Consumer & Economy
Buying something you didn’t plan to buy because you suddenly wanted it.
impulse buying
This consumer right allows you to get compensation or a repair if a product is faulty.
redress
This tax deduction pays for social welfare benefits in Ireland.
PRSI
The total amount earned before deductions.
Gross Pay
Money paid for borrowing money.
interest
something that costs less at first but results in more money being spent later.
false economy
A written promise that a product will work for a certain amount of time.
guarantee
This tax charge supports health services and applies to income
USC
Gross pay is usually made up of these two parts.
basic pay and overtime
This means taking money from a bank or lender that must be repaid.
Borrowing
The process where businesses operate and trade around the world.
globalisation
This court handles smaller legal disputes involving consumers.
Small Claims Court
This reduces the amount of tax you must pay
Tax Credit
These are taken out of wages before the employee gets paid.
Deductions / taxes
Tax charged on interest earned from savings
DIRT
A business that operates in many countries is called this type of company.
global company
This organisation protects competition and consumer rights in Ireland
CCPC
Being paid based on the number of hours worked is called this.
Time Rate
Name two deductions found on a wage slip.
PAYE, PRSI, USC, or tax credits
Why is understanding interest important when borrowing money?
knowing the total cost of a loan / avoiding debt
Name one danger of impulse buying
overspending / wasting money / buyer’s regret
Name the Act that protects consumers in relation to merchantable quality, fit for purpose, as described, match the sample.
Sale of Goods And Supply Of Services Act 1980
Name two other ways workers can be paid besides time rate.
piece rate, flat rate, or commission
The amount a worker takes home after deductions.
net pay
If a person borrows money to buy a car, what is the name of the money they must repay to the bank?
loan