1.1 - 1.18

Question 1

Identify

Answer 1

Recognise and name

Question 2

Define

Answer 2

State Meaning

Question 3

Describe

Answer 3

Sketch in general terms

Question 4

Calculate

Answer 4

Figures and information

Question 5

Compare

Answer 5

Show how things are similar or different

Question 6

Discuss

Answer 6

Points for and/or against

Question 7

Distinguish

Answer 7

Note the differences between

Question 8

Examine

Answer 8

Inquire into

Question 9

Explain

Answer 9

Relate cause and effect;
provide why and/or how

Question 10

Recommend

Answer 10

Provide reasons in favour

Question 11

Justify

Answer 11

Support an argument/s or conclusion/s

Question 12

Analyse

Answer 12

Draw out and relate
implications

Question 13

Assess

Answer 13

Make a judgement based on value

Question 14

Evaluate

Answer 14

Make a judgement based on criteria

Question 15

What’s a consumer?

Answer 15

someone who purchases goods and services to satisfy their needs and wants.

Question 16

What’s a need?

Answer 16

Things that everyone must purchase
because they are essential for our survival.

Question 17

What’s a want?

Answer 17

Things we like to have, such as a car. Wants are unlimited.

Question 18

What’s a good?

Answer 18

Things that are produced and can be physically touched,

Question 19

What’s a service?

Answer 19

Things that one person will do for someone in return for payment.

Question 20

What’s a non durable good?

Answer 20

Fefer to items that are for immediate consumption

Question 21

What’s a durable good?

Answer 21

Items that are to be used over a
longer period of time

Question 22

What’s an opportunity cost?

Answer 22

individual gives up in order to satisfy a need or want

Question 23

What’s customer service?

Answer 23

Is the assistance and advice provided by a company to those people who buy or use its products or services

Question 24

What’s advertising?

Answer 24

Advertising is a paid, non-personal message communicated through a mass medium

Question 25

What’s marketing?

Answer 25

Action or business of promoting and selling products or services

Question 26

What’s marketing?

Answer 26

Action or business of promoting and selling products or services

Question 27

What are some factors that change consumers minds?

Answer 27

Age, Gender, Income, Social Media, Cultural

Question 28

What’s a retailer?

Answer 28

A person or business that sells goods to the public

Question 29

What’s comparison shopping?

Answer 29

Shopping around to obtain the best deal

Question 30

What’s the distribution chain?

Answer 30

Ways of getting the product to the consumer

Question 31

What’s a wholesaler?

Answer 31

Someone who buys in large quantities from manufacturer

Question 32

What are the 6 main types of retail outlets?

Answer 32

Convenience/corner stores
Specialty stores
Factory outlets
Discount variety stores
Department stores
Supermarkets

Question 33

What is consumer protection?

Answer 33

Practice of safeguarding buyers of goods and services

Question 34

When can you request a refund, repair or replacement?

Answer 34

Failing to arrive
Damaged during delivery
Not operating as promised

Question 35

What are the elements of a contract?

Answer 35

Offer, Acceptance, Consideration

Question 36

What are the 4 basic rights consumers have?

Answer 36

Safe products
Accurate product information and descriptions
Full disclosure of the terms of sale
Consumer guarantees and warranties are honoured

Question 37

What companies help consumer protection?

Answer 37

ASIC
ACCC
Choice
NSW Fair Trading
Ombudsman

Question 38

What is the minimum superannuation contribution?

Answer 38

10.5%

Question 39

What are the 3 main types of long term financial planning

Answer 39

short-term plans, one to three years
medium-term plans, four to six years
long-term plans, seven or more years

Question 40

What’s a fixed expense?

Answer 40

Paying the same amount every time

Question 41

What’s a variable expense

Answer 41

A non fixed expense