Commerce Flashcards

1
Q

Explain three Rights (privileges) you are entitled to as an Australian Citizen.

A

Apply for an Australian passport The right to vote in elections, if over the age of 18 Register children born overseas as Australian Citizens

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2
Q

What are the features of an active citizen?

A

Somebody who works hard, makes good choices, provides work and bolsters the countries economy and provides voluntary work.

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3
Q

What is citizenship by Descent?

A

If you were born outside of Australia and one of your parents was an Australian citizen at the time of birth, whom must have spent 2 years prior in Australia.

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4
Q

Why is citizenship important?

A

It allows you to live with freedom and enjoy the rights and responsibilities of a living person in the country.

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5
Q

What is citizenship by Naturalisation?

A

Migrant with permanent residence can take a test and if application approved becomes a citizen. Must have lived here for at least 4 years

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6
Q

What is a immigrant?

A

An immigrant is anyone who moves to a country from another country for any reason, such as to find a new job, or better education

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7
Q

What is a migrant?

A

A migrant is a person who moves from one place to another within a country.

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8
Q

What is an asylum seeker?

A

An Asylum Seeker is someone who is seeking a safe place to live permanently (or temporarily) because they have suffered threats or persecution or their original country is in the midst of a war or disaster.

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9
Q

What are 4 responsibilities as an Australian Citizen?

A

• obey the law • defend Australia should the need arise • serve on a jury if called to do so • vote in federal and state or territory elections, and in a referendum (voting is compulsory in Australia)

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10
Q

Why would a country use a citizenship test?

A

To preserve the unique history and culture of the nation.

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11
Q

What is a global citizen?

A

A global citizen is someone who is aware of and understands the wider world and their place in it and take an active role in their community and work with others to make our planet more equal and sustainable.

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12
Q

In 1901, what were the top 5 countries that people migrated to Australia from?

A

UK, Ireland, Germany, China and New Zealand

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13
Q

In 2016, what were the top 5 countries that people migrated to Australia from?

A

UK, New Zealand, China, India and Phillipines

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14
Q

What do Australia’s humanitarian and refugee programs help with?

A

Helping people resettle in Australia and providing protection to new settlers in Australia.

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15
Q

Who is eligible for Australia’s humanitarian and refugee programs?

A

Those outside of Australia, living outside your home country and you are subject to substantial discrimination in your home country amounting to a gross violation of your human rights and have been proposed by an Australian citizen or Permanent resident, an Eligible New Zealand citizen, or an organisation based in Australia.

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16
Q

What existed before Australia?

A

6 British Colonies and over 100 indigenous communities.

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17
Q

What is the constitution and why is it important?

A

A set of rules and laws for the governing of a country or other organization and is important because it stabilizes governance and because it protects individual freedom.

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18
Q

What are Exclusive Powers and give an example?

A

Exclusive powers are the areas of law-making responsibility that are given to the Federal Parliament. For example customs and military

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19
Q

What are concurrent powers and give an example?

A

Concurrent powers are areas of law-making responsibility that are given to both Federal and state parliaments eg taxation, marriage

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20
Q

What are residual powers and give an example?

A

Residual powers are the rest of the law-making responsibility left to each State Parliament eg school education, hospitals

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21
Q

Australia’s system of Government is best described as:

A

A Constitutional Monarchy

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22
Q

What is a constitutional monarchy?

A

System of government in which a monarch (queen) is guided by a constitution, which limits the rights and responsibilities of the monarch.

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23
Q

Where does the local government receive its income?

A

The local government reveives majority of its income through property taxes, fees and fines and revenues from parking meters.

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24
Q

What are the 2 requirements for a referendum to succeed?

A

A double Majority, in which majority of citizens must vote in favour and must also be voted by a majority of voters in a majority of states, ie 4 out of 6. The Parliament must vote in favour + signed off by Governor General before the referendum is put to the voters.

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25
Q

Name a successful and unsuccessful referendum.

A

A successful referendum was the Same Sex Marriage Referendum in 2017 one of 8 referendums out of 44 approved. An unsuccessful referendum was the Local Government referendum to recognise the Local Government in the constitution, in 1988.

