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Consumers
Sale of goods, responsibilities etc.
| Question | Answer |
|---|---|
| What are the responsibilities of online consumers and sellers | {Use book} |
| What are the responsibilities of consumers and sellers | {Use book} |
| What is the difference between a need and a want | A need is something needed to survive e.g. Food/water. A want is something you would like to have but is not needed to survive e.g. Phone |
| Explain the difference between regular and irregular income | Regular - A predictable amount of money received on a regular schedule e.g. salary, child benefit. Irregular - An unpredictable amount and frequency e.g. overtime, commissions. |
| What is expenditure and its 3 types | Expenditure is the amount of money an individual spends. Fixed - Mortgage, Irregular - Bills, Discretionary - Holiday, gifts |
| What is impulse buying | When you buy something that you didn't plan on buying |
| Name 3 consequences of overspending | Going into debt, Dipping into savings, Not being able to buy discretionary items |
| Name 3 ways overspending can be avoided | Shop around for deals, Bank overdrafts, Spend less on discretionary |
| What are the 3 R's of redress | Repair - Replace - Refund |
| Name the 4 point of the Sale of Good and supply of services act 1980 | Goods must: be of merchantable quality, fit for purpose, be as described, match sample |
| What is the difference between a guarantee and warrantee | A guarantee is a promise that the manufacturer will sort out any problems within a fixed period. A warrantee is an extended period on which a premium must be paid |
Created by:
georgejoseph
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