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
Define the following terms:
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 does not satisfy these terms, a refund will be issued.
Step 2
Inflation
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Answer
Inflation refers to the increase in prices of goods and services over a specific period, leading to a decrease in the purchasing power of money.
Step 3
Explain the meaning of phishing.
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Answer
Phishing is a fraudulent attempt to obtain sensitive information such as usernames, passwords, and credit card details by posing as a trustworthy entity in electronic communications.
Step 4
Give THREE ways to protect yourself against phishing.
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Answer
Suspect and delete any emails that seem fake or spam.
Regularly update your anti-spam and antivirus software on your devices.
Never disclose personal information via email.
Step 5
Describe the type of goods referred to in the scenario.
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Answer
The goods referred to in the scenario are classified as grey goods or parallel goods, which are items imported into the country via unofficial distribution channels. These goods are not illegal but have a different procurement channel.
Step 6
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
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 in order to reduce smoking rates among the population due to the associated health risks.
Step 8
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
Discuss how the information in the scenario will affect consumers' household budget.
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Answer
The drought and subsequent food shortages will drive up prices for essential goods like maize. As a result, consumers will need to allocate a larger portion of their budgets to cover basic food expenses, potentially sacrificing spending on non-essential items.
