Types Of Scams Flashcards

1
Q

Types of scams

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

Three basic consumer choice questions

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

Major decisions a consumer must make?

A
Financial
Business
Employment
Legal
Environmental
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4
Q

Contract

A

A legally binding agreement

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5
Q

How long does the cooling off period last for?

A

10 days.

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6
Q

Market a business

A

How you advertise your business

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7
Q

Revenue

A

The income a business earns from sales

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8
Q

Budget

A

How much a person is able to spend

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9
Q

Lay-by

A

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

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10
Q

Direct debit

A

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

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11
Q

Book up

A

Buy things now, pay for them later.

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12
Q

Cheque

A

A document paying a person a specific amount of money

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13
Q

Debit card

A

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

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14
Q

Credit

A

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

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15
Q

New South Wales fair trading

A

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

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16
Q

Consumer redress

A

Offering consumers complaint handling to set a situation right

17
Q

Caveat emptor -

A

‘Let the buyer beware’

18
Q

Two important protective legislation

A

Competition and consumer act 2010 (CWLTH)

Fair Trading Act 1987

19
Q

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

A

ACCC, (Australian Competition and Consumer commission)

ASIC, ( Australian Securities and Investments commission )

20
Q

What is ASIC and ACCC’s aim?

A

For a fair and competitive environment.

21
Q

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

A

Misleading advertising or false claims

22
Q

The acts main purpose is to protect us from?

A

Undesirable business practice

23
Q

Organisations that assist consumers?

A

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

24
Q

Barter

A

Trade without money

25
Q

Financial decision

A

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

26
Q

Business decisions

A

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?

27
Q

Employment decisions

A

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

28
Q

Legal decisions

A

Competition and consumer act 2010 (CWLTH)

Fair trading act 1987

29
Q

Elements of a contract

A

Offer
Acceptance
Consideration

30
Q

When can a contract be ended?

A

When goods, services, terms and conditions are misrepresented

31
Q

Four basic rights of consumers

A

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