consumer education

Question 1

Who is a consumer?

Answer 1

A consumer is someone who has purchased goods and or services for personal consumption or who uses economic goods and services to satisfy their needs and wants.

Question 2

What is credit?

Answer 2

Credit is used to obtain goods or services before payment, based on the trust that payment will be made in the future.

Question 3

What are needs?

Answer 3

Needs are human requirements which must be satisfied for survival for example food and clothing.

Question 4

What are wants?

Answer 4

Wants are human desires which are unlimited for example designer clothes.

Question 5

What is the difference between needs and wants?

Answer 5

Needs are human requirements which must be satisfied while wants are human desires which are unlimited and aren’t as important.

Question 6

What are the 4 ways to pay for goods and services?

Answer 6

• Cash
• Cheque
• Debit Card
• Credit Card

Question 7

What is the difference between consumer rights and consumer responsibilities?

Answer 7

Consumer rights are things the consumer are entitled to while consumer responsibilities are what they are expected to carry out.

Question 8

What is a credit card?

Answer 8

A credit card is a card issued by a financial company which enables the cardholder to borrow funds. The funds may be used as payment for goods and services.

Question 9

What is the consumer’s Right to Satisfaction of Basic Needs?

Answer 9

Citizens must demand access to essential goods and services such as adequate food, clothing, shelter, health care, education, public utilities, water, and sanitation.

Question 10

What is the consumer’s Right to Safety?

Answer 10

Protection from hazardous goods or services.

Question 11

What is the consumer’s Right to be Informed?

Answer 11

To be protected against fraudulent, deceitful or misleading information and to have access to accurate information and facts needed to make informed choices and decisions.

Question 12

What is the consumer’s Right to Choose?

Answer 12

To have access to a variety of products and services at fair and competitive prices.

Question 13

To express and represent consumer interests in the making of economic and political decisions. Which consumers right is stated in the statement above?

Answer 13

The Right to be Heard

Question 14

To be compensated for misrepresentation, shoddy goods or unsatisfactory services. Which consumers right is stated in the statement above?

Answer 14

The Right to Redress

Question 15

To become a skilled and informed consumer capable of functioning effectively in the marketplace. Which consumers right is stated in the statement above?

Answer 15

The Right to Consumer Education

Question 16

An environment enhances the quality of life and provides protection from environmental problems for present and future generations. Which consumers right is stated in the statement above?

Answer 16

The Right to a Healthy Environment

Question 17

What is the Responsibility to be aware?

Answer 17

To be aware of the quality and safety of goods and services before purchasing.

Question 18

What is the Responsibility to gather?

Answer 18

To gather all the information and facts available about a product or service as well as to keep abreast of changes and innovations in the marketplace.

Question 19

What is the Responsibility to Speak Out ?

Answer 19

To inform manufacturers and governments of needs and wants.

Question 20

What is the Responsibility to Think Independently?

Answer 20

To make choices about well-considered needs and wants.

Question 21

What is the Responsibility to Complain ?

Answer 21

To inform business and other consumers of dissatisfaction with a product or service in a fair and honest manner.

Question 22

What is the Responsibility to be an Ethical Consumer?

Answer 22

To be fair by not engaging in dishonest practices which cost all consumers money.

Question 23

What is the Responsibility to Respect the Environment?

Answer 23

To avoid waste, littering and contribution to pollution.

Question 24

What is a loan?

Answer 24

A loan is money, given to another party in exchange for future repayment of the loan value or principal amount, along with interest or finance charges. A loan may be for a specific, one-time amount, or it can be available to a specified limit.

Question 25

Explain what it means to Hire Purchase as a form of credit and how it works?

Answer 25

Hire purchase is an arrangement for buying expensive consumer goods on credit, where the buyer makes an initial down payment, with the balance being paid in installments plus interest. The buyer obtains ownership only when the full amount of the contract has been paid to the financier/seller of goods. So, the buyer doesnt own the asset until the last installment.