Share 1st year summer exam revision (2)
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Name the law which protects consumers from false or misleading information
Consumer protection Act 2007
Explain one drawback to a consumer of shopping online
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What does APR stand for?
Annual Percentage rate
Explain the term mortgage
Long term loan for a house or property
What is the difference between a fixed interest rate and a variable interest rate
Fixed - same payment each month Variable - Changes
Give one right of a borrower
To know the apr, to cancel after 14 days, to know the cost of the loan etc
Give one responsibility of a borrower
Truthful, to pay
Outline two ways someone could reduce the cost of their home insurance
Burglar alarm, Smoke alarm etc
What types of insurance might an individual have ?
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Explain the disposable income
Amount someone has for spending after wants are paid for
True or false: A salary is a fixed amount of money received by an employee
True
True or False: The more hours a employee works, the more wages they receive
True
What is paypath and give one advantage of it.
Getting paid into the account - safer, convenient, fast, environmentally friendly
What are two responsibilities an employee has to their employer
Carry out duties, show respect, obey laws, work on time, fair days work
What is a step a consumer could take to be more ethical in their purchasing decisions
Fairtrade, recyclable products, environmentally friendly alternatives
What is a benefit of contactless payment?
Safer, quicker