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26
Q

What are 3 responsibilities of the local government?

A

Parks and Gardens, Garbage Collection and Building Regulations. pg 41 Civics book

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27
Q

What are 4 responsibilities of the State Government?

A

Education, Health and Law and Order (police), Transport pg 41 Civics book

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28
Q

What are 3 responsibilities of the federal government?

A

Immigration, Taxation and Defence.

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29
Q

What is a Back Bencher in parliament?

A

A member of parliament, with only responsibility to their electorate

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30
Q

What is the Cabinet in parliament?

A

A small powerful group of the most senior government ministers

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31
Q

Explain one advantage and one disadvantage of using Petitions as a form of protest to persuade government (or other organisations) to change their policies.

A

An advantage of using petitions as a form of protest is that it is a non violent way to get the government’s attention on different issues across the globe. A disadvantage is that the government has no exact right to act upon the issue and can therefore just ignore it.

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32
Q

What is the lower house of the Victorian Parliament called and how many members are there within?

A

Legislative Assembly (green) and holds 88 members

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33
Q

What is the upper house of the Victorian Parliament called and how many members are there within?

A

Legislative Council (red) and holds 40 members.

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34
Q

How many parliamentarians are there in the Victorian Parliament?

A

128 Members - 88 in Legislative Assembly and 40 in Legislative Council

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35
Q

What is the lower house of the Federal Parliament and how many members are within it?

A

The House of Representative is the lower house (green) and there are 151 members within.

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36
Q

What is the upper house of the Federal Parliament and how many members are within it?

A

The Senate is the upper house (red) and there are 75 members within.

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37
Q

What is the main function of the House of Representatives?

A

The House’s central function and the one which takes up most of its time is the consideration and passing of new laws and amendments or changes to existing laws. To become law, bills must be passed by both the House of Representatives and the Senate. They may start in either house but the majority of bills are introduced in the House of Representatives. Determines the Government Controls government expenditure

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38
Q

What is the main function of the Senate?

A

The primary role of the Senate would be to protect the interests of the less populous states in the federal Parliament by giving equal representation to all states. AS well as this it is also a house of review as all bills must be passed through both houses of parliament.

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39
Q

How are the members determined for the Senate?

A

The state itself acts as one electorate and votes for 12 members. The senate contains 12 senators from each state and 2 from the ACT and Northen Territory.

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40
Q

How is the government determined?

A

At the federal election, the party with the support of the majority of members (each representing an electorate) , becomes the government.

41
Q

Explain how the Liberal Party can win an election despite there being more Labor Party voters in Australia.

A

If the Liberal Party forms a coalition with the National Party, the two parties combined can form government if they have the majority of seats in the Lower House of Parliament. (exact scenario right now)

42
Q

What is a bi-cameral parliament?

A

The parliament consists of 2 legislative houses or chambers.

43
Q

What does bi-partisan mean?

A

Having the support of both major parties.

44
Q

The Australian Constitution came into effect on 1st January, 1901. It was created by:

A

an Act of British Parliament

45
Q

What is a Federal system of government?

A

A group of states with one central government that has powers in certain areas

46
Q

What is a shadow minister?

A

A member of the opposition with responsibility for challenging and reviewing the work of a government minister.

47
Q

Who is Josh Frydenberg?

A

Australian politician who has been Treasurer of Australia and Deputy Leader of the Liberal Party and represents the Kooyong Electorate

48
Q

What is the role of Government frontbenchers in the parliament?

A

Government frontbenchers are ministers who have been allocated a portfolio, e.g Immigration, Tax, etc… In the Senate and House, the role of a minister includes introducing bills and answering questions about their portfolio during Question Time.

49
Q

What is the role of Opposition frontbenchers in the parliament?

A

Opposition frontbenchers are shadow ministers who have been given the responsibility of scrutinising—closely examining—the work of a particular minister and their portfolio. In the Senate and House, the role of a shadow minister includes speaking about opposition policies and asking questions to relevant ministers during Question Time.

50
Q

What is the role of back-benchers in parliament?

A

Backbenchers draw attention to electorate or state and territory issues by speaking about them in Parliament.

