sees for the future. Also, the annual report fulfils a legal requirement. The Securities and Exchange Commission a federal agency in the USA requires corporations to publish financial information about their firm. With such information, investors can make educated decisions.

Annual reports of company generally are divided into two sections. The first section contains a letter to the stockholders from the chief executive officer of a company. Accompanying this letter summarising the company’s performance is a chart of financial highlights. Also frequently included in the first section is an overview of the company’s organization. The second section includes statistics on the company’s performance. Most of the information appears in charts and graphs.

For example, the balance sheet is a chart that includes the assets (items of value the company owns) and it’s liabilities (debts or claims against the assets of the company). The balance sheet represents the financial picture of the firm at the instant in time. The income statement shows the profit or loss of the company for the year. This chart reports the income the company received from sales, interest, and other sources. The operating costs – salaries, advertising, maintenance – deducted from income total the profit or loss. The statement of stockholders’ investment, or equity includes information on the company’s stock such as number of shares outstanding and issued.

Various parts of the annual report can be used to determine whether a company is profitable. In addition to reporting on this current year, most companies include in their annual reports comparisons of the current year and the prior year’s financial information. Also important to stockholders and investors is the company’s return on sales. For example, if a firm sold $1 mln. worth of its products and its profit was $100,000; return on sales would be 10%.

So we can say that annual reports help us to understand financial status of the firm in the end of the fiscal year and to make educated decisions- invest in company our capital or not.

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