The Consumer Flashcards
what is a contract
agreement that is intended to create legal rights and duties between parties
list 3 ways contracts can be created
written
spoken
unspoken
what is the term used for breaking a contract
breach of contract
list 3 types of contracts
service
insurance
credit
what does CPA stand for
Consumer Protection Act
list 4 ways in which the CPA protects consumers
- forbids automatic renewal of fixed term agreements
- allows consumer to cancel long term contract within 20 BD
- estimate / quote repair work
- right to quality
what are exemption clauses
clears a party from liability if he/she doesn’t honour agreement
compare a warantee with a guarantee
waranty: written promise to replace or repair item if it does not satisfy terms of warranty. It is issued from company stating product is reliable and free from known defects.
guarantee: promise in writting stating that qaulity of product will meet standards and if not money will be returned.
describe grey goods
goods that have been imported into a country theough unofficial distribution channels.
list 6 types of scams
phising lottery scams credit card fraud identity theft work from home 419
what are stokvels
savings club in which a group of people regularly contribute to a common fund and members can draw.
describe pyramid schemes
a scheme in which participants are promised payments for enrolling others, with no exchange of goods and services, it is illegal and eventually collapses.
why is MLM considered legal whereas PS are illegal
with MLM there is the exchange of products
explain the path tax money travels from
SARS national treasury gov. departments provinical gov local gov
list 4 types of direct income tax
PAYE
provisional
tax on investment
property
list 4 examples of indirect tax
VAT Excise duty import duty licenses fuel levy
what causes bank interest rates to rise and fall
the repo rate charged by the reserve bank to commercial bank fluctuates.
what is inflation
purchasing power of money is the value of money measured by quantity and quality of products and services it can buy
how is the CPI measured
measured by defining a basket of goods commenly used by a household and then keeping track of the change
explain the effect of inflation
- people on fixed income feel effects most as there wages often don’t keep up with inflation leading to decreased living standards.
- reduces the PP of savings which therefor effects retired people
- lenders who are paid a FR of interest on loans will lose PP
- borrowing money for a long term at a FR can beneift from inflation- value of repayment is less than initial amount
what is suistanable consumption
refers to the way in which humans use their resources to meet their needs
list 4 examples of fossil fuels
coals
crude oil
natural gas
list 4 advantages of using fossil fuels
- reliable
- large amount of elec can be generated
- cost effective
- SA has a lot of coal reserves
list 4 disadvantes of using fossil fuels
- pollution (carbon dioxide)
- coal, gives off suplhur dioxide (Creates acid rain)
- mining of coal results in destruction of big areas of land and habitat loss
- mining can be difficualt and dangerous
list 4 sources of regenerative forms of energy
- solar power
- wind power
- hydropower
- bio energy
list 3 advantages of solar power
- clean and does not pollute
- don’t require elec to operate
- no noise pollution
list 3 disadvantages of solar power
- initial investment is high
- dependent on sunlight hours
- only available during day
list 3 advantages of wind power
- clean
- good method of supplying energy to remote areas
- best renewable source of energy
list 3 disadvantages of wind power
- suitable windy areas usually near cost - expensive land to build on
- can be noisy
- unsightly
list 3 advantages of hydropower
- no waste or pollution
- most reliable
- increase to full power very quickly
list 3 disadvantages of hydropower
- negative effect on ecosystem
- dams are expensive to build
- impacts water quality and therefore destorys habitats
what is bio energy
bionergy describe the way in which biomass is used to create fuel for energy.
what is biomass
all of the plant and animal matter on earths surface.
list 3 advantages of bio energy
- does not add CO2 to atmosphere
- cheap
- reduces greenhouse gas emissions
list 3 disadvantages of bio energy
- leads to erosion
- collecting enough waste can be difficult
- certain materials aren’t always available
name 2 reasons why the responsible use of energy is a priority
- cuts expenses
- reduces GG effect and GW
state the formal name for the type of gas that is used for cooking and heating
LPG - liquid petroleum gas
how should a gas bottle be stored
- well ventilated room
- upright
- cylinders with no rust
- secure connections
store outside
list 3 advantages for using gas
- better for envirornment
- cook and heat faster
- relatively clean enrgy source and produces less carbon emissions
list 4 disadvantages for using gas
- high price prevents acessibility
- non-renewable
- gas cylinders are heavy
- cylinders explode due to pressure
list 4 reasons for SA’s water shortage
- annual rainfall insufficient
- uneven rainfall
- damand > supply
- can’t afford to build dams
list 2 causes of water pollution
micro -organisms
chemicals
how can you make water safe to drink
- boil
- bleach
- chlor-floc
list 4 ways in which people can use water suistanably
- be aware of water consuption
- check and fix leaks
- make garden water wise
- reduce toilet flush volume
- water effecient appliances
what is a municipality
local authorities which provide services to citizens within a specific area.
list 4 services provided by municipality
sanitation
refuse removal
water
elec
how are municiplaities funded
rates/taxes
fines
registering for services
national gov
list 6 resposibilities of the community with regards to the municipality
- pay municpaility
- engage w public input
- appreciate and handle services with care and respect
- obey the law
- VOTE
- Hold municipality accountable
what is the importance of voting
finds the best representative for communit and therefore the community will recieve the best service
