Consumers
Sarah orders food using an app instead of cooking because it is faster and easier. Which factor has influenced Sarah's decision?
convenience
Define a contract
Legally binding document between two or more people/ parties. It can be written or verbal
A plan that helps manage your financial decisions is known as a?
Budget
A product breaks after 2 days. What are the three forms of redress could apply?
Repair, refund, replacement
What is the main risk of using a credit card?
Increased debt due to interest charges
A toy company designs products specifically in colours traditionally associated with boys and girls. Which factor is influencing this decision?
Gender
This scam/scheme involves you paying a joining fee with the opportunity of earning quick and easy money as you recruit new members. However, most participants will lose their money.
Pyramid Scheme
What is your left over money called after bills and debts are paid? (2 word answer)
Disposable income
Name one state and one federal consumer protection agency
NSW Department of fair trading, ACCC (Australian competition and consumer commission)
What is one Advantage and one Disadvantage of using Afterpay
Advantages =pay off over time, no fees or interest if paid on time
Disadvantages = easy to overspend, can give a bad credit rating, high interest fees for late payments
What is the official legal term for online trading and shopping?
E-commerce
Some ads use words that are distorted (wrong) or claim that a product has some specific quality when it does not. Such actions convey a false impression of the exact nature of the product. What is this type of advertising called?
Misleading and deceptive advertising
What are the four types of resources?
Land (Natural resource), Labour (Human resource), Capital and enterprise
A company offers store credit instead of a refund for a faulty product. Is this acceptable?
Usually NO. a consumer can choose the appropriate remedy for them (e.g replacement, refund)
What is the name of the sharemarket in Australia that lists the top 200 public companies called?
ASX200
Where are items taken to after they are made with the manufacturer?
The wholesaler
This illegal technique offers the consumer a ‘special deal’ if she or he buys the product and then supplies the names of potential customers to the trader. The ‘special deal’ usually takes the form of a discount or commission, which is not always paid.
Referral Selling
Distribution channels include wholesalers, retailers, distributors, and the Internet.
A financial advisor gives clients poor advice and fails to disclose risks which leads to consumers who have invested to lose a significant amount of money. Which protection agency would most likely investigate this issue?
ASIC
Rank the following currencies in order from strongest to weakest: AUD, USD, Euro, British Pound, Chinese Yuan
→ British Pound → Euro → USD → AUD → Chinese Yuan
Name the legislation (law) that protects consumers
Competition and Consumer Act 2010 (Cwlth)
This involves advertising a few products at reduced and, therefore, enticing prices to attract customers. When the advertised products quickly run out, customers are directed to higher priced items.
Bait and switch
Name 5 factors influencing consumer decisions
Customer service, price, convenience, marketing and advertising, gender, age, disposable income, social, environmental factors and cultural
What do the letters ACCC stand for?
Australian Competition and Consumer Commission
What does ATM stand for?
Automated Teller Machine