11213930
Descrição
FlashCards por Simply Spring, atualizado more than 1 year ago
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Criado por Simply Spring
mais de 6 anos atrás
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| Questão | Responda |
| Opportunity cost | The next best alternative foregone |
| What are our Means | Our time, skills & money (resources we use to get what we need & want) |
| Define Scarcity | Aren't enough resources to satisfy our needs and wants |
| Advantages of Money (5) | Is durable, portable, divisible, scarce & of legal tender |
| The diversity of business (6) | Unique/chain stores, local/national/international, small/big, primary/secondary/tertiary, provides goods/ services, sole trader/partnership/company, specialist/variety/general stores |
| Sole trader advantages and disadvantages | 1 owner Advantages: Makes all decisions & keeps all profit Disadvantages: Unlimited liability, non-continuous existence |
| Partnership advantages and disadvantages | 2-25 owner Advantages: shared risk, capital, workload & skills/experience Disadvantages: Unlimited liability, incompatibility between partners |
| Company advantages and disadvantages | 1 or more owner Advantages: Limited liability, continuous existence, shares may be sold to raise capital Disadvantages: registration costs, ownership & management may be seperate |
| Business objectives | expand business growth, well-known, fill a gap in the market, focus on environmental jobs, provide good return, business survival, beat competitors |
| Income: Wages | Based on a rate per hour or per week |
| Income: Salary | Calculated annually but usually paid weekly, fortnightly or monthly |
| How Fees are earnt | A charge for a particular service provided by the income seller |
| How Commission is earnt | Payment for selling goods or services on behalf of someone else |
| What is Rent | A charge made for the use of land |
| What is a Dividend | Income received by the owners of shares in a company |
| What is a Royalty | Income received by writers & entertainers for the sale of books, music & copyright |
| What is a Profit | Income received by the owner of a business for risk-taking & management |
| What is Interest | Payment someone receives for allowing someone else to use their money. The cost of borrowing |
| Admission fees | Income received by charging people to see something you own |
| Hire fees | Paid to owners of equipment by people who can then use it for a certain time |
| What is the CGA | Protects consumers after a good/service has been purchased |
| What is the FTA | Protects consumers before a good/service is purchased |
| If something goes wrong, under CGA, you can ask for | A repair, replace or refund |
| Goods the CGA doesn't cover: | Private sales like garage sales and goods oversea purchases |
| Who is the person who lodged the claim at a Disputes Tribunal | The claimant |
| Who is the party being challenged at a Disputes Tribunal | The respondent |
| Rights of a seller | To receive payment in exchange for the good/service they are selling |
| Obligations of a seller | To provide goods/services of reasonable qualities under the CGA |
| What is a Law | Set of rules |
| Define Consumer | Someone who uses goods or services |
| Define a Contract | legally binding document/agreement giving rights & obligations to the people involved which the law recognises & will uphold |
| How a reasonable price would be determined for a service | Find a similiar service by a similiar provider for a similiar price in a similiar area |
| A valid contract must | be serious & commercial (sale & purchase of land compared), people must have capacity (contract holder must be aware), consent must be freely given (aren't being threatened), exchange must occur, activity must be legal, offer & acceptance must be present |
| If all 6 elements aren't present in a contract... | It is considered to be void |
| A budget must... | include an appropriate heading, include an Income & Expenses heading and a surplus/deficit |
| If a monthly budget is in an unfavourable situation, you could | Improve the budget by decreasing expenses with an example or increasing the level of income (wages, salary...) |
| Define Break-even | When planned income equals planned spending |
| A Statement of Affairs must include... | An appropriate heading, an Assets and Liabilities heading and the total Networth |
| What is cash buying | It's payment made at the time the good/service is received. An outright purchase for immediate delivery |
| Examples of cash buying | Notes & coins, cheque, EFTPOS, debit cards, online bank transfer, layby |
| What is credit buying | When there's a 'buy now, pay later' situation |
| Examples of credit buying | Credit card, hire purchase, overdraft & store cards |
| Advantages of credit buying (3) | You get the good/service now rather than having to wait to be able to afford it, money in banks collect interest, using credit cards collect loyalty points |
| Consequences of borrowing with credit (bad 4) | The extra administration costs and interest charges mean it can cost more to buy on credit, you can easily overspend, possible loss of freedom & overcommitment, time is taken to save |
| Overdraft | A withdrawal of funds greater than the balance of the bank account |
| Hire purchase | Having possession of an item & paying it off in instalments while the seller has ownership until it is fully paid off |
| Mortgage | A loan to buy property that is secured by the property |
| Store cards | A card issued that allows you to purchase goods by credit from that store |
| Define Saving using economic terms | Foregone consumption |
| Opportunity cost of saving | Spending |
| Factors that influence saving | Income, wealth, rate of interest, age, social values |
| Reasons people save (6) | To earn an income, for a big purchase, to avoid finance charges, in case of an emergency, for future "purchases", or for security |
| Disputes Tribunal | A place where small claims are settled between 2 parties which don't agree outside the court system |
| Cases that can't be taken to the Tribunal (8) | Claims against bankrupts, liquidate companies (can't pay for debts), employment issues, wills, tax, estates, sale of property & anything involving title change |
| Maximum amount the Tribunal can order someone to pay | $15 000 or $20 000 if both parties agree |
| Reasons for preparing a budget (4) | To help achieve a savings goal, to live within financial means by keeping on track financially & being aware of financial responsibilities |
| All consumer products must (4) | be of acceptable quality, fit for purpose, match a description, reasonable price, |
| All consumer services must (4) | be carried out with reasonable skill & care, fit for purpose, carried within a reasonable time frame if not agreed prior, charged at a reasonable price if not agreed prior |
| Examples of prohibited trading conduct (5) | Deceptive/misleading conduct which may lead to false representation (lying), unsubstantiated claims with no factual evidence or reasonable grounds, unfair practices (traders bill you to products you never agreed to), pyramid schemes |
| Define Caveat emptor | Buyer beware (be a wise, sensible shopper) |
| Who is the Referee | Mediator who makes the final judgement |
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