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Commerce > Consumers Vocabulary > Flashcards

Consumers Vocabulary Flashcards

Memorise

1
Q

Acceptable quality

A

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

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2
Q

Acceptance

A

When the offeree agrees to a proposal

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3
Q

Assets

A

Items of value

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4
Q

Bankruptcy

A

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

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5
Q

Barter

A

The swapping and exchanging of one good for another

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6
Q

Book-up

A

A charge account operated by a trader

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7
Q

Budget

A

A list of income and likely expenditures

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8
Q

Capital

A

Goods used to make other goods

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9
Q

Caveat emptor

A

Term meaning ‘Let the buyer beware’

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10
Q

Cheque

A

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

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11
Q

Commerce

A

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

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12
Q

Comparison shopping

A

Contacting sellers to obtain the best deal

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13
Q

Consideration

A

The giving up of something of value

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14
Q

Consumer

A

Someone who purchases goods/services to satisfy needs and wants

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15
Q

Consumer guarantees

A

A set of rights and remedies for defective goods/services

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16
Q

Contract

A

A legally binding agreement

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17
Q

Creditors

A

People you owe money to

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18
Q

Debt

A

Money owing to external sources

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19
Q

Disposable income

A

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

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20
Q

Distribution chain

A

The way of getting a product to a customer

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21
Q

Drawee

A

The financial institution that provides cheque account facilities

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22
Q

Drawer

A

The person who writes and signs a cheque

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23
Q

Durable goods

A

Items that can be used many times

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24
Q

E-commerce

A

The buying and selling of goods and services via the internet

25
Q

E-tailer

A

Electronic retailer

26
Q

EFTPOS

A

Electronic Funds Transfer at Point Of Sale

27
Q

Electronic transfer

A

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

28
Q

Fixed expenses

A

Expenses that are the same every time

29
Q

Garnishee

A

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

30
Q

Goods

A

Tangible items

31
Q

Impulse buying

A

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

32
Q

Income

A

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

33
Q

Interest

A

The price paid to use someone else’s money

34
Q

Labour

A

Human skills and effort required to produce a good/service

35
Q

Land

A

Naturally occurring resources

36
Q

Liquidated

A

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

37
Q

Mail order

A

Buying goods, via catalogues, for delivery by mail

38
Q

Manufacturer

A

A person/ business that makes goods

39
Q

Money

A

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

40
Q

Needs

A

Things necessary for survival

41
Q

Offer

A

A proposal

42
Q

Online shopping

A

Purchasing products over the internet

43
Q

Opportunity costs

A

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

44
Q

Enterprise

A

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

45
Q

Payee

A

The person who receives the money from a cheque

46
Q

Price

A

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

47
Q

Profit

A

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

48
Q

Redress

A

To make right

49
Q

Retailer

A

A business that sells products directly to consumers

50
Q

Rip-off

A

To overcharge or swindle

51
Q

Scam

A

An illegal business practice

52
Q

Sequestration order

A

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

53
Q

Services

A

Things/actions done for you by others

54
Q

Superannuation

A

Money set aside for you whilst you work for retirement

55
Q

Trade union

A

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

56
Q

Unconscionable act

A

Any act by a seller that is unreasonable and often illegal

57
Q

Variable expenses

A

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

58
Q

Wants

A

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

59
Q

Wholesaler

A

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

Commerce (8 decks)

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