business

Question 1

what is a need

Answer 1

something vital to survive

Question 2

what is a want

Answer 2

something that you would like but can live without

Question 3

gross pay

Answer 3

the money you earn before deductions

Question 4

net pay

Answer 4

the money you get after deductions are taken off

Question 5

statutory deductions

Answer 5

taxes you have to pay

Question 6

voluntary deductions

Answer 6

money\ you can chooce to pay. eg/ charity

Question 7

disposable income

Answer 7

the money that you get paid

Question 8

discretionary income

Answer 8

the money you have after you have paid all the essential costs

Question 9

overtime payment

Answer 9

money you get for working extra hours. usually time and 1/2 or double

Question 10

entrepeneur

Answer 10

someone who takes personal and financial risks to set up a business in hope of making a profit

Question 11

budget

Answer 11

a plan that shows future income and expenditure for a certain period of time

Question 12

net cash

Answer 12

total income - total expenditure

Question 13

opening cash

Answer 13

the money you have at the start of a period of time

Question 14

closing cash

Answer 14

the money you have at the end of a period of time

Question 15

a consumer

Answer 15

someone who buys goods and services for their own use

Question 16

a good

Answer 16

something you buy

Question 17

a service

Answer 17

something done for you

Question 18

legislation

Answer 18

a legal agreement

Question 19

name of act 1980

Answer 19

sale of goods and supply of services act 1980

Question 20

in this act goods must be (1)

Answer 20

1. of merchantable quality

Question 21

in this act goods must be (2)

Answer 21

2. fit for purpose

Question 22

in this act goods must be (3)

Answer 22

3. as described

Question 23

in this act goods must be (4)

Answer 23

4. corresponds to sample

Question 24

in this act services should be (1)

Answer 24

1. carried out with care and attention

Question 25

in this act services should be (2)

Answer 25

2. carried out by someone with the necessary skills and qualifications

Question 26

three r's

Answer 26

refund repair replace

Question 27

merchantable quality

Answer 27

goods should be undamaged, usable and of reasonable quality considering the price paid

Question 28

fit for purpose

Answer 28

goods should be fit for purpose intended

Question 29

as described

Answer 29

goods should match the description

Question 30

corresponds to sample

Answer 30

goods bought based on sample should be the same as sample shown

Question 31

refund

Answer 31

consumer gets their money back

Question 32

repair

Answer 32

the retailer takes responsibility for having product fixed

Question 33

replace

Answer 33

consumer gets a new product to replace the faulty one

Question 34

guarantee (5)

Answer 34

usually free, protects the consumer, time frame, offered by manufacturer, an agreement to repair or replace an item if something goes wrong,

Question 35

warranty (5)

Answer 35

usually costs money, offered by retailer, optional protection similar to insurance policy, protects to consumer, timeframe longer tan guarantee

Question 36

distance selling

Answer 36

sale and purchase of goods and service that dosent take place in person. must abide by consumer laws of country goods and services are being sent from.

Question 37

in the eu

Answer 37

goods must be delivered within 30 days from when the order was placed. shoppers have a cooling off period of 14 days from the day they receive the good or service commenced. the seller must give a full refund within 14 days

Question 38

directive on consumer rights

Answer 38

allows for easier trade all over europe

Question 39

cooling off

Answer 39

change of mind

Question 40

outside the eu

Answer 40

the directive on consumer rights does not apply. make sure the website is reputable read all of the terms and conditions carefully beware that VAT and customs must be paid