Topic 1 Quiz_Consumer and Financial Decisions

What type of store are Target and Kmart both examples of?

• Speciality Store

• Department Store

• Convenience Store

• Discount Variety Store

Kmart and Target are both examples of discount variety stores, as these stores have a plain design and offer basic customer service. Their products are cheaper than those of department stores.

• True

• False

What are the three main elements of a contract?

• Agreement, acceptance, consideration

• Invitation, agreement, consideration

• Offer, acceptance, communication

• Offer, acceptance, consideration

Which of the following is an example of a service?

• blow dry

• hair accessories

• hair straightener

• bottle of shampoo

Goods are considered to be tangible.

• True

• False

Which of the following are all examples of needs?

• shelter, clothing, car

• water, shelter, clothing

• food, water, tissues

• clothing, mobile phone, food

What is the name of the federal government body that protects consumers and helps enforce the main consumer law?

• Commonwealth Ombudsman

• The Department of Fair Trading

• Australian Securities and Investment Commission

• 
  Australian Competition and Consumer Commission

What is the name of the payment method that allows consumers to schedule bill payments automatically from their nominated bank account when they are due?

• Credit

• Book up

• Direct debit

• Electronic Funds Transfer