Types Of Scams

Question 1

Types of scams

Answer 1

1. Fake charities
2. Fake dating sites
3. Identity theft

Question 2

Three basic consumer choice questions

Answer 2

1. Do I really want this item?
2. Can I afford it?
3. Is there something better?

Question 3

Major decisions a consumer must make?

Answer 3

Financial
Business
Employment
Legal
Environmental

Question 4

Contract

Answer 4

A legally binding agreement

Question 5

How long does the cooling off period last for?

Answer 5

10 days.

Question 6

Market a business

Answer 6

How you advertise your business

Question 7

Revenue

Answer 7

The income a business earns from sales

Question 8

Budget

Answer 8

How much a person is able to spend

Question 9

Lay-by

Answer 9

You make a deposit then you pay the total cost of the good, by making regular payments over a fixed period of time

Question 10

Direct debit

Answer 10

You schedule your bill payments from your bank account. It then automatically withdraws funds to the company that requires it

Question 11

Book up

Answer 11

Buy things now, pay for them later.

Question 12

Cheque

Answer 12

A document paying a person a specific amount of money

Question 13

Debit card

Answer 13

A debit card is where you use your own money by electronically accessing your account

Question 14

Credit

Answer 14

Buy what you want and pay for it later either in full or monthly payments

Question 15

New South Wales fair trading

Answer 15

Assist in consumer issues and resolve complaints, ensuring that scales, scanners and petrol pump used to weigh is correct and warning consumers about scams and rip offs

Question 16

Consumer redress

Answer 16

Offering consumers complaint handling to set a situation right

Question 17

Caveat emptor -

Answer 17

‘Let the buyer beware’

Question 18

Two important protective legislation

Answer 18

Competition and consumer act 2010 (CWLTH)

Fair Trading Act 1987

Question 19

Who administrates the competition and consumer act (2010) (CWLTH)

Answer 19

ACCC, (Australian Competition and Consumer commission)

ASIC, ( Australian Securities and Investments commission )

Question 20

What is ASIC and ACCC’s aim?

Answer 20

For a fair and competitive environment.

Question 21

What does the competition and consumer act 2010 (CWLTH) protect us from?

Answer 21

Misleading advertising or false claims

Question 22

The acts main purpose is to protect us from?

Answer 22

Undesirable business practice

Question 23

Organisations that assist consumers?

Answer 23

ASIC (Federal)
Nsw Fair trading (state gov)
Ombudsman (state)
ACCC (Federal)

Question 24

Barter

Answer 24

Trade without money

Question 25

Financial decision

Answer 25

How much of their income to save or spend, and budgeting.

Question 26

Business decisions

Answer 26

To whom will I sell my good or service? How much will I charge? Where will I buy my supplies from? How will I market my business?

Question 27

Employment decisions

Answer 27

Deciding on a career, based on your abilities, interests and personality

Question 28

Legal decisions

Answer 28

Competition and consumer act 2010 (CWLTH) Fair trading act 1987

Question 29

Elements of a contract

Answer 29

Offer Acceptance Consideration

Question 30

When can a contract be ended?

Answer 30

When goods, services, terms and conditions are misrepresented

Question 31

Four basic rights of consumers

Answer 31

Safe products Accurate products Full disclosure of the terms of sale (E.g. full price is always displayed) Consumer guarantees