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Commerce > Commerce yearly's > Flashcards

Commerce yearly's Flashcards

1
Q

What are the five main types of retail outlets

A 
Convenience
Specialty
Discount variety stores
Department stores
Supermarkets
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2
Q

Where are convenience stores located

A

they are commonly attached to service stations

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3
Q

What are some examples of specialty stores

A

Hairdressers, Newsagents and gift shops

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4
Q

What are some larger franchise specialty stores?

A

Dymocks

The Body Shop

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5
Q

What do specialty stores specialise them

A

in either one type of product or service or a limited range of a few products

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6
Q

Briefly describe discount variety stores

A

They are of plain design and offer basic customer service

Their products are often cheaper than department stores

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7
Q

What are examples of variety stores

A

Kmart, Big W, Target

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8
Q

What are examples of department stores

A

Myer, David Jones

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9
Q

Briefly describe department stores

A

Sell a large range of products within the one store because they buy in bulk.

Often cheaper then specialty stores

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10
Q

Why do department stores become higher than a variety store

A

Because they offer sales assistance on the shop floor

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11
Q

Examples of Supermarkets are:

A

ALDI, Coles and Woolworths

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12
Q

Briefly Describe Supermarkets

A

Originally sold only food items

Becoming more like discount variety stores, offering a large items for sale

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13
Q

What have some evolved too?

A

Hypermarkets

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14
Q

What are some key factors affecting consumer decisions

A 
Finance
Price
Marketing
Age
gender
Convenience
Enviroment
Service
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15
Q

What are the Payment choices

A 
Cash
Credit
Electronic funds transfer
Debit cards
BPAY
Direct Debit 
Lay-By 
Cheque
Book-up
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16
Q

Elaborate cash

A

Cash are notes and coins issued by the federal government

Used to pay for inexpensive items.

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17
Q

what is credit

A

Credit is the supply of money now in return for the promise of paying it back later

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18
Q

What does it allow you to do

A

To buy what you want immediately and pay for it later either in full or in monthly payments

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19
Q

Describe Credit Interest

A

because you are using money you do not have you are charged interest for it
unless you pay the total balance back to the credit card company

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20
Q

How long is the interest free period ?

A

1 month

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21
Q

What are the advantages of credit cards

A
  • avoid to carry cash
  • convenient payment method for online and telephone purchases
  • establish a good credit history
  • offer cheap use of funds
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22
Q

What are disadvantages of credit cards

A
  • easy to overspend
  • easy to build up debt
  • more expensive than other forms of credit such as personal loan
  • damage credit rating if you continually make late payments
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23
Q

what is EFTPOS

A

a computerised system in which money is transferred from a consumers account to the business’s account

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24
Q

What is it important to do with EFTPOS

A

keep the reciepts for checking against account statements

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25
Q

What is BPAY

A

-is another type of electronic payment method.

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26
Q

what does this system use

A

the telephone and internet to transfer funds from your cheque, savings or credit card account of the business you wish to pay

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27
Q

What is direct debit

A

an arrangement made with a bank that allows a third party to transfer money from a person’s account on agreed dates, typically in order to pay bills.

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28
Q

How is direct debit a convient method

A

it helps overcome the problem of forgetting to pay an account

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29
Q

What is Lay-By

A

you first pay a deposit and the the store puts aside the good for you

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30
Q

How do you pay for the lay-by good

A

you make regular payments over a fixed period pf time

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31
Q

What happens if you do not complete payment by the agreed date

A

the store can cancel the lay-by

32
Q

How is lay-by a good option

A

because you want to secure something to secure

  • there is no interest charge
  • it is a cheaper option than using a credit card
33
Q

What is a cheque

A

a cheque is a written communication ordering your financial insituition.

34
Q

What is a book-up

A

is credit provided by a retailer so that you can purchase goods from the retailers store and pay the account at a later date

35
Q

Who uses book-up

A

tradespeople

plumbers and builders

36
Q

What are advantages of a book-up?

A
  • can purchase goods and pay for them later
  • interest isn’t charged unless you apply for extension time
  • can spread your purchases
37
Q

What are disadvantages of a book-up

A
  • form of security may be required
  • may overspend
  • charge accounts can used only used in that store
38
Q

What is product differentiation

A

is the process where a business distinguishes the attributes and features of a product from those of its competitor’s products

39
Q

What are strategies used to to emphasize product differentiation are:

A

Price
Product quality
Place

40
Q

describe price from product differentiation. Provide an example

A

cheapest provider of a specific range of goods. Example: Big W, promotes with ‘Australias lowest prices every day’

41
Q

describe product quality from product differentiation. Provide Example

A

the best quality for products around. Example: Woolworths ‘the fresh food people’

42
Q

describe place from product differentiation.

A

-distribution of the good or service
-consists of two parts
: transportation and number of negotiators
involved

43
Q

What are distribution channels

A

-when a product is moved from the place of manufacture to the consumer

44
Q

What is Intermediary

A
  • a business that purchases the final product. then takes on selling the product to the consumer
45
Q

What are the 3 channels of distribution ?

A
  • producer to consumer
  • produce to retailer to consumer
  • producer to wholesaler to retailer to consumer
46
Q

What is product to consumer ?

A

where the good is produced by and individual/organisation the passed directly to consumer

47
Q

What is producer to retailer to consumer

A

where the good is produced and then passed on to the retailer then who passes it on the the consumer

48
Q

What is producer to wholesaler to retailer to consumer

A

where the good is produced then passes it on to a wholesaler who then sells part of the stock to retailer who passes it to consumers

49
Q

What are the advantages of product to consumer

A

allows producer to maintain control over all areas of product. Provides producer with direct point of contact to consumer

50
Q

What are the advantages of product to retailer to consumer

A

Allows producer to concentrate on manufacturing

- Greater distribution to the access of the good

51
Q

what are the advantages of the producer to the wholesaler to retailer to consumer

A
  • allows the producer to hold lesser amounts of insignificant stock
52
Q

What is income

A

-involves money recieved on a regular basis form work, property, buismess, invesment or welfare payments

53
Q

What is commission

A

the percentage of sales price recived by salesperson for his or her services

54
Q

What is a dividend

A

sum payable as profit for shares

55
Q

What is fee

A

money paid to others for their services

56
Q

what is rent

A

payment made by a tenant to an owner for use of ones building or land

57
Q

what is royalty

A

sum paid of authors, musicians as a percentage of the proceeds from their work

58
Q

what is salary

A

a fixed amount of ,money paid on a regular basis to a permanent employee of an organisation

59
Q

what is social welfare payment

A

payment made by government to help people in need

60
Q

what is superannuation

A

way of saving so an employee had money for retirement

61
Q

what is wage

A

money recieved by workers, usually weekly.

62
Q

What happens if you carefully budget

A

you can make sure your spending is not greater than your income

63
Q

What are the to do a budget

A 
calculate income
record expenses 
total expenses 
compare total income to total expenditure 
Assess financial position
64
Q

What are the 8 types of insurance

A 
Life
Income
Health
Car
Property
Public liability 
travel 
home and contents
65
Q

what is life insurance

A

insurance that pays out a sum of money either on the death of the insured person or after a set period.

66
Q

what is income insurance

A

covers loss of income through personal accident, illness or disability

Rather than reciving usual income regular payments are made by insurance company until recovered

67
Q

what is health insurance

A

protects you against medical and hospital expenses

68
Q

what is car insurnace

A

includes third-party or comprehensive insurance
Third party: covers people other than you who may be injured in a car accident with an accident you caused
Comprehensive covers yourself and the third party (optional)

69
Q

what is property insurance

A

Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft.

70
Q

what is public liability insurance

A

covers the general public in the event that something happens to them on your property

71
Q

what is travel insurnace

A

covers events such as loss of luggage, medical costs, and cancellations due to illness

72
Q

what is home and contents insurance

A

covers losses associated with fires, storms, earthquakes and theft

73
Q

What should you know about your credit card?

A 
what is the interest rate?
inetrest free days? 
pay an annual fee? How much is it?
what happens if you miss repayment? Any charges?
Whats the limit?
74
Q

what are the traps of a credit card?

A

Impulse buying
Inability to pay back the debt by the due date
Having to pay interest plus any other transaction fees
Thinking you’re wealthy when you’re not

75
Q

What are legal consequences of credit debt

A

as a debtor you have liabillites you must full-fill. If you dont the creditor can take legal action against you to recover the money owed

76
Q

What are the social consequences

A
  • financial presusres
  • cause stress at home or work
  • can affect a persons wellbeing if cannot repay debt
  • cause violence, suicide, emotional illness
77
Q

What happens if you cannot repay a loan

A

seek advice from a lawyer or financial councellor

Commerce (2 decks)

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