Consumer Law
What does CGA stand for?
Consumer guarantees act
What is WOF short for?
Warrant of fitness
Name a bank in NZ
Asb, an, kiwibank, westpac etc
Is debt always bad?
No
What is a wage?
Receiving income per hour
What is the difference between goods and services
Goods are physical and services and intangible
What is a flatmate?
A person who shares a rental property with one or more individuals
What does USD stand for?
United states dollar
What does OCR stand for?
Official cash rate
Name one government transfer payment
Jobseekers support, childcare support etc
What are the three Rs in the CGA?
Refund, replace and repair
What is third party car insurance?
Covers damage and injuries you cause to other people and their property in an accident
What is interest?
Cost of borrowing or reward for saving
What is an overdraft?
Banks allowing you to spend more money than you have in your account
What is Kiwisaver?
Government program where employees and businesses contribute a percentage amount of their income to save for retirement
Give an example of something that is legal but unethical
Eg testing products on animals
Why would someone need a more extensive health insurance plan?
They need to visit a specialist, history of medical conditions or a dangerous job
How much money would I have at the end of one year if I invested $200 with an interest rate of 5%
200 x 1.05 = 210
What is hire purchase?
Buying something and paying for it in increments later
What is the taxcode for someone who has one job and a student loan
MSL
Name three guarantees in the CGA
Acceptable quality, fit for purpose, good legal tittle, reasonable price
What is whole life policy? And what else can it be used for?
Life insurance that provides cover for your entire life. It can be used as an investment
What is compound interest?
Earning interest on your interest
What is the difference between fixed and floating rate?
Fixed is set for a fixed period of time and floating rate change from time to time.
What is the difference between gross earnings and net pay?
Gross earnings is your income before expenses such as PAYE and kiwisaver