51
Q

Who is the opposition leader in parliament?

A

Hon Anthony Albanese MP

52
Q

Who is a cross-bencher?

A

A crossbencher is an independent or minor party member (independant), they get their name from their seats.

53
Q

What are the main forms of government?

A

Absolute monarchy (monarch no rules),

Communist (people have equal opportunity),

Constitution monarchy (Australia),

Democracy (people have a say in how the government is run),

Dictatorship (1 person holds power),

Federal (power is divided),

Socialism (roduction and distribution of goods and services is a shared responsibility of a group of people)

54
Q

What are the 4 P’s that make up the marketing process?

A

Product - Product Refers to a good or service that a company offerst to a customer

Price - is the cost consumers pay for a product.

Place - where a company sells a product and how it delivers it to the market

Promotion - Advertising, Promotional Strategy.

55
Q

What is a target market?

A

A target market is a group of customers that the business has decided to aim its marketing effort and ultiamtely its merchandise towards.

56
Q

What is a petition?

A

a formal written request, typically one signed by many people, appealing to authority in respect of a particular cause.​

57
Q

What are the factors to consider when creating a target market?

A

Age

Location

Gender

Income level (high, medium or low income)

Education level

Marital or family status

Occupation

Ethnic background

58
Q

What would the target market be for McDonalds?

A

McDonald’s targets students, employees, and professionals in the age group of 8 to 45 years belonging to low & middle-income groups.

59
Q

What is product life cycle?

A

Product Life Cycle is a business analysis that attempts to identiy a set of common stages in the life of commercial. In other words the PLC is used to map the lifespan of a product.

60
Q

What are the stages which a product goes through in its lifespan?

A

Introduction, Growth, Maturity and Decline.

61
Q

Describe the introduction stage of the Product Life Cycle

A

This is the stage where products are intially promoted. There are two different strategies used to introduce your product to consumers. You can use either the Penetration Strategy or Skimming strategy. Profits are not a concern under this strategy. The most important thing is to get your product known.

62
Q

What is the Penetration Strategy?

A

The Penetration Strategy is used to attract more and more customers, in which the product is offered at low price at the early stage and then gradually highered.

63
Q

Who is the prime minister appointed by?

A

The Governer - General

64
Q

Who is the curretn deputy prime minister

A

Michael McCormack

65
Q

What is an electorate?

A

An area of the country, which elects a person to represent it in parliament. Normally representing around 100,00 people.

66
Q

What are the 4 main segmentations of Target Makets.

A

Geographic (address)

Demographic (gender, age, income, occupation, education, house hold size and stage in the family life cycle.)

Psychographic (attitude, values and lifestyle)

Behavioural

67
Q

What is the Skimming Strategy?

A

Price skimming is a product pricing strategy by which a firm charges the highest initial price that customers will pay and then lowers it over time. As the demand of the first customers is satisfied and competition enters the market, the firm lowers the price to attract another, more price-sensitive segment of the population.

68
Q

What is a downfall of the skimming strategy?

A

Skimming can encourage the entry of competitors since other firms will notice the (artificially) high margins available in the product, they will quickly enter.]

69
Q

Describe the Growth Stage

A

In this stage a large amount of money is spent on advertising. You want to concentrate to telling the consumer how much better your product is than your competitor’s product. If you are successful, then you will receive an increase in sales.

70
Q

Describe the Maturity Stage

A

During this stage sales grow at a very fast rate and then gradually begin to stabilize. The key to surviving this stage is to differentiate your product from your competitors.

71
Q

Describe the Decline Stage

A

This is the stage in which sales begin to fall. This is because either people have bought your products already or competitors are introducing new and innovative products.

72
Q

What is the only way to increase sales during the Decline Stage of the Product Life Cycle?

A

To cut costs and reduce your spending.

73
Q

Define Advertising

A

Advertising is any form of paid non-personal communication the aim of which is to present and promote goods services or ideas.

74
Q

What is the Total Product Concept?

A

The Total Product concept refers to the bundle of services offered by a product / service.

Refer to pages 10 - 13

75
Q

What are the 4 levels of Total Product Concept?

