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Business > Ch 4- Smart Shopping > Flashcards

Ch 4- Smart Shopping Flashcards

Chapter 4- Personal Finance

1
Q

What are consumer needs?

A

Things that we cannot live without e.g. clothes, food, accommodation

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2
Q

What are consumer wants?

A

Things that we would like to have, but aren’t essential

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3
Q

What is a budget?

A

a plan of how much money you are prepared to spend

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4
Q

What is false economy?

A

When we purchase a cheaper product, but it turns out to be more expensive in the long term.
e.g. buying cheap batteries that go flat within 2 hours instead of buying slightly more expensive batteries that last for 20 hours.

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5
Q

What is unit price?

A

the price of a single amount of something

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6
Q

What is the calculation for unit price?

A

price divided by quantity

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7
Q

What is a brand?

A

the distinctive name and logo that producers put on their products, services or businesses

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8
Q

What should you do before buying an expensive product?

A

Shop around to ensure we get this product at the best price

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9
Q

What is conspicuous consumption?

A

spending in an extravagant way with the deliberate intention of trying to impress others

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10
Q

What are impulse choices?

A

sudden unplanned decisions to buy something

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11
Q

What will retailers do to tempt you to buy their items?

A
  • Special pricing e.g. 9.95 instead of 10

- Below-cost selling

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12
Q

What is below-cost selling?

A

When retailers dell a product at a lower price than they paid for it. That means they are selling at a loss.

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13
Q

What is a loss leader?

A

A product sold at below cost price with the intention of attracting customers into a shop

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14
Q

What should a receipt include?

A
  • name of the seller
  • date the item was sold
  • name or description of the item purchased
  • price paid by consumer
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15
Q

Give examples of 5 Irish brands

A
  • Tayto
  • Guinness
  • Kerrygold butter
  • Barry’s tea
  • Bailey’s Irish Cream
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16
Q

Why is it a good idea to ask for a receipt?

A
  • As a proof of purchase
  • To monitor spending
  • To check bills for accuracy
17
Q

What is a gaurantee?

A

A promise from the manufacturer or seller to offer a REFUND or REPLACEMENT to anyone who purchases faulty goods within a specific period of time

18
Q

What is a warranty?

A

An additional promise from a manufacturer or seller to REPAIR any faulty goods within a specific period of time.

19
Q

What does informative advertising do?

A

Gives you information about a product e.g. size, colour, availability

20
Q

What does persuasive advertisement do?

A

tries to convince you that you ‘need’ a product.

21
Q

What does AIDA stand for?

A

Attention
Interest
Desire
Action

22
Q

What is AIDA used for?

A

It is used to help design persuasive advertising

23
Q

How can we pay for a product using our own money?

A
  • Cash
  • Debit cards
  • Gift cards
24
Q

How can we pay for a product using borrowed money?

A
  • Loans
  • Hire purchase
  • Credit cards
25
Q

What are the benefits of using cash?

A
  • You know how much you have available to spend and how much you have left over.
  • You can’t get into debt as you can only spend what you have
26
Q

What does legal tender mean?

A

that the notes and coins must be accepted as payment by retailers if offered by a customer.

27
Q

Name 3 ways you know a banknote is real

A
  • A holographic panel is embedded in the note
  • the note should be pure cotton with a protective coating.
  • A watermark image can be seen if the note is held against a light
  • The main image on the front of the note uses raised printing
  • A security thread is embedded in the note, if held against a light
  • Under ultraviolet light, the fibres embedded in the paper will make the images glow red, blue or green.
28
Q

What are the benefits of using a debit card?

A
  • They are a convenient and safe way to pay for goods without using cash.
  • You cannot buy on credit, therefore you cannot get into debt.
29
Q

What is a deposit?

A

A small part of the cost of the product which will reserve the product for you until you return and pay the rest of the money owed.

30
Q

How can you be a smart consumer online?

A
  • Use trustworthy websites
  • Use secure payments
  • Check postage charges
  • Be aware of taxes
  • Keep in mind of delivery time
  • Think it can be more difficult to make complaints
31
Q

What is EFT and what does it stand for?

A

Electronic Funds Transfer allows money to be transferred from one bank account into another account

32
Q

What is EFTPOS and what does it stand for?

A

Electronic Fund Transfer at the Point of Sale refers to all the systems that allow customers to pay money electronically in shops.

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