Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Commerce > Exam Revision > Flashcards

Exam Revision Flashcards

1
Q

Prime minister

A

The leader of the commonwealth government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Ministers

A

Members of the government with responsibility for areas of government policies or departments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Governor General

A

Represents the crown at a federal level.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Cabinet

A

A meeting of senior ministers to advise government policies.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Crown

A

Queen Elizabeth is Australia’s head of state and her authority is known as crown.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Electorate

A

A geographic area consisting of approximately 80 000 voters who vote for one representative.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Role of Government

A

Provides security, order, justice, public works., social welfare, economic policy, conservation and development.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Responsibility for Local Government.

A

Health concerns, health regulation, rubbish disposal, parks and gardens.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Responsibility of the state government.

A

Education, hospitals, transport, road laws, public works, local government.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Responsibility of the federal government.

A

Defence, trade, currency, social services, telecommunication, post and immigration.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

House of Representatives (lower house)

A

Determines the government debates, passes laws, watches over government administration and expenditure.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

How many seats are in the lower house?

A

150

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

The senate (upper house)

A

This house cannot introduce laws related to finance and taxation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Similarities between the two houses.

A
  • both have a presiding officers

- introduce and debate legislation (laws)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

How many seats are in the senate?

A

76, 12 from each state and 2 from each territory.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Preferential voting

A

When individuals vote in order of preference from 1 - 4. The candidate must receive and absolute majority which is 50% + 1 vote.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Referendums

A

Changes in a constitution are voted on by the Australian people.
There must be a double majority for the referendum to pass.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Liberal Party

A

Represents the interests of business and private enterprise.
Federal leader - Tony Abbott
Victoria leader - Julie Bishop

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Constitutional Monarchy

A

The system where the head of state is a monarch (queen) but the real power of government rests on the parliament.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Economics

A

Allocation of scarce resources.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Scarcity

A

The imbalance between our wants which are unlimited and our resources which are limited.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Opportunity Cost

A

The loss of other alternatives when one alternative is chosen.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Consumer Soverignty

A

The consumer is king in deciding where resources are allocated in the market economy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Law of Demand

A

As the price of an item decreases the quantity of that item demanded will increase
- the cheaper something is the more will buy.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Demand Factors.

A 
Preferences (changes in taste/ fashion)
Weather conditions
Increase income
Increase price of substitutes
Decrease complementary product
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Law of supply

A

As the price of an item increases, the quantity of that item that will be supplied by produces will increase.
- the more expensive something is the more produces will make.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Supply factors.

A

Available resources
Cost of raw materials
Efficiency of resources

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Market

A

A situation where potential buyers are in contact with potential sellers and there is a means of exchange.

29
Q

The 3 economic questions

A

What to produce?
How to produce?
Whom to produce for.

30
Q

Land

A

Refers to the natural resources such as fertile pastures (crops), mineral reserves (construction) forests and oceans.

31
Q

Labour

A

The person power available to work in the production process.

32
Q

Capital

A

Refers to the machinery, plant and buildings made by people to assist in manufacture of commodities and provision.
Eg. Ladders, trucks, hammer.

33
Q

Need

A

The goods and services people believe are necessities of life and survival.
Eg. Water, clothing, health care.

34
Q

Want

A

Goods and services that assist us to enjoy a good standard of living.
Eg. Cars, phones, television.

35
Q

Equilibrium

A

The point of intersection on a demand curve graph when the quantity producers are willing to supply exactly equals the quantity consumers will purchase.

36
Q

Substitute Product.

A

Things that are alternative and can be used for the same purpose.
Eg. Ordinary milk for almond milk.

37
Q

Complementary product

A

Items or things that go together.

Eg. Bike and a helmet

38
Q

Trade

A

The exchange of goods and services between nations.

39
Q

Globalisation

A

The expansion of business operations into other countries as a result of economic barriers and increase in global technology.

40
Q

Multinational companies

A

Organisations that operate in more that one country, their head office is based in one country but has branches in other countries.

41
Q

Reasons for growth in multinational companies.

A
  • advancement in technology
  • laws regarding foreign investment being relaxed in many countries
  • reduction in trade barriers making the exchange of goods and services between countries easier.
42
Q

Name Australia’s major trading partners

A

China, Japan, U.S, Korea

43
Q

What does Australia Import and export?

A

Import - cheap clothing, electronics, cars

Export - education, motor vehicles, meat, wool, coal, livestock.

44
Q

Tariff

A

Tax on imported goods.

45
Q

Fair Trade

A

Requires companies to pay sustainable prices, which provide decent working conditions and pay farmers and workers in developing countries.

46
Q

Business ethics

A

The moral guidelines and principles a business should follow.

47
Q

The federal budget outcome 2015-16

A

The outcome for the 2015-16 budget is $35.1 deficit

48
Q

Receipts that that provide money coming in for government

A

Individuals income tax, sales taxes, fuel exise, company and resource tax, non tax revenue.

49
Q

Receipts that provide money going out.

A

Social security, health, education, defence, general public services.

50
Q

Surplus

A

When expected receipts are greater than expected outlays.

51
Q

Deficit

A

When expected receipts are less than expected outlays.

52
Q

Balanced budget

A

When expected receipts are equal to to expected outlays.

53
Q

One significant change to the budget

A

$35 billion investment on defence to protect Australia from terrorist threats and attacks.
- leading to less pain and suffering in the economy.

54
Q

Advantages of a Sole Trader

A
  • Makes all decisions for the business.
  • keeps all profit made.
  • cheap to set up.
55
Q

Disadvantages of a sole trader

A
  • difficult to obtain finance

- unlimited liability: if the business goes broke the sole traders personal assets can be sold off.

56
Q

Advantages of partnership

A
  • greater access to resources and money.

- shared workload.

57
Q

Disadvantages of partnership

A
  • unlimited liability
  • disagreements about the business
  • conflict if one partner wants to leave.
58
Q

Advantages of a private company.

A
  • limited liability
  • easier access to finance
  • individuals share in the business can be sold if they want to leave.
59
Q

Disadvantages for a private company

A
  • expensive to register

- less input in the business due to lots of owners.

60
Q

Assets

A

Resource value controlled by a business

Liability + Owners equity = assets.

61
Q

Liabilities

A

Present obligations or debts of the business.

Assets - Owners equity = liabilities

62
Q

Owners equity

A

Assets - Liabilities = O. E

63
Q

Debtors

A

People that owe you money

64
Q

Creditors (liability)

A

People who you owe money to.

65
Q

What is government?

A

The system of political rule and administration over a society.

66
Q

Front Bencher

A

Ministers who have a portfolio

Eg. Foreign Affairs

67
Q

Shadow minister

A

Opposition front bencher

68
Q

Back bencher

A

Members of parliament that are not ministers or shadow ministers

Commerce (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions