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, the consumer is entitled to a refund.
Step 2
2.1.2 Inflation
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Answer
Inflation refers to the rise in prices of goods and services, impacting the purchasing power of money. It is often measured over a specific period, usually a year.
Step 3
2.2 Explain the meaning of phishing.
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Answer
Phishing is a fraudulent attempt where individuals or organizations attempt to steal personal information by masquerading as a trusted entity. This can occur through emails or websites designed to mimic legitimate sources.
Step 4
2.2.2 Give THREE ways to protect yourself against phishing.
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Answer
If you suspect an email is a scam, delete it without opening it.
Utilize anti-spam software and keep your antivirus up to date.
Never share personal details via email or respond to unsolicited requests for 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 grey goods or parallel goods, which are items imported into the country through unofficial channels and are not legally distributed.
Step 6
2.3.2 Identify the type of tax Shaun pays when he purchases cigarettes.
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Shaun pays excise tax (also known as 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 imposed to discourage smoking due to its health risks, effectively reducing the number of people who smoke.
Step 8
2.4.1 Name TWO items from the scenario that is exempted from value added tax (VAT).
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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 drought and rise of food shortages will likely lead to increased prices for staple foods like maize meal and rice, placing a strain on households. Consumers may need to adjust their budgets to account for higher food costs or change their purchasing habits.
