Consumers notes for grade 11 IEB students

, :




Unemployment insurance Sources :
fund :
Ulf : A fund that


short term relief
'
Salaries :
gives to
people
who are unable to work .
A set amount that is
payed out
every month for service

Contributions : Portion of or
good .




income paid to fund pension
,
.




Gross : Total income before
-

Government social and pension :

grant
deduction or tax .

People that are disabled are
eligible for social
grants
.




Eligible Meeting conditions
:




do receive Casual
something wages
:
-


to or .




Vulnerable for
Exposed being Money part time work
: to .




attacked or harmed .




Budget : Estimate of income
-

Business profits or investments .




and
Family and friends
spending for period
'

a set .
.




-

Pension



Factors affecting spending :




•
Household composition

-
Financial resource and disposable income

-

Needs

-

Location

-
Preferences

, Budget :




-



Help work on
lowering expenses .




Set and
Variable :(
hanging goal for
you your family
-



all the .




Ensures
time .
.


you
have
enough money
to cover
expenses .




Shortfall : Amount that is
'
Control how is
spent
your money .




lower than expected
-
Teaches value of
.




you money
.




'

Helps decide what
necessary expenses are .




Not
using a
budget :




-

Can be blacklisted .




debt
-



Invest on



Can loose control of
•



know where it
money ;
not went .




'



waste expenses
money unnecessary
on .




control of credit
May
'



lose how 've used
my you
.




Principles :




needs and A
ssess
Objectives
•
:
-




assess


record
Control and
spending C control
-

:




-

Prepare for unexpected incidents .


P prepare
:




steps :




1. List income L


2. Estimate expenses E 7 .

Compare income and expenses . (


Fixed expenses Evaluate
3. F 8 .
the
budget .
E


↳ Variable expenses v •
Listed all income
your
.




5. Essential expenses E keep track of cash
•

.




b. Luxuries L •
Listed all expenses
your
.

, Unit:3 Types of bank accounts:


Fraud :
Deceiving someone to 1 .
Savings account:
Bank card that holder withdraw ATMs
gain money advantage can use to
money at
•
or .
.




Bank
Money Laundering Taking the low interest
•

in account
money
rate on
pay
: .




proceeds for criminal
activity .




Deposit : Sum of
money paid
2 . Current or cheque account:
into a bank account .




A minimum of
Saving account :
Open Rio Rso-
RI 500 income needed to
open .




Debit card Card that allows Bank low invest in this
money account
: rate on
pays .




funds Overdraft available
immediate access
facility
•
to . .




Stop order
•

Bank
automatically Acess funds withdraw
with
by making
:
a
-

.




•


draws a
spesific amount of
money Pay accounts
by writing cheque .




for
•

from a
cheque to
pay
a
monthly expense . .

Pay goods and services credit or debit card linked to account .




Same Arrange stop orders
•

amount each month .
.




Debit order
•

Permission business debit orders
Arrange
: to .




to withdraw funds Dittrent each month
.
.




Transaction : Act of
buying or 3 . Call account:
A minimum balance of RI 000 be maintained
selling .
must .




of paid
•


higher balance
A rate invest than an
ordinary account
,
the
higher the ,
the
higher % .




Encourages leave
money possible
in
•
to most account .




Deposit free but others
charged
•
.




4. Fixed deposit:
Invest for fixed period
money
•

.




High int rest Bank for
•
know keep certain period
.


they can
money
.




5. MONEY MARKET:

Opening balance R 5000 th 25000
•

: -

.




•

Investment account
,
not withdrawn can be .
Deposits are free .