ℬ𝓊𝓈𝒾𝓃ℯ𝓈𝓈 1

Question 1

Name 4 financial household resources

Answer 1

Wages/salary
Jobseekers benefit
Savings
Credit card

Question 2

Name 4 physical household resources

Answer 2

Accommodation
Public transport
Fast broad bands
Fuel for light and heat

Question 3

Name 4 “other” household resources

Answer 3

Free education in:
Preschool
Primary
Secondary
Free GPcare for u6 (u8 in 2020)

Question 4

Explain what a need is

Answer 4

A need is something that is necessary for survival

Question 5

List 4 needs

Answer 5

Food
Water
Accomodation
Electricity

Question 6

Explain what wants are

Answer 6

Wants are things you would life to have, but most of which you can do without

Question 7

List 4 wants

Answer 7

Phone
Mansion
Car
Laptop

Question 8

What is a resource?

Answer 8

Resources are things that help people achieve a goal

Question 9

Name 5 financial resources

Answer 9

Savings
Pocket money
Part-time earnings
Presents
Awards/grants

Question 10

Name 5 physical resources

Answer 10

Clothes
Scooter
Computer
Musical instrument
Sports gear

Question 11

Name 5 skill and hobby resources

Answer 11

Creativity
Reading
Writing
Musical training
Debating

Question 12

Name 5 personal resources

Answer 12

Support of parents
Support of teachers
Community
Library
School clubs

Question 13

Explain what a consumer is

Answer 13

A consumer is a person who purchases goods and services for personal use

Question 14

Explain what a producer is

Answer 14

Anyone who supplies or makes goods or services

Question 15

List4 things a “wise consumer” would do

Answer 15

Compares similar products
Is it value for money?
Is it good quality?
Can i afford it?

Question 16

Explain what a false economy is

Answer 16

A false economy is a situation where we buy something that costs less than other brands or seems better value but turns out to be more expensive in the long run

Question 17

Explain what scarcity is

Answer 17

The demand for a good or service being greater than the availability of the good or service

Question 18

Explain financial cost

Answer 18

Mortgage interest and interest on loans to buy a furnishing and such alike (the money you actually spent)

Question 19

Explain opportunity cost

Answer 19

The loss of other alternatives when one alternative is chosen

Question 20

Name the two main laws for consumer rights

Answer 20

The Sale of Goods and Supply Services Act of 1980

The Consumer Protection Act 2007

Question 21

Name the 7 laws of The Sale of Goods and Supply Services Act of 1980

Answer 21

Of merchantable quality
As described
Fit for purpose
Corresponds to sample

Provided by someone who has the necessary skills and qualifications

Provided with necessary care and attention

Carried out using goods and materials of merchantable quality

Question 22

Name the 6 laws of The Consumer Protection Act 2007

Answer 22

To sell goods that have a false or misleading description

Make misleading claims about goods,service prices, unfair, aggressive or misleading commercial practices

To leave out important information about a product

To make false claims about ingredients, performance and weight of products

Make false statements about pricing, previous prices, actual prices and recommended prices of goods must be stated correctly

Harass or unduly influence a consumer

Question 23

Letter of complaint

Answer 23

Stop using the item

Contact the seller (make sure you have a receipt)

Tell them about the problem

Ask for preferred redress

Seek help of a third party (the national consumer agency -ccpc)

Sue to small claims court or report (only if seller refuses to cooperate)

Question 24

what is unit pricing?

Answer 24

Unit pricing helps consumers compare prices and find the best value for money.

Question 25

name 3 different kinds of expenditure

Answer 25

fixed
irregular
discretionary

Question 26

explain what fixed expenditure is

Answer 26

These are regular payments where the amount paid does not vary e.g. rent or mortgage payment

Question 27

explain what irregular expenditure is

Answer 27

This is where the timing and /or amount of spending will vary

Question 28

explain what discretionary is

Answer 28

Non-essential spending, this is spending on wants rather than needs