Consumer Choice

Question 1

Acceptable quality

Answer 1

A products fit for purpose, acceptable in appearance and Finnish, free from defects, safe and durable

Question 2

Barter

Answer 2

The swapping or exchanging of one good for another

Question 3

Budget

Answer 3

A list of income and likely expenditures

Question 4

Caveat emptor

Answer 4

A term meaning “ let the buyer beware”

Question 5

Cheque

Answer 5

A written communication ordering your financial institution to pay a person a specific amount of money

Question 6

Book-up

Answer 6

A charge account operated by a trader

Question 7

Consideration

Answer 7

The giving up of something for value

Question 8

Consumer guarantees

Answer 8

A set of rights for faulty goods and services

Question 9

Contact

Answer 9

A legal binding agreement

Elements of a valid contact:

• legal right
• legal object
• consideration
• intention

Question 10

EFTPOS

Answer 10

Electronic funds transferred at point of sale

Question 11

Labour force

Answer 11

People aged over 15 employed or unemployed

Question 12

Redress

Answer 12

To set right

Question 13

Unconscionable act

Answer 13

Any practice by a seller that is just not reasonable and sometimes illegal

Question 14

Payee

Answer 14

The person who receives the money from a cheque

Question 15

Drawee

Answer 15

The financial institution that provides cheque facilities

Question 16

Commerce

Answer 16

The buying and selling of goods and services between individuals and businesses