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Grade 11 Consumers 24 > term three content > Flashcards

term three content Flashcards

1
Q

-what are the different types of income?

A

-salaries or wages
-government social grants and pension
-family and friends
-business profits or investments
-casual wages
-rent income
-pension
-UIF (unemployment insurance fund)

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2
Q

-what are factors that influence expenditure patterns?

what creates the expenses

A

-household composition
-financial resources and disposable income
-needs
-location
-preferences

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3
Q

-how do you manage your budget ?

A

-by preparing a household budget to manage finances

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4
Q

how does a household budget help ?

A

-reduces expenses
-sets financial goals
-ensures financial balance
-prevents debt

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5
Q

what are the disadvantages of not having a budget

A

-debt
-paying interest on debt
-lose control money spending and credit
-waste money on unnecessary things

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6
Q

what are the disadvantages of not having a budget

A

-debt
-paying interest on debt
-lose control money spending and credit
-waste money on unnecessary things

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7
Q

what are the principals of budgeting

what to take into consideration when budgeting

A

-assess needs and objectives: needs should come first
-control and record spending: watch how you spend your money
-prepare for unexpected incidents: putting money aside for a rainy day

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8
Q

what are the steps to preparing a household budget?

A

-list income
-estimate expenses (fixed and variable expenses)
-compare income and expenditure
-evaluate the budget

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9
Q

how to balance a budget?

A

-getting the needs before the wants (only if necessary)
-set realistic financial goals
-make sure you’re keeping an accurate record of spending amount
-make sure money is set aside for unexpected expenses

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10
Q

what are the different types of bank accounts?

A

-savings account
-current account: can do everything on here

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11
Q

what are the ways to reduce bank charges?

A

-use a cheque, debit or credit card instead of cash
-use online banking instead of physically going to the bank
-use your bank provider to reduce additional fees
-do smaller withdrawals instead of larger ones
-ensure there’s always money on the account to avoid penalties

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12
Q

what are the methods of purchasing goods and services

A

-cash transactions
-debit cards

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13
Q

what are the advantages of cash transactions

A

-immediate payment
-ideal for small purchases
-convenient

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14
Q

what are the disadvantages of cash transactions

A

-unsafe
-time consuming to count money
-irreplaceable
-difficult to prove payment

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15
Q

what are the advantages of debit cards

A

-guaranteed payment once accepted
-can be used for online purchases
-deducted immediately from payers account

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16
Q

what are the advantages of debit cards

A

-guaranteed payment once accepted
-can be used for online purchases
-deducted immediately from payers account

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17
Q

what are the disadvantages of debit cards

A

-takes atleast three days to be deposited into business account
-bank fee for transactions
-fraud
-will only work if there’s funds

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18
Q

what’s a credit account

A

-allowing customers buy goods on credit uptil a special amount

19
Q

what’s the advantages of a credit account

A

-ownership of good are immediate
-customers can pay monthly for goods

20
Q

what’s the disadvantages of a credit account

A

-item selling price is higher
-buyer may be tempted to buy unnecessarily
-interest on items add up

21
Q

what’s a credit card

A

-card that can be used at any store, customer purchases goods and pays for them at the end of the month

22
Q

what’s the advantages of a credit card

A

-businesses are guaranteed payment
-can be used for online orders
-budget facilities are accommodated (instalment’s)

23
Q

what’s the advantages of a credit card

A

-businesses are guaranteed payment
-can be used for online orders
-budget facilities are accommodated (instalment’s)

24
Q

what are the disadvantages of a credit card

A

interest

25
Q

what’s the difference between cash transactions and credit transactions

A

cash: dependant on available cash
credit: not dependent
cash: no additional costs
credit: interest
cash: no debt
credit: debt

26
Q

what are the advantages of internet banking

A

-quick and easy
-can be done from anywhere
-balance is updated immediately

27
Q

what are the disadvantages of internet banking

A

-hackers may get ahold of your details
-identify theft
-phishing

28
Q

why are the advantages of ATM payments

A

-money transferred immediately
-atms are always available
-money is always available at atms

29
Q

what are the disadvantages of ATM payments

A

-in public
-bank charges
-security risk
-fees for withdrawal from other banks
-thieves may steal info

30
Q

what are the disadvantages of ATM payments

A

-in public
-bank charges
-security risk
-fees for withdrawal from other banks
-thieves may steal info

31
Q

what’s the national credit act

A

-states that consumers should made informed decisions before buying on credit

32
Q

what are the consumer rights relating to credit transactions (NCR)

what are consumers allowed to do

A

apply for credit without discrimination
receive credit agreement in consumers first language

33
Q

what are the interest rates involving NCR

A

-interest rate: borrowed money plus interest
-initiation fee: charged when a consumer accepts a credit agreement
-service fee: charged by banks for transactions
-credit insurance: charge is to protect the credit provider if debt can’t be paid
-collection costs: charged for collecting outstanding debts from consumer
-cost of extended warranty: extended warranty when purchasing equipment
-interest in overdue accounts: businesses may charge for unpaid credit accounts

34
Q

what are the interest rates involving NCR

A

-interest rate: borrowed money plus interest
-initiation fee: charged when a consumer accepts a credit agreement
-service fee: charged by banks for transactions
-credit insurance: charge is to protect the credit provider if debt can’t be paid
-collection costs: charged for collecting outstanding debts from consumer
-cost of extended warranty: extended warranty when purchasing equipment
-interest in overdue accounts: businesses may charge for unpaid credit accounts

35
Q

what’s reckless lending

A

-when a credit provider lends out money to a consumer who cannot cover monthly instalments

36
Q

what’s debt counseling

A

-if debt can’t be paid, consumer has the right to speak to a debt counselor

37
Q

what’s micro lending

A

-a small loan regulated by NCA

38
Q

what are the consumer rights relating to credit bureaus

A

-be advised by a credit provider that’ll assist with harmful information concerning their credit history
-inspect any information concerning them
-challenge the accuracy of the information
-request an investigation

39
Q

what happens when removing info from a credit bureau black list

A

-the bureau removes the records and states how the debt was resolved

40
Q

what to do when you’re incorrectly blacklisted?

A

-a bureau or NCR has to investigate the accuracy of the info free of charge
-they then have to remove any false information

41
Q

what is the SABS mark of approval

A

-south african bureau of standards
-if marked with this, a product is approved good quality

42
Q

what do you do when you receive an unsuitable product

A

-consumers have the right to return those goods within ten working days and receive a refund

43
Q

what’s the procedure for lodging a complaint

A

-approach the dealer or manufacturer:
-approach a consumer organisation
-take legal action
-approach the media

Grade 11 Consumers 24 (7 decks)

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