Financial Literacy

A SMART consumer is someone who is

• an intelligent person who buy things responsibly

• a diligent person who will research about the product

• a fast person who buy immediately to be an opinion leader

• a rich person who buy impulsively

Which of the following are tips on how you can be a smart consumer?

• Use credit card so that you do not keep track of your spendings

• Spend within your spending limits

• Priorities your needs over wants.

• Read online reviews and ratings before buying the item

Read the case study in the power point slide on Desmond and the durian uncle. Which of the following are unfair practices by the durian uncle?

• Not stating the price of the durians upfront

• Pestered Desmond to get 2 durians instead of 1

• Not giving a discount to Desmond for 2 durians

• Charging higher price of $112 instead of $90

Auntie Lucy went to a hair salon for haircut. The hair stylist informed her that the price of the haircut is $18. However, when paying up, the hair stylist requested for $28 for "upgraded shampoo" used. What is this unfair practice?

• Exerting undue pressure

• Claiming that a discounted price is only available till a specific date

• Charging a higher price than initially quoted

• Making a false claim

What is 1 way to report an unfair practice?

Lemon Law protects consumers against defective goods for a time frame of

• 7 days

• 1 month

• 3 months

• 6 months

Kenny opened a new box of coffee powder and tried one packet. He did not like the taste and requested to exchange the flavour. Can he exchange under Lemon Law?

• Yes

• No

Kory bought a new pair of underwear (boxer). After wearing it for the first time, he realised there was a hole. He can ask for a refund since it is still within the 7 days and he has the receipt.

• True

• False

Ahmad brought a phone from seller on Carousell. After the seller went MIA, Ahmad can get Carousell to compensate him.

• True

• False

Lemon law does not cover which of the following

• when you dropped and damaged the phone

• when you used the phone in the water and cause water damage

• when it has been used for more than a year

• when you tried to repair it and failed