Resource Management and Consumer Studies
What this domain tests
This domain covers budgeting, financial planning, consumer rights, credit, insurance and housing. The exam rewards precise use of Irish and EU consumer law and the ability to apply a budget or complaint procedure to a realistic household case.
Core rules and concepts
- A budget records net income, fixed and variable expenditure, and a contingency. A surplus can be saved or used to reduce debt; a deficit requires cuts or extra income.
- Under the Sale of Goods and Supply of Services Act 1980, goods must be of merchantable quality, fit for purpose and as described. Services must be carried out with due care and skill, using sound materials.
- The Consumer Protection Act 2007 prohibits misleading and aggressive commercial practices and allows enforcement by the CCPC.
- For distance or off-premises contracts, EU rules generally give a 14-day right to withdraw, but not for perishable goods or customised items.
- Insurance rests on insurable interest, utmost good faith and indemnity. Credit should be compared using the APR, which includes the cost of borrowing.
Worked example
A student buys a laptop in a shop. After three weeks it will not charge. The retailer says the student must contact the manufacturer under the guarantee. Is that correct?
No. The contract of sale is with the retailer, so the statutory rights under the 1980 Act apply against the retailer. The consumer may seek repair, replacement or refund depending on the circumstances. A manufacturer’s guarantee is an extra protection and does not replace statutory rights. The student should complain in writing to the retailer, keep receipts and, if unresolved, contact the CCPC for advice.
Traps that cost marks
Do not say a guarantee replaces consumer law. Do not apply the 14-day cooling-off period to an in-store purchase. In a budget, do not call a surplus “profit” or omit irregular costs such as car tax and back-to-school expenses.
Key points
- Goods must be merchantable quality, fit for purpose and as described.
- The retailer, not the manufacturer, is liable under the 1980 Act.
- The CCPC enforces consumer protection law.
- Distance selling usually carries a 14-day withdrawal right.
- APR is the proper comparison measure for credit.