Consumer & Financial Decisions Review

What’s the Difference Between BNPL & A Credit Card

• Credit Cards Hold No fees where as BNPL has lots of fees

• BNPL is a bank where you can physically go in branch

• BNPL is only available for online Purchases

• Credit Cards help you build your credit score where as BNPL doesn’t.

What is the first thing you should consider when formulating a budget?

• Assume your financial stability

• Calculate your monthly/annual net income

• Record your monthly/annual expenditure

• Set goals, objectives and constraints to adhere to

What is the name of the legislation that provides some protection to consumers?

• Consumer and Competition Act

• Protection Act of Consumers

• The Competition and Consumer Act

• Consumers Act of Protection

What is the best way to make a decision on buying a product?

• How much you want the product

• The amount of money you'll have in 4 years

• The amount of money you have

• Your credit score

What are the 3 essential elements that make a legally binding contract?

• The offer, the handshake and the consideration

• The offer, the acceptance and the cheque

• The offer, the acceptance and the consideration

• The proposal, the handshake and the cheque

What are the three riskiest ways of investing?

• Saving accounts, Index fund, Term Deposit

• Managed fund, Term deposit, Index fund

• Shares, Index fund, Real-Estate

• Managed funds, Saving account, Shares

Which of the following terms best describes the process of contacting different sellers to find the best price for a product or service?

• Comparison shopping

• Window shopping

• Product shopping

• Price shopping

Find the truth:

• 10% of Americans don't own a credit card

• 2.9 billion Australian debit transactions were made last year

• A credit card is for people ages 25 above

• Chickens are worth $230 in England

What is a form of buying that a person purchases a product without any thought?

• Scheduled buying

• Contract buying

• Impulse buying

• Scattered buying

What government organistaion helps and protects consumers in relation to investment, life insurance, superannuation, scams, and banking.

• New South Wales Fair Trade

• Australian Competition & Consumer Commission (ACCC)

• Australian Securities and Investments Commission (ASIC)

• The Ombudsman