Grade 9 Introduction to Business
Review Sheet
Consumerism - Unit Test
References
Requirements
In order to successfully complete the BIB1W unit test on consumerism, the
student should be able to perform the following tasks:
- identify the various risks associated with consuming, as well as the general forms of consumer protection available;
- outline a few simple consumer skills which one can use to limit risks in the market place;
- describe the theory of insurance, including the historical development of underwriting;
- explain the law of large numbers, and outline its application to the insurance industry;
- explain what the insurance industry means by "risk groups", and "risk control";
- calculate the premiums for a given item and risk group (this involves calculating the rate of loss
as well as the premium amount);
- describe the purpose of the following peices of consumer protection legislation:
- the Competition Act,
- the Consumer Protection Act,
- the Business Practices Act, and
- the Consumer Reporting Act
- define three types of contracts:
- oral,
- written, and
- implied
- explain four conditions of a valid contract:
- offer and acceptance,
- competence of parties,
- mutual consideration, and
- legal purpose
- outline what the provincial Sale of Goods Act considers to be an enforceable contract;
- explain what is meant by a breach of contract;
- effectively communicate the objectives, and the methods utilized by, the following consumer protection agencies:
- Consumers' Association of Canada,
- Better Business Bureau,
- Canadian Standards Association, and the
- Automobile Protection Association
Note: After you receive your marked test, you may wish to consult the online key
to my marking symbols.
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