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Year 9 WCC Exam Revision > Commerce - S2 > Flashcards

Commerce - S2 Flashcards

1
Q

Why do people save money? Wagwan G

A

Saving for emergencies, expensive goods or services and for financial freedom and security

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2
Q

wagwan g wagwan g wagwan g?

A

Wagwan G Wagwan G Wagwan G Wagwan G

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3
Q

An unfair disssmmmissal

A

If it is unfair, harsh, unjust or unreasonable.

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4
Q

3 steps to take when setting a savings goal

A
  1. How much is wanted in the future
  2. Money that could be put aside every week/month
  3. Identify how long need to reach your goal
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5
Q

Serious Misconduct

A
  • Deliberately behaving in a way that is inconsistant with continuing their employment includes:
  • Theft
  • Fraud
  • Violence
  • Failing to follow important health and safety procedures
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6
Q

Formula for simple interest

A

Deposit (multiply) Interest Rate (multiply) Length of Time

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7
Q

What is Interest

A

An amount that is paid in exchange for the use of someone else’s money

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8
Q

Role of Fair work Commission

A

Maintain a safety of minimum wages and employment conditions as well as other workplace functions and regulations . A tribunal.

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9
Q

What are the Four Main Investment Options? (FMIO)

A
  • Interest-earning investments
  • Property
  • Equities
  • Superannuation
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10
Q

(FMIO) Interest-earning investments

A

Investing money for a fixed rate of interest. E.G. Deposits and bonds.

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11
Q

(FMIO) Property

A

Investing money in a building, land, etc. with the goal of earning money. Property may be rented out to earn additional money

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12
Q

(FMIO) Equities

A

Equities (stocks/shares). Investors buy part of a company with hope of it increasing in value. Investors also make dividends from the equity

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13
Q

(FMIO) Superannuation

A

Method of saving for retirement with a lower tax rate. Employers contribute as well as personal contributions.

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14
Q

Job Satisfaction Factors

A
  • Interesting work
  • Pay and benefits
  • Flexible work arrangements
  • Opportunities for promotion
  • People you work with
  • Sense of achievement and recognition
  • Secure employment
  • Helping others through the work you do
  • The organisation
  • Autonomy (little supervision, able to make decisions)
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15
Q

Difference between rule and a law?

A
  • Rules: Regulations imposed on members of a specific group to work together in a peaceful manner
  • Laws: made by official law-making authorities. Applies to all members of society and if broken may receive a penalty.
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16
Q

Modern award

A

Minimum pay and other minimum employment conditions set out in a legal agreement called modern award

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17
Q

Mitigating factors

A

Details that reduce the severity of a sentence (penalty)

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18
Q

Aggravating factors

A

Circumstances surrounding a crime that are sufficient to raise the severity and punishment

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19
Q

What is a sanction

A

A penalty (E.G. a fine or imprisonment on a person who has breached criminal law.)

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20
Q

Crowdfunding

A

A practice where money is raise by a large group to finance a project or venture.

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21
Q

Summary offence

A

Minor crimes that are generally heard in the magistrates’ court(lowest court in aus)

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22
Q

What is an indictable offence and how is it processed

A

Major crimes heard in the higher courts. Includes a judge and jury when pleading not guilty to an indictable offence. Jury works to determine the verdict and judge determins sanction to be imposed if fund guilty.

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23
Q

What does the right to appeal a sentence constitute?

A

Allows for one who is dissatisfied with outcome of their case to have it reviewed by a higher court. Only applies if there is reasonable grounds to appeal. (new evidence is found)

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24
Q

The prosecution

A

Conducting legal proceedings against someone with a criminal charge

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25
Q

What are cases are heard in the county court

A

All serious criminal cases except for murder, attempted murder and serious civil cases involving amounts over $100 000. Can also hear appeals from the mgistrates court.

