Photo AI
2.1 State TWO ways of calculating interest on credit agreements - NSC Consumer Studies - Question 2 - 2022 - Paper 1
Question 2
2.1 State TWO ways of calculating interest on credit agreements. 2.2 Define the term grey goods/parallel imports. 2.3 State THREE ways in which consumers can save ... show full transcript
Worked Solution & Example Answer:2.1 State TWO ways of calculating interest on credit agreements - NSC Consumer Studies - Question 2 - 2022 - Paper 1
Step 1
Step 2
Step 3
State THREE ways in which consumers can save water when gardening.
Answer
-
Use a drip irrigation system to deliver water directly to the roots, minimizing waste.
-
Collect rainwater in barrels to use for watering plants.
-
Water early in the morning or late in the evening to reduce evaporation.
Step 4
Explain the following taxes:
Answer
2.4.1 VAT (value-added tax): This is a consumption tax added at each stage of production and distribution, ultimately paid by the final consumer.
2.4.2 Excise duty (sin tax): This is a tax on specific goods, especially harmful or luxury items, designed to discourage consumption.
Step 5
State THREE ways of saving electricity when using a refrigerator.
Answer
-
Keep the refrigerator full, as a full fridge retains cold better than an empty one.
-
Ensure the door seals are airtight to prevent cold air from escaping.
-
Set the refrigerator temperature to the recommended level, typically around 3-5°C.
Step 6
Discuss what municipalities can do to reduce crime and make communities safer to live in.
Answer
Municipalities can implement street lighting to deter crime, establish neighborhood watch programs to promote community vigilance, and provide community education programs to empower residents.
Step 7
Explain how a tiered-level/multi-level marketing scheme works.
Answer
This marketing strategy involves selling products through a network of distributors, where individuals earn commissions not only on their own sales but also on the sales made by those they recruit, creating multiple levels of income.
Step 8
Step 9
Explain how the cooling-off period protected Ayanda when she cancelled the alarm system contract.
Answer
The cooling-off period allows consumers a specific timeframe to cancel a contract without penalty, ensuring they have the opportunity to reconsider their decision after initial signing.
Step 10
Step 11
Describe the impact that increasing fuel prices have on consumers' rights to satisfy their basic needs.
Answer
Rising fuel prices limit consumers' disposable income, forcing them to prioritize essential needs and potentially negatively impacting their ability to provide for other basic necessities.