commerce assessment task 1 Flashcards
what is a lease
a lease is a legal contract between a tenant and a landlord that allows the tenant to use the landlord’s property in return for rental payments. Once a lease is signed, it is a legally binding document.
definition of a medicare card
a medicare card is a card issued by the government to individuals or families which they can use to access free health care by a doctor and access free health care at a public hospital
what is a medicare levy?
is an additional tax of 21% of income used to fund the medicare system
what is mortgage
is a loan from a financial institution such as a bank where something is held as security in case the loan is not repaid
Definition of ongoing costs
are costs that keep recurring such as rent, mortgage or electricity bills
Definition payday loan
are high-cost, short-term and small amount loans where the borrower agrees to pay back the loan when they receive their next pay
what is a premium
the amount of money to be paid to receive insurance cover
Progressive tax systems
when in the progressive tax system, as person’s income increases the percentage that is paid in tax also increases
refuge
is a place of shelter which keeps a person safe and protects them from danger
reservation fee
a reservation free is usually one week’s rent that will reserve the premises for a person while their application for tenancy is being considered
what is a residential tenancy agreement
the residential tenancy agreement is the standard agreement between tenants and a landlord when a house or hut is being rented
what is a sharing economy
aka collaborative consumption involves people sharing their possessions for payment
superannuation
superannuation is money that is set aside during your working life used for retirement
what is a tax file number
a unique personal reference number the australian taxation office gives to a person so they can identify them and enforce australia’s taxation laws
tenant
is a person or people who rent property from a landlord
utility
is an organisation supplying the community with services such as water, gas or electricity.
variable expenses
are expenses that change overtime, and do not occur on a regular basis. e.g buying music concert tickets, laptop
warranty
is a promise to repair any defects that are in a product only valid certain period of time.
Apprentice
is a person who has agreed to work for a skilled person for a particular period of time and often for lower wages in order to gain knowledge and skills about a particular job
birth certificate
is an official copy of your birth registration held by the NSW Registry of births, deaths and marriages, including information such as name and places of birth
