2.1 Define the following terms:
2.1.1 Guarantee
2.1.2 Inflation
2.2 Explain the meaning of phishing - NSC Consumer Studies - Question 2 - 2017 - Paper 1
Question 2
2.1 Define the following terms:
2.1.1 Guarantee
2.1.2 Inflation
2.2 Explain the meaning of phishing.
2.2.2 Give THREE ways to protect yourself against phishing.
... show full transcript
Worked Solution & Example Answer:2.1 Define the following terms:
2.1.1 Guarantee
2.1.2 Inflation
2.2 Explain the meaning of phishing - NSC Consumer Studies - Question 2 - 2017 - Paper 1
Step 1
2.1.1 Guarantee
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Answer
A guarantee is a promise in writing that the quality and durability of a product or service will meet certain standards. If the product or service does not satisfy the terms of the guarantee, a refund will be provided.
Step 2
2.1.2 Inflation
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Answer
Inflation refers to the increase in prices of goods and services over a specific period, resulting in a decrease in money's purchasing power. It reflects the average increase in prices within a year.
Step 3
2.2 Explain the meaning of phishing.
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Answer
Phishing is a fraudulent attempt to obtain sensitive information such as personal data or financial details by pretending to be a trustworthy entity in electronic communications. It often involves deceptive emails or websites.
Step 4
2.2.2 Give THREE ways to protect yourself against phishing.
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Answer
Be cautious with emails and delete any that appear suspicious or unsolicited, especially those asking for sensitive information.
Utilize anti-spam and antivirus software to enhance protection against potential threats.
Never share personal information via email, and verify the legitimacy of any requests for such information.
Step 5
2.3.1 Describe the type of goods referred to in the scenario.
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Answer
The goods referred to in the scenario are considered grey goods or parallel goods. These are items that have been imported into the country through unofficial or unauthorized distribution channels. While they are not illegal, they are often cheaper than regular known brands.
Step 6
2.3.2 Identify the type of tax Shaun pays when he purchases cigarettes.
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Answer
Shaun pays an excise tax or sin tax when he purchases cigarettes.
Step 7
2.3.3 Explain the reasons why this type of tax is paid by consumers such as Shaun.
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Answer
This type of tax is implemented primarily to reduce the number of consumers who engage in smoking, which poses significant health risks. By increasing the cost through taxation, the government aims to deter consumption.
Step 8
2.4.1 Name TWO items from the scenario that is exempted from value added tax (VAT).
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Answer
Maize meal
Maize rice
Step 9
2.4.2 Discuss how the information in the scenario will affect consumers’ household budget.
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Answer
The severe drought may lead to limited availability of staple foods like maize meal and maize rice, driving prices up. This situation will likely constrain household budgets, leading consumers to adjust spending priorities, potentially cutting down on non-essential items. Additionally, rising prices could lead to increased pressure on household expenses, affecting overall financial stability.