A

The Basic Core, Accessory Ring, Psychological Ring and Time.

76
Q

What is The Basic Core of Total Product Concept?

A

The basic core can be defined as the bundle of function benefits. Basic Core includes all main benefits that a firm promises to deliver. For Example the Basic Core of buying a car would be mode of transport.

77
Q

What is the Accessory Ring of Total Product Concept?

A

The Accessory ring includes added-value benefits which are not directly paid for but yet received. Organisations use these benfits to build competitive advantage by differentiating products from their competitors. An example of the Accessory Ring is when you are at McDonalds, where you receive salt, cutlery, toilets, playground and newspapers.

78
Q

What is the Psychological Ring of Total Product Concept?

A

The Psychological Ring is formed by benefits resulting from the consumer’s feelings associated with owning / using the product. The Psychological Ring for buying a porsche is success and wealth.

79
Q

What is Time referring to in Total Product Concept?

A

Time is the taken or saved when products / services are purchased ; this could be good or bad. This relates to time consumed when purchasing and using the product. An example of time is when becoming a collingwood football club member, where u save time not having to queue for tickets.

80
Q

What are complementary stores and give an example?

A

Stores nearby your store that benefit your store by attracting a similar target market. An example would be a plumbing store placed near tradie and hardware stores.

81
Q

What is Product Line and give an example?

A

Product Line is a groupo of realted products manufactured by a single company. Companies use product line to expand their business by adding more products. This is because people are more likely to purchase products from brands with which they are already familiar with. For example, a frozen pizza company may want to increase exapnd its company by adding frozen breadsticks and frozen pasta to its product line.

82
Q

What is product line depth?

A

Product line depth is the amount of sub products offered by a business within a particular line of products. For example the different types and sizes of Coca Cola.

83
Q

What are the factors that influence the place of a store?

A

If you are near your competitiors, because if so they are bringing in your target market and have already spent money on advertising. What the parking is like, places like supermarkets and hardware stores might need a parking lot. Complementary Businesses, are there any stores that attract the same customers in search of the same things. For example a plumbing store near a tradie store searching for tradies and home renovators. Foot Traffic, Highly Visible and near public trasnport.

pg 17-27

84
Q

What is wholesale price?

A

The price paid by a retail store for the products it sells.

85
Q

What is Profit?

A

Money made for the business owner after all expenses are paid.

86
Q

What is loss?

A

When expenses are greater than revenue

87
Q

What is retail price?

A

The price paid by a retail store for a product it sells.

88
Q

What is mark up?

A

The % or dollar amount a retail store increases the wholesale price by, which then equals the retail price. This is done by companies to cover expenses and allow for profit.

89
Q

What is revenue?

A

Total money recieved by a business for selling products.

90
Q

What are Overheads?

A

Costs of running a business, excluding cost of the products to sell. This would include wages, electricity, rent, insurance, advertising.

91
Q

What are fixed costs?

A

Overheads incurred by a business regardless of number of sales. For example, rent and wages

92
Q

What are variable costs?

A

A variable cost is a company’s cost that is associated with the number of goods or services it produces. A company’s variable cost increases and decreases with its production volume. When production volume goes up, the variable costs will increase. On the other hand, if the volume goes down, so too will the variable costs. For example, Ford builds a car they need 5 tyres, to build 2 cars they need 10 tyres. Their costs will change according to how many cars they build.

93
Q

What is turnover?

A

Total revenue over a period of time (week, month or year)

94
Q

What is break even?

A

The dollar amount of revenue needed to match expenses so no loss is made.

95
Q

How do you calculate profit?

A

Revenue minus expenses

96
Q

How do you calulate selling price (retail price)?

A

wholesale price plus markup

97
Q

How do you calculate break even?

A

Fixed Costs + Profit (only use profit it is in the question)

Selling Price - Variable Cost (per unit)

98
Q

What are the forms of advertising in promotion?

A

Television, Radio, Newspaper, Flyers, Billboard, magazines, internet

99
Q

How do you choose the perfect advertising form?

A

An advertising form that reaches the target market and is cost effective. For example Bunnigs Warehouse advertises on TV or on the radio where traddies and dads are watching and listening to.