Choose ONE term for each of the following descriptions. Write only the term next to question numbers (1.2.1 to 1.2.6) in the ANSWER BOOK. 1.2.1 All members contributing, either directly or by the scheme 1.2.2 Unfair practice conducted locally and internationally 1.2.3 A clause that allows a customer to return a product 1.2.4 A period of time allowed to cancel an agreement 1.2.5 A business model where individuals market products in exchange for a commission 1.2.6 Products sold in a country without the consent of the manufacturer.

NSC Consumer Studies Banking and payment methods: Choose ONE term for each of the

Choose ONE term for each of the following descriptions - NSC Consumer Studies - Question 1 - 2023 - Paper 1

Question 1

Choose ONE term for each of the following descriptions. Write only the term next to question numbers (1.2.1 to 1.2.6) in the ANSWER BOOK. 1.2.1 All members contribu... show full transcript

Worked Solution & Example Answer:Choose ONE term for each of the following descriptions - NSC Consumer Studies - Question 1 - 2023 - Paper 1

Step 1

1.2.1 All members contributing, either directly or by the scheme

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Stokvel: This term refers to a savings scheme in which a group of people contribute money together and then draw from the pool either directly or indirectly.

Step 2

1.2.2 Unfair practice conducted locally and internationally

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Unfair business practice: This involves deceptive or unethical behavior by businesses, which can occur both locally and internationally.

Step 3

1.2.3 A clause that allows a customer to return a product

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Exemption clause: This is a provision in a contract that relieves one party from liability under certain conditions, often linked to the customer's right to return products.

Step 4

1.2.4 A period of time allowed to cancel an agreement

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Cooling-off period: This is a legally defined period during which a consumer can withdraw from a contract without penalty.

Step 5

1.2.5 A business model where individuals market products in exchange for a commission

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Multi-level marketing: This is a strategy used by some companies to sell products in which existing participants recruit new participants to earn commissions.

Step 6

1.2.6 Products sold in a country without the consent of the manufacturer.

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Grey goods/parallel imports: These are products imported and sold through unauthorized channels, typically without the manufacturer's permission.

Choose ONE term for each of the following descriptions - NSC Consumer Studies - Question 1 - 2023 - Paper 1

Worked Solution & Example Answer:Choose ONE term for each of the following descriptions - NSC Consumer Studies - Question 1 - 2023 - Paper 1

1.2.1 All members contributing, either directly or by the scheme

1.2.2 Unfair practice conducted locally and internationally

1.2.3 A clause that allows a customer to return a product

1.2.4 A period of time allowed to cancel an agreement

1.2.5 A business model where individuals market products in exchange for a commission

1.2.6 Products sold in a country without the consent of the manufacturer.

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