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:
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 and that if the product or service does not satisfy the terms of the guarantee, you will be refunded.
Step 2
Define the following terms:
2.1.2 Inflation
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Answer
Inflation is the rise in prices of goods and services, measured over a specific period, and subsequently a drop in the purchasing power of money. It reflects the average increase in prices of goods and services in a year.
Step 3
Explain the meaning of phishing.
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Answer
Phishing refers to various fraudulent attempts to obtain sensitive information such as usernames, passwords, and credit card details by disguising as a trustworthy entity in electronic communications. This is typically done through emails or websites that appear legitimate.
Step 4
Give THREE ways to protect yourself against phishing.
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Answer
If you suspect an email is fake or spam, delete it without opening.
Keep an anti-spam and antivirus software up to date on your computer.
Never share your personal details via email.
Step 5
Describe the type of goods referred to in the scenario.
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Answer
The type of goods referred to in the scenario are grey goods or parallel goods. These are goods that have been imported into the country through unofficial or unauthorized distribution channels. Although they may be cheaper, these goods are not illegal.
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 aimed at decreasing the amount of cigarettes smoked due to health risks associated with smoking, thereby discouraging consumption.
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 severe drought will likely increase food prices, particularly staples like maize meal and rice, straining household budgets. Additionally, consumers may prioritize essential food items over non-essential goods, leading to adjustments in spending habits.
