Chapters 18 and 19 Flashcards
What is the service sector?
companies, businesses and government enterprises that provide intangible goods that benefit consumers, such as tutoring, accountancy, hairdressing and legal advice.
What is insurance?
a guarantee that there will be compensation for future loss, damage, illness or death in return for a specified payment in the present.
What is enterprising?
demonstrating initiative and willingness to undertake new projects.
What is an employee?
an individual who is hired to perform specific tasks in return for payment.
What is crowdfunding?
when a large number of people fund a project, usually via the internet, by each providing small amounts of money.
What are soft skills?
personal qualities that allow a person to effectively interact with other people in a harmonious manner.
What are hard skills?
skills that are teachable and can be measured, such as using a computer.
What is a modern award?
a legal agreement that sets out minimum pay and other employment conditions.
What is an enterprise agreement?
an agreement made directly between employers and employees about wages and working conditions.
What is fair work commission?
Australia’s national workplace relations tribunal, which carries out a range of functions concerning working conditions and resolution of workplace disputes.
What is dismissal?
an employer terminating an employee’s employment against the employee’s will.
What is summary dismissal?
the servere step of terminating an employee without notice.
What is saving?
setting aside money to spend later.
What is investing?
putting money into shares, property or other financial schemes in the hope of making a profit.
What is simple interest?
multiplying the interest rate by the principal and then multiplying by the number of periods in the loan.
What is a principal?
money that was originally invested or loaned
What is compound interest?
interest earned from a deposit or loan that is added to the original deposit or loan to earn further interest.
What is borrowing?
to take money from a bank or financial institution of paying it back over a period with interest.
What are shares?
units of ownership in a publicly listed company.
What is investment risk?
the likelihood of losing money in a financial scheme
What is the share market?
a market in which shares in publicly listed companies are bought and sold.
What is the Australian Securities Exchange (ASX)?
operates Australia’s primary securities exchange; shares are one form of security that can be traded via the ASX.
What is equity?
share in a company; the shareholder holds equity or a stake in the company.
What is fixed interest?
an interest rate on a loan or mortgage that remains the same for the term of the loan or part of its term.
