Year 9 Yearlyz

Question 1

What are some target markets company may try and focus on

Answer 1

• Age
• Gender
• Income Level
• Lifestyle
• Education level
• Family Structure
• Geographical location

Question 2

Why do some investments fail

Answer 2

• lack of knowledge
• no goal
• no risk awareness
• lack of patience
• not having a right adviser
• overconfidence

Question 3

What does the Australian Consumer Law protect you of

Answer 3

• Misleading and deceptive advertising
• unreasonable and unethical conduct
• misrepresenting the contents of the product
• Unfair trade practices
• False claims regarding goods and services

Question 4

What are some government agencies that provide consumers with protection and remedies to issues.

Answer 4

• Scamwatch
• The Australian competition and consumer commission
• NSW fair trading
• The onbudsman (someone who investigated claimed scams)
• CHOICE

Question 5

What is the main factor that makes you choose where to buy your product

Answer 5

The type of product to be purchased will usually be the main factor influencing both location and source decisions

Question 6

What is an investment

Answer 6

An investment is a type of saving that means putting money into something in order to make a profit.

Question 8

What is the double ticketing scam

Answer 8

Double ticketing occurs when a seller placed 2 or more prices on a product and does not charge the customer the lowest price. This is an illegal practice

Question 9

Why do people borrow money

Answer 9

• possible savings
• emergencies
• improvd your quality of life
• forced saving

Question 10

What is a white collar worker

Answer 10

• Usually paid on a salary
• jobs that are considered professionals
• usually went to university
• considered high skilled workers
• usually office based properties

Question 11

What is the marketing mix

Answer 11

a combination of factors that can be controlled by a company to influence consumers to purchase its productsjyhhhmmzAm

Question 12

What is the unsolicited goods scam

Answer 12

This includes sending people goods that they did not ask for and then demanding payment for them. If this happens you are under no obligation to pay for them

Question 13

What are the 4 important steps when getting a loan

Answer 13

• decide how much money you need to borrow
• decide if you have enough savings for a deposit
• decide if your income is sufficient to meet the payments
• shop around for the best deal.

Question 14

What are ways to save money

Answer 14

There are a number of different financial products available to individuals from banks including:
* savings accounts
* term deposits
* superannuation
The aim of these savings products is to encourage individuals to save their money.

Question 15

What is mail order

Answer 15

Mail order is a system of shopping in which the consumer completes and posts an order form, usually from a magazine or catalogue and receives products through the mail

Question 16

What are the 3 sourced you can buy from

Answer 16

Manufactures, wholesalers, retailers

Question 18

What is the door to door sale scam

Answer 18

Door to door sales involve retailers or their representatives making unvisited visits to private homes and offices in an attempt to sell a product. Sometimes these salespeople use dishonest or high pressure techniques to secure a sale.

Question 20

What are the 2 types of income

Answer 20

Wage: income received for work done based on the hours worked each week.
Salary: Income received each year for a job, usually despite the number of the number of hours worked

Question 21

Why don’t people borrow money

Answer 21

• intrest changes
• impulse buying
• additional costs
• loss of control
• inability to repay
• False sense of security

Question 22

What is a boom

Answer 22

A boom is where there is a positive growth that gets to the highest point before turning into a recession

Question 23

What are the four basic legal rights and describe them

Answer 23

• Safe Products - they don’t break in a second
• accurate product information and descriptions - ingredients are labeled on food
• Full disclosure of the terms of sale - the full price is always displayed as well as the contract of purchase
• Consumer guarantees and warranties are honoured - customers can expect a refund if the product is faulty

Question 24

What is product differentiation

Answer 24

Product differentiation occurs when products that are the same of similar are made to appear better or different than the competitor. The difference could be just the packaging and labels or more complex things.

Question 25

What is online shopping

Answer 25

This is purchasing products over the internet.

Question 26

What is a recession

Answer 26

A recession is where there are two quarters of negative economic growth. Economic growth is measured by gross domestic product.

Question 27

What is the bait and switch scam

Answer 27

It is when a person is attracted to a low price a store offers, but when you get there they have already run out of stock. Retailers will then try and convince you to buy a more expensive item. This is deceptive and illegal

Question 27

What are the legal and ethical considerations of marketing.

Answer 27

Ethical consumerism provides businesses with opportunities to satisfy this growing number of consumers. The consumers want to know how your product was made
The competition and consumer act 2010 makes false and misleading advertising illegal.

Question 28

What is the pyramid scheme scam

Answer 28

Pyramid schemes promise people quick and easy money in return for a joining fee.

Question 28

What are some promotional strategies

Answer 28

Contests. Contests are a frequently used promotional strategy. ...
Social Media. ...
Mail Order Marketing. ...
Product Giveaways. ...
Point-of-Sale Promotion and End-Cap Marketing. ...
Customer Referral Incentive Program. ...
Causes and Charity. ...
Branded Promotional Gifts.

Question 29

What are consequences of poor financial management

Answer 29

Sometimes people who owe money have their wages garnished. This essentially means the bank takes out a cut from your salary to pay for that loan you never payed off.

Question 30

What are pros of online shopping

Answer 30

Shoppers who are time poor like the convenience of shopping online . It is quick and easy if you know what you are looking for, or have to decide between only a few products

Question 30

What is a blue collar worker

Answer 30

• usually paid on a wage
• jobs that are considered trades
• considered low skilled workers
• TAFE trained or learnt on the job

Question 31

What are the 5 types of retail outlets

Answer 31

• convenience ‘corner’ stores (Local)
• Specialty stores (hair dresses, newsagents) (Local)
• Discount variety stores (Kmart, Target) (Regionally)
• Department Stores ( Myer, David Jones) (Regionally)
• Supermarkets (Coles, Woolworths) (Regionally)

Question 31

What is the overvalued and unsafe vehicles scam

Answer 31

This is when a preowned cars dealership purchase a old , rundown car and give it new paint and bump up the prices to an obscured amount.

Question 33

What are the 2 types of loans

Answer 33

• Secured loans: you give the bank something you have so they have leverage to make sure you pay back the money
• Unsecured loans: you don’t give the bank anything cuz you alpha