Show:
Simple Contracts
Factors influencing Consumer Decisions
Methods of Payment
Scams
Miscellaneous
100

What is an example of when someone might enter into a simple contract? 

Any time a consumer purchases a product or service (supermarket, fast-food, retail) 
100
How does income influence consumer purchasing decisions. 

Customers purchase things based on their income, and what they can afford 

100

Name two methods of payment 

Cash, Credit, After-pay, Debit 
100

A type of scam where a fake SMS is sent to your number 

Text message scam. 

100
An example of a good and service are 

Purchasing a soccer ball, getting your car washed. 

200

Define a simple contract 


A contract is a legally enforceable agreement

between two or more persons or parties.

200
How do age and gender influence consumer purchasing decisions?

Products and services are often targeted to a specific age or gender. People who are older or younger are interested and required different things, the same is true with gender. 

200

Why is Cash considered the safest method of payment 

Cash is a physical commodity. In emergencies and times without internet/mobile connections it is reliable and maintains value. 

200
Describe the Scam that Mr Acuna was almost victim of 

A plumbing company over quoted him for a simple job, trying to rip him off and charge more for a basic job. 

200

List a Pro and Con of purchasing online. 

Convenient, At more risk of scamming. (others are also acceptable) 

300
True of False, Acceptance is the last stage of a simple contract. 

False, Acceptance is the second feature. 

300

If someone is rude to me when purchasing a product what factor influencing consumer decisions is this referring to? 

Customer Service. 

300
To be legally binding a cheque must have (name one feature)
  • Name of the person you are going to pay.
  • Date you're writing it (needs to include day, month and year)
  • Amount you want to transfer in words, written in full and followed by the word 'only'
  • Amount you want to transfer in numbers (this must match the amount in words)
  • A signature from the person paying 
300

What is a tech support scam 

Scammers pretending to be IT support from Microsoft or Apple often use this technique to gain access to victims' computers.

300

What page numbers from the textbook did you read for yesterdays lesson 

31-34

400

List the three features of a simple contract

Offer, Acceptance, Consideration 

400

What is an example of how cultural factors influence consumer financial choices

Cultural foods or religious beliefs may encourage or discourage people from purchasing particular products. 
400
A credit card is particularly useful when 

A person needs access to money quickly for an emergency purchase that they do not have readily in their bank accounts. 

400

A romance scam is sometimes referred to as what

Catfishing or a catfish scam 
400

Why do countries not just print more money to make people richer? 

Supply and Demand. If too much money is in circulation it loses its value and becomes worthless.
500

What is the significance of the Carlill v. Carbolic Sm oke Ball Co. (1893) case 

It set a precedent that companies could not make false claims when advertising products. It made the case that companies can enter into legally binding contracts through advertisements. 

500

Without looking at your notes List at least 6 out of the 7 factors influencing customer decisions 

Convenience, Income, Age and Gender, Price, Cultural Factors, Marketing, Customer Service

500

What does the RAM make and why is this important in relation to cash

The RAM (Royal Australian Mint) makes the currency for Australians which is important in keeping cash in circulation  

500

Explain what a pyramid scheme is 

A pyramid scheme is a scam where people pay to join and make money only by recruiting others, rather than selling real products or services. It eventually collapses because there aren’t enough new recruits to support the earlier members, leaving most people with losses.

500

We watched an episode of an ABC show a few weeks ago that made fun of ads and social media influencers what was it called?

Gruen