Consumers Vocabulary Flashcards
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Acceptable quality
A product fit for purpose, acceptable in terms of quality and finish, free from defect, safe and durable
Acceptance
When the offeree agrees to a proposal
Assets
Items of value
Bankruptcy
When a person gives up control of their assets/ finances voluntarily or by a court order
Barter
The swapping and exchanging of one good for another
Book-up
A charge account operated by a trader
Budget
A list of income and likely expenditures
Capital
Goods used to make other goods
Caveat emptor
Term meaning ‘Let the buyer beware’
Cheque
A written communication ordering a financial institution to pay a specific amount of money to someone.
Commerce
The buying and selling of goods and services between individuals and businesses
Comparison shopping
Contacting sellers to obtain the best deal
Consideration
The giving up of something of value
Consumer
Someone who purchases goods/services to satisfy needs and wants
Consumer guarantees
A set of rights and remedies for defective goods/services
Contract
A legally binding agreement
Creditors
People you owe money to
Debt
Money owing to external sources
Disposable income
The amount of money left over for households to spend and save after income tax is deducted
Distribution chain
The way of getting a product to a customer
Drawee
The financial institution that provides cheque account facilities
Drawer
The person who writes and signs a cheque
Durable goods
Items that can be used many times
E-commerce
The buying and selling of goods and services via the internet
E-tailer
Electronic retailer
EFTPOS
Electronic Funds Transfer at Point Of Sale
Electronic transfer
The transfer of funds from one account to another via the internet or telephone
Fixed expenses
Expenses that are the same every time
Garnishee
A court order allowing banks or employers to take money from your account or wages to repay your creditors
Goods
Tangible items
Impulse buying
Buying something without much though as to whether you really need it
Income
Money received on a regular basis from work, property, business, investments or welfare
Interest
The price paid to use someone else’s money
Labour
Human skills and effort required to produce a good/service
Land
Naturally occurring resources
Liquidated
When all a company’s assets are sold in order to pay off their debts
Mail order
Buying goods, via catalogues, for delivery by mail
Manufacturer
A person/ business that makes goods
Money
Any token with an agreed value that can be exchanged for a good/service
Needs
Things necessary for survival
Offer
A proposal
Online shopping
Purchasing products over the internet
Opportunity costs
The next best option that is forgone when you choose option A over option B
Enterprise
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
Payee
The person who receives the money from a cheque
Price
The amount of money a consumer is prepared to offer in exchange for a good or service
Profit
The money remaining when all business expenses are deducted from total company revenue
Redress
To make right
Retailer
A business that sells products directly to consumers
Rip-off
To overcharge or swindle
Scam
An illegal business practice
Sequestration order
An order from the federal court of Australia declaring an individual bankrupt
Services
Things/actions done for you by others
Superannuation
Money set aside for you whilst you work for retirement
Trade union
Organisation that represents employees and tries to improves wages and working conditions
Unconscionable act
Any act by a seller that is unreasonable and often illegal
Variable expenses
Expenses that are controllable, change over time and don’t occur on a regular basis
Wants
Things that aren’t essential to survival but we would like to have
Wholesaler
A company that buys goods from the manufacturer in large quantities and distributes them to retailers
