Commerce - S2 Flashcards
Why do people save money? Wagwan G
Saving for emergencies, expensive goods or services and for financial freedom and security
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An unfair disssmmmissal
If it is unfair, harsh, unjust or unreasonable.
3 steps to take when setting a savings goal
- How much is wanted in the future
- Money that could be put aside every week/month
- Identify how long need to reach your goal
Serious Misconduct
- Deliberately behaving in a way that is inconsistant with continuing their employment includes:
- Theft
- Fraud
- Violence
- Failing to follow important health and safety procedures
Formula for simple interest
Deposit (multiply) Interest Rate (multiply) Length of Time
What is Interest
An amount that is paid in exchange for the use of someone else’s money
Role of Fair work Commission
Maintain a safety of minimum wages and employment conditions as well as other workplace functions and regulations . A tribunal.
What are the Four Main Investment Options? (FMIO)
- Interest-earning investments
- Property
- Equities
- Superannuation
(FMIO) Interest-earning investments
Investing money for a fixed rate of interest. E.G. Deposits and bonds.
(FMIO) Property
Investing money in a building, land, etc. with the goal of earning money. Property may be rented out to earn additional money
(FMIO) Equities
Equities (stocks/shares). Investors buy part of a company with hope of it increasing in value. Investors also make dividends from the equity
(FMIO) Superannuation
Method of saving for retirement with a lower tax rate. Employers contribute as well as personal contributions.
Job Satisfaction Factors
- 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)
Difference between rule and a law?
- 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.
Modern award
Minimum pay and other minimum employment conditions set out in a legal agreement called modern award
Mitigating factors
Details that reduce the severity of a sentence (penalty)
Aggravating factors
Circumstances surrounding a crime that are sufficient to raise the severity and punishment
What is a sanction
A penalty (E.G. a fine or imprisonment on a person who has breached criminal law.)
Crowdfunding
A practice where money is raise by a large group to finance a project or venture.
Summary offence
Minor crimes that are generally heard in the magistrates’ court(lowest court in aus)
What is an indictable offence and how is it processed
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.
What does the right to appeal a sentence constitute?
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)
The prosecution
Conducting legal proceedings against someone with a criminal charge
What are cases are heard in the county court
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.
Soft skills
Personal qualities allowing a person to interact with others in a harmonious manner
Hard skills
Skills that are teachable and measurable (such as using a computer or a degree)
Bad debt
Debt towards spending (credit card debt)
Good debt
Debt towards an investment
How do banks make money?
Charging interest on loans that they give out using the deposits from customers. Keep difference on interest between giving and taking interest
Scam
An illegitimate way to make money off someone through lies or deceit.
3 types of emotional scams
- Charity scams
- Psychic scams
- Romance scams
Charity scam
Where a scammer poses as a genuine charity
Psychic scam
The victim is told that they will be in some sort of trouble in the future and can avoid it if they pay money.
Romance scam
The scammer fakes an identity and attempts to develop a relationship with the target.
Phishing email
It is a email from someone impersonating a legitimate company and will try to get login details or personal information from you.
ASIC
Australian Securities and Investments Commision - Regulate Australia’s financial markets and companies
ACCC
Australian Competition and Consumer Commission - Promotes competition and fair trade in markets to benefit consumers, buisness and the community
Scams related to COVID-19
- Requesting payment for vaccines or early access to vaccines.
- A company impersonates pfizer and asks for investment into vaccines
- Fake surveys related to vaccines
PIN
Personal Identification Number - works to authenticate the user of the credit card as the actual owner
Credit Card
- Uses the bank’s money
- The bank sends you a bill that you have to pay back
Debit Card
- Uses your money in your bank account
EFTPOS
Electronic Funds Transfer at Point Of Sale - where you buy things using your card in a store
How to keep your personal information safe when doing your banking
- 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
Types of bank fees
- EFTPOS fees
- ATM fees
- Phone and internet banking fees
- Overdraft fees
What are the three basic rights of the consumer when they buy something that is faulty or breaks during the period of the warranty?
- Refund
- Repair
- Replace
If there are two diffferent prices displayed on a product, which one are you entitled to buy?
The cheaper
Statutory authority
A body established through legeslation for a public purpose
Legal principle
A legal rule of law established by a judge
Common law
Where a decision from a judge must be followed in future similar cases
Court hierachy (lowest to higehst)
Magistrates’ court –> District court –> Surpreme court –> High court
Discrimination
When someone is treated differently because of personal characeteristics
Plaintiff
The accuser who initiates action against the defendant
Defendant
The person being accused of a crime
Remedy
The outcome to restore the plaintiff to the position they were in prior to the breach of rights
Damages
A civil remedy where the court orders the defendent to pay money to the plaintiff
Negligence
Where one party causes harm through faliure to uphold a reasonable duty of care
Breach of contract
Where one individual believes another had failed to carry out the terms of a legally binding contract
Defamation
Where one party makes false statements that cause another party to lose their reputation
Non-parole period
A period in which someone is not eligible for parole
Enterprise agreement
An agreement made directly between employers and employees about wages and working conditions
Better off overall test
Ensuring that the employees would be better off under the enterprice agreement compared to the modern award.
Sexual Harassment
Inappropiate unwelcome sexual behaviour
Bullying
A person or group of people behaved unreasonably to another person repeatedly
Summary dismissal
Immediate termination due to serious employee misconduct