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26
Q

Soft skills

A

Personal qualities allowing a person to interact with others in a harmonious manner

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27
Q

Hard skills

A

Skills that are teachable and measurable (such as using a computer or a degree)

28
Q

Bad debt

A

Debt towards spending (credit card debt)

29
Q

Good debt

A

Debt towards an investment

30
Q

How do banks make money?

A

Charging interest on loans that they give out using the deposits from customers. Keep difference on interest between giving and taking interest

31
Q

Scam

A

An illegitimate way to make money off someone through lies or deceit.

32
Q

3 types of emotional scams

A
  • Charity scams
  • Psychic scams
  • Romance scams
33
Q

Charity scam

A

Where a scammer poses as a genuine charity

34
Q

Psychic scam

A

The victim is told that they will be in some sort of trouble in the future and can avoid it if they pay money.

35
Q

Romance scam

A

The scammer fakes an identity and attempts to develop a relationship with the target.

36
Q

Phishing email

A

It is a email from someone impersonating a legitimate company and will try to get login details or personal information from you.

37
Q

ASIC

A

Australian Securities and Investments Commision - Regulate Australia’s financial markets and companies

38
Q

ACCC

A

Australian Competition and Consumer Commission - Promotes competition and fair trade in markets to benefit consumers, buisness and the community

39
Q

Scams related to COVID-19

A
  • Requesting payment for vaccines or early access to vaccines.
  • A company impersonates pfizer and asks for investment into vaccines
  • Fake surveys related to vaccines
40
Q

PIN

A

Personal Identification Number - works to authenticate the user of the credit card as the actual owner

41
Q

Credit Card

A
  • Uses the bank’s money
  • The bank sends you a bill that you have to pay back
42
Q

Debit Card

A
  • Uses your money in your bank account
43
Q

EFTPOS

A

Electronic Funds Transfer at Point Of Sale - where you buy things using your card in a store

44
Q

How to keep your personal information safe when doing your banking

A
  • Don’t share your PIN
  • Don’t write your PIN on your card
  • Don’t use your birthday as your PIN
  • When using internet banking, remember to log out
45
Q

Types of bank fees

A
  • EFTPOS fees
  • ATM fees
  • Phone and internet banking fees
  • Overdraft fees
46
Q

What are the three basic rights of the consumer when they buy something that is faulty or breaks during the period of the warranty?

A
  • Refund
  • Repair
  • Replace
47
Q

If there are two diffferent prices displayed on a product, which one are you entitled to buy?

A

The cheaper

48
Q

Statutory authority

A

A body established through legeslation for a public purpose

49
Q

Legal principle

A

A legal rule of law established by a judge

50
Q

Common law

A

Where a decision from a judge must be followed in future similar cases

51
Q

Court hierachy (lowest to higehst)

A

Magistrates’ court –> District court –> Surpreme court –> High court

52
Q

Discrimination

A

When someone is treated differently because of personal characeteristics

53
Q

Plaintiff

A

The accuser who initiates action against the defendant

54
Q

Defendant

A

The person being accused of a crime

55
Q

Remedy

A

The outcome to restore the plaintiff to the position they were in prior to the breach of rights

56
Q

Damages

A

A civil remedy where the court orders the defendent to pay money to the plaintiff

57
Q

Negligence

A

Where one party causes harm through faliure to uphold a reasonable duty of care

58
Q

Breach of contract

A

Where one individual believes another had failed to carry out the terms of a legally binding contract

59
Q

Defamation

A

Where one party makes false statements that cause another party to lose their reputation

60
Q

Non-parole period

A

A period in which someone is not eligible for parole

61
Q

Enterprise agreement

A

An agreement made directly between employers and employees about wages and working conditions

62
Q

Better off overall test

A

Ensuring that the employees would be better off under the enterprice agreement compared to the modern award.

63
Q

Sexual Harassment

A

Inappropiate unwelcome sexual behaviour

64
Q

Bullying

A

A person or group of people behaved unreasonably to another person repeatedly

65
Q

Summary dismissal

A

Immediate termination due to serious employee misconduct

Year 9 WCC Exam Revision (14 decks)

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