What is an unconscionable act?

Any practice by a seller that is just not reasonable and often illegal

A contract is a legally enforceable agreement between two parties

Which of the following is an advantage of a credit card?

They are a convenient payment method for online transactions.

Australian Competition and Consumer Commission.

Which of the following are examples of wants?

Personal computer, movie ticket and a pair of Nike shoes

What are the three elements of a contract?

Offer, acceptance, consideration.

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Questions 15

Answers

1
What is an unconscionable act?
Any practice by a buyer that is just not reasonable and often illegal
Any practice by a seller that is reasonable and often legal
Any practice by a buyer that is just not reasonable and often legal
Any practice by a seller that is just not reasonable and often illegal
2
‘Caveat emptor’ is a latin word meaning?
The customer is always right.
Let the seller beware.
The company is always right.
Let the buyer beware.
3
Which of the following is an example of a non-durable good?
Car
Disposable Pen
A mechanic’s labour charges
Leather Furniture
4
Which of the following is a state government organisation that provides assistance to consumers?
Australian Competition and Consumer Commission
Choice
Australian Securities and Investments Commission
NSW Fair Trading
5
What is a contract?
A contract is a legally enforceable agreement between two parties
A contract is a written agreement between businesses only
A contract is an agreement that is not enforceable between two parties
A contract is where an offer is considered between two people.
6
The payment option used by consumers allows for payment to be paid off in four equal installments every two weeks is
Lay-by
After pay
Book-up
Mail order
7
Which of the following is NOT a scam?
Get-rich-quick schemes
Pyramid schemes
Identity theft
No refunds or exchanges
8
What is a business that sells products directly to consumers known as?
Wholesaler
Manufacturer
Financier
Retailer
9
‘Caveat emptor’ is a latin word meaning?
Let the seller beware.
The company is always right.
Let the buyer beware.
The customer is always right.
10
Which of the following is an advantage of a credit card?
it is easy to overspend.
Missing a monthly repayment will affect your credit rating.
They are a convenient payment method for online transactions.
They are often more expensive than other forms of credit.
11
What is the ACCC?
Australian Council for Consumer Credit
Australian Competition and Consumer Commission.
Australian Council for Consumer Credit.
Associated Council of Consumer Competition.
12
What is redress?
All of the above
Remedy an undesirable or unfair situation
Compensation for a wrong or grievance
Set right
13
Which of the following are examples of wants?
Personal computer, movie ticket and a pair of Nike shoes
DVDs, perfume and shelter
Food, car and clothing
Water, watch and X-box
14
Which of the terms best describes the process of contacting different sellers to find the best price for a product
Window shopping
Product shopping
Comparison shopping
Price shopping
15
What are the three elements of a contract?
Offer, proposal, agreement.
Offer, acceptance, consideration.
Proposal, acceptance, consideration.
Proposal, acceptance, consideration.

Commerce Flashcards | StudBud