Consumers Vocabulary

Question 1

Acceptable quality

Answer 1

A product fit for purpose, acceptable in terms of quality and finish, free from defect, safe and durable

Question 2

Acceptance

Answer 2

When the offeree agrees to a proposal

Question 3

Assets

Answer 3

Items of value

Question 4

Bankruptcy

Answer 4

When a person gives up control of their assets/ finances voluntarily or by a court order

Question 5

Barter

Answer 5

The swapping and exchanging of one good for another

Question 6

Book-up

Answer 6

A charge account operated by a trader

Question 7

Budget

Answer 7

A list of income and likely expenditures

Question 8

Capital

Answer 8

Goods used to make other goods

Question 9

Caveat emptor

Answer 9

Term meaning ‘Let the buyer beware’

Question 10

Cheque

Answer 10

A written communication ordering a financial institution to pay a specific amount of money to someone.

Question 11

Commerce

Answer 11

The buying and selling of goods and services between individuals and businesses

Question 12

Comparison shopping

Answer 12

Contacting sellers to obtain the best deal

Question 13

Consideration

Answer 13

The giving up of something of value

Question 14

Consumer

Answer 14

Someone who purchases goods/services to satisfy needs and wants

Question 15

Consumer guarantees

Answer 15

A set of rights and remedies for defective goods/services

Question 16

Contract

Answer 16

A legally binding agreement

Question 17

Creditors

Answer 17

People you owe money to

Question 18

Debt

Answer 18

Money owing to external sources

Question 19

Disposable income

Answer 19

The amount of money left over for households to spend and save after income tax is deducted

Question 20

Distribution chain

Answer 20

The way of getting a product to a customer

Question 21

Drawee

Answer 21

The financial institution that provides cheque account facilities

Question 22

Drawer

Answer 22

The person who writes and signs a cheque

Question 23

Durable goods

Answer 23

Items that can be used many times

Question 24

E-commerce

Answer 24

The buying and selling of goods and services via the internet

Question 25

E-tailer

Answer 25

Electronic retailer

Question 26

EFTPOS

Answer 26

Electronic Funds Transfer at Point Of Sale

Question 27

Electronic transfer

Answer 27

The transfer of funds from one account to another via the internet or telephone

Question 28

Fixed expenses

Answer 28

Expenses that are the same every time

Question 29

Garnishee

Answer 29

A court order allowing banks or employers to take money from your account or wages to repay your creditors

Question 30

Goods

Answer 30

Tangible items

Question 31

Impulse buying

Answer 31

Buying something without much though as to whether you really need it

Question 32

Income

Answer 32

Money received on a regular basis from work, property, business, investments or welfare

Question 33

Interest

Answer 33

The price paid to use someone else's money

Question 34

Labour

Answer 34

Human skills and effort required to produce a good/service

Question 35

Land

Answer 35

Naturally occurring resources

Question 36

Liquidated

Answer 36

When all a company's assets are sold in order to pay off their debts

Question 37

Mail order

Answer 37

Buying goods, via catalogues, for delivery by mail

Question 38

Manufacturer

Answer 38

A person/ business that makes goods

Question 39

Money

Answer 39

Any token with an agreed value that can be exchanged for a good/service

Question 40

Needs

Answer 40

Things necessary for survival

Question 41

Offer

Answer 41

A proposal

Question 42

Online shopping

Answer 42

Purchasing products over the internet

Question 43

Opportunity costs

Answer 43

The next best option that is forgone when you choose option A over option B

Question 44

Enterprise

Answer 44

The ability to combine land, labour and capital to create a profitable business that runs smoothly OR a project or undertaking that may relate to a business, organisation, community of government agency

Question 45

Payee

Answer 45

The person who receives the money from a cheque

Question 46

Price

Answer 46

The amount of money a consumer is prepared to offer in exchange for a good or service

Question 47

Profit

Answer 47

The money remaining when all business expenses are deducted from total company revenue

Question 48

Redress

Answer 48

To make right

Question 49

Retailer

Answer 49

A business that sells products directly to consumers

Question 50

Rip-off

Answer 50

To overcharge or swindle

Question 51

Scam

Answer 51

An illegal business practice

Question 52

Sequestration order

Answer 52

An order from the federal court of Australia declaring an individual bankrupt

Question 53

Services

Answer 53

Things/actions done for you by others

Question 54

Superannuation

Answer 54

Money set aside for you whilst you work for retirement

Question 55

Trade union

Answer 55

Organisation that represents employees and tries to improves wages and working conditions

Question 56

Unconscionable act

Answer 56

Any act by a seller that is unreasonable and often illegal

Question 57

Variable expenses

Answer 57

Expenses that are controllable, change over time and don't occur on a regular basis

Question 58

Wants

Answer 58

Things that aren't essential to survival but we would like to have

Question 59

Wholesaler

Answer 59

A company that buys goods from the manufacturer in large quantities and distributes them to retailers