business Flashcards
what is a need
something vital to survive
what is a want
something that you would like but can live without
gross pay
the money you earn before deductions
net pay
the money you get after deductions are taken off
statutory deductions
taxes you have to pay
voluntary deductions
money\ you can chooce to pay. eg/ charity
disposable income
the money that you get paid
discretionary income
the money you have after you have paid all the essential costs
overtime payment
money you get for working extra hours. usually time and 1/2 or double
entrepeneur
someone who takes personal and financial risks to set up a business in hope of making a profit
budget
a plan that shows future income and expenditure for a certain period of time
net cash
total income - total expenditure
opening cash
the money you have at the start of a period of time
closing cash
the money you have at the end of a period of time
a consumer
someone who buys goods and services for their own use
a good
something you buy
a service
something done for you
legislation
a legal agreement
name of act 1980
sale of goods and supply of services act 1980
in this act goods must be (1)
- of merchantable quality
in this act goods must be (2)
- fit for purpose
in this act goods must be (3)
- as described
in this act goods must be (4)
- corresponds to sample
in this act services should be (1)
- carried out with care and attention
in this act services should be (2)
- carried out by someone with the necessary skills and qualifications
three r’s
refund
repair
replace
merchantable quality
goods should be undamaged, usable and of reasonable quality considering the price paid
fit for purpose
goods should be fit for purpose intended
as described
goods should match the description
corresponds to sample
goods bought based on sample should be the same as sample shown
refund
consumer gets their money back
repair
the retailer takes responsibility for having product fixed
replace
consumer gets a new product to replace the faulty one
guarantee (5)
usually free, protects the consumer, time frame, offered by manufacturer, an agreement to repair or replace an item if something goes wrong,
warranty (5)
usually costs money, offered by retailer, optional protection similar to insurance policy, protects to consumer, timeframe longer tan guarantee
distance selling
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.
in the eu
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
directive on consumer rights
allows for easier trade all over europe
cooling off
change of mind
outside the eu
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
