Commerce Half Yearly

Question 1

What is commerce?

Answer 1

The trade of goods and services between individuals and businesses.

Question 2

What is a budget?

Answer 2

A list of income and likely expenditure.

Question 3

What is a businesses?

Answer 3

Any organisation that sells goods and services for a profit.

Question 4

What is income?

Answer 4

Money received on a regular basis from work, property, business, investment and welfare.

Question 5

What is labour force?

Answer 5

People aged 15 and over who are either employed or unemployed.

Question 6

What is profit?

Answer 6

What remains after business expenses are deducted from sales revenue.

Question 7

What is impulse buying?

Answer 7

When you buy products that aren’t necessary in an impulsive manner.

Question 8

What factors affect consumer decisions?

Answer 8

Service, price, convenience, marketing, environmental, age, finance and gender.

Question 9

What is the Australian consumer act?

Answer 9

Law that provides options for consumers who buy products or services that don’t live up to expectations. It also sets rules about business warranty, refund and exchange options.

Question 10

What laws exist for refunds/exchanges in Australia?

Answer 10

When a product doesn’t meet merchantable quality, businesses must refund/exchange/repair it.

Question 11

What is a warranty?

Answer 11

Legal obligation to fix/replace products for a certain period of time and for certain faults.

Question 12

What is a scam?

Answer 12

An illegal business practice. Scams includes phishing, fake charities, dating and romance e.t.c.

Question 13

What are the different payment methods

Answer 13

Credit card, debit card, direct debit, online payments cash, cheque, bitcoin and online currencies, gift cards and vouchers, EFTPOS and money order payments

Question 14

What is a democracy?

Answer 14

System where people over a certain age can/must vote for a political party and/or elected area representative

Question 15

What is a dictatorship?

Answer 15

System where one person is in charge of parliament. Use of the military allows the dictator to control the people through fear.

Question 16

What is a monarchy?

Answer 16

System where a royal family is in charge of citizens. The royal family often has a symbolic role.

Question 17

What is a theocracy?

Answer 17

System of rule based on religious beliefs.

Question 18

What is communism?

Answer 18

System that oppresses individual ambition, limits wealth creation and removes democratic freedom.

Question 19

What is the federal government?

Answer 19

Raises tax money to run the country. Money is spent on national matters such as trade, defence, immigration and environment.

Question 20

What are state/territory governments

Answer 20

There are 6 state governments and 2 territory governments. They raise tax money and receive money from the federal government for state/territory matters. This includes schools, housing, hospitals, roads, railways, police and ambulance

Question 21

What are local governments?

Answer 21

There are 560 local councils. They receive taxes from local property owners, and grants from federal and state/territory governments. Money is spent on local matters like town planning, rubbish collection, water and sewage, local roads and pet control.

Question 22

What is the house of representatives?

Answer 22

There are 150 members in the house of representatives. It forms government, decides matters of national interest, represents interest of people in their electorates, propose, debate and vote on bills, examine issues in comities and scrutinise executive government. After an election the political party with the most members becomes the governing party. This parties leader becomes the prime minister.

Question 23

What is the senate?

Answer 23

There are 76 senators in the senate. It decides matters of national interest, represents the interest of people in their states and territories, propose, debate and vote on bills and amendments, examine issues in comities and scrutinise executive government.

Question 24

What is preferential voting?

Answer 24

Voters number candidates in order of preference. The winner is the candidate with the majority of votes.

Question 25

What is senate voting?

Answer 25

Voting requires you to number at least 6 boxes above the white line or at least 12 boxes below the white line.

Question 26

What is proportional representation?

Answer 26

Electoral system where parties gain seats in proportion to the votes they receive.

Question 27

What is a quota?

Answer 27

The minimum number of votes required to be elected.