Vocabulary

Question 1

Credit transaction

Answer 1

Transaction were goods are bought and paid for later

Question 2

Letter of enquire

Answer 2

A request from buyer to seller asking for terms of sale

Question 3

Quotation

Answer 3

Sent by seller to buyer, it shows all of the description of the product

Question 4

Carriage paid

Answer 4

Seller will pay for delivery

Question 5

Trade discount

Answer 5

Money deducted for people in the same business

Question 6

Cash discount

Answer 6

Money detected for paying quickly

Question 7

VAT

Answer 7

Value added tax

Question 8

CWO

Answer 8

Cash with order

Question 9

COD

Answer 9

Cash on delivery

Question 10

Order

Answer 10

Written request from buyer to seller requesting goods

Question 11

Invoices

Answer 11

Sent from seller to buyer listing details of goods

Question 12

Debit note

Answer 12

Sent from seller to buyer if the seller was undercharged

Question 13

Receipt

Answer 13

Proof of payment

Question 14

Loss leader

Answer 14

When shops buy things for one price and sell them for cheaper

Question 15

A consumer

Answer 15

A person who buys goods for their own personal uses

Question 16

A trader

Answer 16

A person who buys goods to sell them

Question 17

Cash transaction

Answer 17

Transaction where money is exchanged

Question 18

Name the law that protects consumers

Answer 18

The sale of goods and supply of services act

Question 19

Name the principles of this law

Answer 19

• goods should be of merchantable quality
• goods should be fit for purpose
• goods should be as described
• goods should be confirmed to sample

Question 20

Name the 3 remedies

Answer 20

• refund
• replacement
• repair

Question 21

What are the 9 elements of writing a complaint

Answer 21

1) your contact details
2) date of letter
3) name and address
4) salutation
5) nature of complaint
6) resolutions requirements
7) closure

Question 22

What is the consumer association of ireland

Answer 22

It protects and educates consumers

Question 23

What is an ombudsman

Answer 23

Person responsible for investigating and resolving complaints

Question 24

Name the points of a contract

Answer 24

• an offer is made by one person
• there is acceptance of that offer by another person
• there is a consideration

Question 25

A non-refundable deposit

Answer 25

Means you are not entitled back to your money

Question 26

What is a current account

Answer 26

Accounts people use for their day to day expenses - ATMs - Standing orders - Direct debits - Cheque book - Over-draft - Pay path

Question 27

What Is a deposit account

Answer 27

We're people should put their extra savings Where to invest?: -Credit union -Post office

Question 28

Standing order

Answer 28

Way to pay bills, a fixed amount on a fixed date

Question 29

Direct debit

Answer 29

Way to pay bills but amount can vary

Question 30

Drawer

Answer 30

A person who signs the cheque

Question 31

Drawee

Answer 31

Is the drawers bank

Question 32

Payee

Answer 32

The person the cheque is being paid to

Question 33

"DIRT"

Answer 33

Deposit Interest Retention Tax

Question 34

Budget

Answer 34

A budget is a plan that matches expected spending over a period of time

Question 35

Income

Answer 35

The money or goods a household receives

Question 36

Gross pay

Answer 36

The total income earned

Question 37

Net pay

Answer 37

The gross pay minus the deductions

Question 38

Paye

Answer 38

Pay as you earn

Question 39

Prsi

Answer 39

Pat related social insurance

Question 40

Usc

Answer 40

Universal social charge

Question 41

Statutory deductions

Answer 41

Are deductions that by law must be taken of your gross wages

Question 42

Voluntary deductions

Answer 42

Are sums of money taken off gross wages at the instruction of the employee

Question 43

False economy

Answer 43

Is spending on an item that seems to cost you less but will cost you more in the long run

Question 44

Impulse buying

Answer 44

Is unplanned spending

Question 45

Fixed expenditure

Answer 45

Is regularly spending and the amount does not change

Question 46

Irregular expenditure

Answer 46

Is spending where the amount changes

Question 47

Discretionary expenditure

Answer 47

Buying an item that we like but do not need