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13 Cards in this Set
- Front
- Back
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Definition of inflation. |
Average rise in prices over a specific period of time. |
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What is tax income/ what is it used for ? |
Money deducted from your gross income that goes to SARS for economy and infrastructure |
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What is property tax and sin tax? |
Property: worked out on properties market value payed to municipality Sin: added to petrol, cigarettes, alcohol |
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Organization that protects consumers against unfair business practices. |
The National Credit Act |
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Define contract |
An agreement that creates legal rights between two parties. |
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Define cooling-off period |
Time given to consumer to cancel a contract without reason or financial implications. |
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What are grey goods ? |
Imported food not sold through the official company but by and individual. They are not illegal, but do not have the same guarantee or warranty. |
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Why are work-from-home scams illegal ? |
They promote unfair business practices and must not be available in print or media. |
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Differences between a 1) stokvel and 2) pyramid scheme |
1) savings club, people join to pledge contributions to a common fund from which members can draw and is legal 2) it is illegal, promotes unfair business practices. One person benefits and if you lose your money the law cannot protect you. |
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The base for calculating inflation. |
CPI consumer price index |
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Responsibilities of municipalities |
Providing electricity, water, sanitation, refuse removal. |
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How can one go about saving water and electricity? |
W: short showers, don’t water garden, use shower water to flush E: turn off lights in day, turn off water geyser, only use when necessary |
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Difference between simple and compound interest |
Simple interest is calculated on the original amount on a short term loan. Compound interest in paid on the original amount PLUS the interest to date |
