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Commerce > Business > Flashcards

Business Flashcards

1
Q

What is a Tarrif?

A

The tax or duty to be paid on a particular class of imports and exports. They are used to restrict trade, as they increase the price of imported goods and services, making them more expensive.

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2
Q

What is a multinational corporation?

A

A corporation that has its facilities and other assets in at least one country other than its home country. Such companies have offices and/or factories in different countries and usually have centralised head offices where they coordinate global management.

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3
Q

What is trade?

A

The action of buying and selling goods and services. Exchange for something else, typically as a commercial transaction

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4
Q

What is economics ?

A

The branch of knowledge concerned with the production, so consumption, and transfer of wealth

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5
Q

What is a market?

A

Where potential buyers and potential sellers interact through a means of exchange

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6
Q

What is consumer sovereignty ?

A

The consumer is king on deciding where resources are allocated in a market economy

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7
Q

What is the concept of opportunity cost?

A

The lost alternative use to which the economic resources could have been allocated

Eg. Choosing to buy a car instead of going on a holiday for the same price

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8
Q

What are the three economic questions?

A

For whom to produce, how to produce and what to produce

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9
Q

What are the three types of resources?

A

Land - natural resources
Labour - human power
Capital - machinery , equipment

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10
Q

What is the difference between a need and a want?

A

A need is any item that is necessary to survive everyday basic life. A want rather is any item that people desire but which is not essential for basic life

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11
Q

What is scarcity?

A

The term in which is used to describe the situation where there are unlimited wants but only limited resources, creating the economic problem

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12
Q

What is the difference between a complimentary and a substitute product?

A

A complimentary product is an item that comes with another item. A substitute product is a product that is different to another product but is for the same purpose

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13
Q

What does the law of demand state?

A

The law of demand states that the demand of a product is inversely proportional to the price of that product .

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14
Q

What does the law of supply state?

A

The law of supply states that the supply of a product is directly proportional to the price of that particular item

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15
Q

What are the factors that could increase the demand of a product?

A

A decrease in price
An increase in customer wages
A decrease in price for complimentary products
An increase in price for substitute products
New trends
A change in the weather/seasons
An effective advertising campaign

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16
Q

What factors could increase the supply of a product ?

A 
Decrease in costs for production  
Increase in price of the product 
Increase in number of producers 
Improvements in technology 
Lower taxes 
Expansion in capacity of existing firms
17
Q

What are the factors of production ?

A

The inputs required to produce a product

Land, labour, capital, enterprise

18
Q

Who are Australia’s main export partners?

A
  1. China
  2. Japan
  3. Korea
  4. India
    5 United States
19
Q

Who are Australia’s main import partners?

A
  1. China
  2. United States
  3. Japan
  4. Thailand
  5. Singapore
20
Q

What are Australia’s major exports?

A
  1. Coal
  2. Iron ore and concentrates
  3. Gold
  4. Natural
  5. Crude petroleum
21
Q

What are Australia’s major imports ?

A
  1. Crude petroleum
  2. Passenger motor vehicles
  3. Refined petroleum
  4. Gold
  5. Medicaments
22
Q

How are multinational corporations growing ?

A
  • corporations establish their business in other countries due to cheaper manufacturing costs due to low labour rates
  • economies of scale(ability to reduce the ‘per unit’ price of a product made due to increased production runs), due to rapid advances in technology, have enabled multinationals to gain substantial market share
  • economies of scale have also allowed multinationals to develop new markets and use increased accessibility to money and other resources available to them to grow their business
  • multinationals have also developed products that are popular to the customer all over the world
23
Q

What is expenditure in terms of the federal budget?

A

The money the government projects to spend in an economy in any given financial year

24
Q

What is revenue in terms of the federal budget?

A

The money the government estimates to receive through taxes in any given financial year

25
Q

What is a financial year?

A

A period between the 1st of July to the 30th of June where business or corporations receive annually revenue and project money to spend in an economy

26
Q

In what area does the government receive most of its revenue?

A

Income taxation receipts

Eg. Fringe benefit tax, company tax, individuals and other withholding taxes

27
Q

What are the major tax changes in this years budget?

A

The government tightens up loopholes such as fringe benefits and caps on concessions for health and charity workers. Small business have also benefited with a range of tax cuts that will cost 5.5 billion dollars over the next four years to stimulate growth in that sector.

28
Q

How much will the government receive in GST I. The next financial year?

A

The government will receive a GST amount of $57.3b in the next financial year .

29
Q

What are the two largest areas of expenditure for the federal government ?

A

Social security and welfare (154b) and other purposes such as local government assistance and disaster relief (85.7b)

30
Q

Is the government projected to be in a surplus or deficit?

A

The government is set be in a deficit of $36.49b. This means that at the end of the financial year , the government will have lost a total of $36.49 billion dollars.

31
Q

Who was responsible for the 2014 federal budget and what is his title and name?

A

Treasurer Joe Hockey

32
Q

What party does joe hockey belong to?

A

The liberal party

33
Q

What are the different types of business owners hips?

A

Sole trader- the simplest form under which a business can operate, the owner is responsible for all debts and all aspects of the business

Private company - a separate legal entity owned between one of 50 shareholders. The business pays tax on any profits made. Advantages include greater access to resources, limited liability. Drawbacks include higher accounting fees, more expensive to register a company name.

Partnership- a business for. That is owned by 2 or no more than twenty people. Drawbacks include unlimited liability , and chance of disagreement. Advantages include shared workload and easier access to resource and money

34
Q

What are business ethics ?

A

Moral guidelines and principles a business should follow : examples of how businesses can apply ethics to their business include :

Maintaining healthy relations between employees

Encouraging food safety in restaurantsband safety in general

A commitment to public health

Knowing where suppliers obtain their goods

Forbidding abuse behaviour in the workplace

35
Q

What is owners equity?

A

An owners assets minus its liabilities

36
Q

What are the factors that provide more resource for production?

A

Increased labour force
New discoveries of raw materials such as iron copper
Good climatic conditions so there are more raw materials wheat, cotton milk

37
Q

What are the factors that reduce the costs of production so that more money is available for other resources , leading to increase supply?

A

Lower tax rates
Lower wage for employees
Lower interest rates
Lower costs of raw materials

38
Q

Factors that result in more efficient use being made of existing resources ?

A

Better training of workers
New machinery that increases productivity rates
New production methods that reduce the amount of waste

Commerce (2 decks)

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