Employment Flashcards
What is the participation rate formula???
Labour force divided by working age population times 100
What is a Quaternary industry? Give an example
Industries that provide information based on services Eg. Teacher, journalism and banking
How do we measure the unemployment rate?
Unemployment = Unemployed divided by labour force times 100
What is a secondary industry? Give an example
Industries that produce raw materials into manufactured finished goods Eg car factory Wooden tables and chairs
What is a primary industry? Give an example
Industries that exploit natural resources and produce raw materials Eg fishing, mining and farming
What is the meaning of unemployment?
Those who are WILLING and ABLE to work and are actively seeking to work but are UNABLE to at this time
What is underemployment?
Those who work part time or casual but would rather a full time job. THIS IS NOT COUNTED IN THE OFFICAL UNEMPLOYMENT STATISTICS
What is the Labour force?
The proportion of people who are WILLING and ABLE to work
What is participation rate?
The portion of the WORKING AGE who are 15 years and over who are in paid employment or officially recognised as actively looking for work
Name the types of federal taxes and what they are
Personal income tax: the tax on wages and salaries
Company tax: taxed on profits of a company
Goods and Services Tax: taxed on most goods and service rates at 10%
Capitals gains tax: a tax on the capital gain made on the sale of an asset such as a house which was purchased after 1985
Fringe Benefits tax: a tax on fringe benefits paid to an employer such as a company car, mobile phone
What is a Quinary industry? Give an example
Industries that provide household services Eg Childcare services Cleaner
What is hidden unemployment?
Those who aren’t counted in offical unemployment statistics because they gave up looking for work (losers)
Name the types of State Taxes
Payroll tax: a tax on businesses with a wages bill over a certain amount
Stamp duty: a sale on particular transactions such as the sale of a house or car
What is Tertiary industry? Give an example
Industries that distribute goods and provide services Eg hairdresser Travel agent
What are the five sectors we classify industries in?
- Primary Industry 2. Secondary industry 3. Tertiary industry 4. Quaternary 5. Quinary
What are local taxes?
Rates: levied on the value of a property
Why do we have taxes?
To pay for goods and services of collective wants provided by the government like schools, roads, hospitals. It’s the main source of government revenue.
What is the Marginal Rate Tax? How is it calculated?
Refers to the proportion of the last dollar of income earned that is paid in tax
eg) $15000 15 cents of 15 percent
15000-6000 = 9000
9000x 0.15= $1350
this is a progressive taxation system as higher income earners pay a higher rate of tax
What is the formula for the Average Rate of Tax
Average Rate of Tax (ART):
ART= tax payable / taxable income x 10
What is superannuation?
Super is a way to save for your retirement which is deducted from your wage/salary and placed in a special type of investment
name 3 advantages for superannuation?
a forced saving scheme
the money is automatically deducted and invested
the value increases over time
What are the rights of employees
To have a safe or healthy workplace
A workplace free from bullying and harassment
To belong to a union and be represented when negotiating enterprise agreements
What are employee responsiblities
Obey the rules according to the organisation
Deal with confidential information with discretion and professionalism.
Treat others in your workplace with respect and do not breach rules about discrimination
what is the maxium weekly hour of work
38 hours per week, plus reasonable additional hours.
what is Annual leave
four weeks paid leave per year, plus an additional week for certain shift workers
what are the main aims of trade unions?
Improve wages
Provide job security
Gain better working conditions
Provide benefits to its member
