The real cost of spending Unit 2 Topic 9 #valleyifs @ Kahoot

The real cost of spending No. Question A B C Ans 1 The situation where consumers don’t know enough about a product, leading them to invent their own ideas or theories to fill the information gap and decide whether it is a good deal, is known as: imaginative theory cognitive theory naïve theory 2 What is the name of the rule that specifically protects those who buy online or by telephone? A. Consumer Credit Act Consumer Contracts Regulations Sale of Goods Act 3 Under the Consumer Contracts Regulations, a buyer has the right to cancel an order at any time up to 7 days after receiving the goods. True False 4 What is the downside to buying online rather than visit a shop? some products are available exclusively online you cannot touch or handle the product it is difficult to compare the products of different providers 6 Define value for money [2] 7 Give the three types of VAT tax rates [3] 8 Give the name of a well known comparison website [1]

Answers No. Question A B C 1 The situation where consumers don’t know enough about a product, leading them to invent their own ideas or theories to fill the information gap and decide whether it is a good deal, is known as: imaginative theory cognitive theory naïve theory 2 What is the name of the rule that specifically protects those who buy online or by telephone? Consumer Credit Act Consumer Contracts Regulations Sale of Goods Act 3 Under the Consumer Contracts Regulations, a buyer has the right to cancel an order at any time up to 7 days after receiving the goods. True False 4 What is the downside to buying online rather than visit a shop? some products are available exclusively online you cannot touch or handle the product it is difficult to compare the products of different providers 6 Define value for money [2] Marks awarded for the points stated below Getting the best value product [1] For the money available [1] 7 Give the three types of VAT tax rates [3] Zero rate = 0% [1] Reduced rate = 5% [1] Basic rate = 20% [1] 8 Give the name of a well known comparison website [1] Marks awarded any valid well know comparison website Answers

Task Go to the IFS website and take a look at the topic test for topic 9 to further revision the main points. Make revision materials. 15 minutes

Key Terms for Topic 9 CLICK FOR TIMER Brand Snobbery Competition and Markets Authority Consumer Contracts Regulations and the Consumer Rights Act Teleshopping Value Added Tax Value for Money On your whiteboards or books, write down a definitions for these key terms. EXT: Can you give examples of each? 5 minutes CLICK FOR TIMER

Answers Consumer Contracts Regulations and the Consumer Rights Act – a set of rules and requirements for traders selling over the internet or otherwise at a distance (such as via the telephone) designed to protect consumers. Brand snobbery – when people are prepared to spend more on something because it has a certain brand name, rather than buy a cheaper alternative that will serve its purpose just as well but does not have the name. Value Added Tax – a government tax levied on sales of most goods and services. Teleshopping – shopping from a company that promotes its products on a dedicated TV channel, and sells them over the phone or online. Competition and Markets Authority – a government department responsible for promoting competition for the benefit of consumers. It took over many of the responsibilities of the Office of Fair Trading (which closed in 2014). Value for money – getting the best goods for the money available.

GCSE IFS Finance – Unit 2 Topic 9 Search for #valleyifs GCSE IFS Finance – Unit 2 Topic 9