half yearly exam yr 9

Question 1

do sellers have to tell consumers everything about goods for sale?

Answer 1

no

Question 2

a secured loan has:

Answer 2

something of value deposited against the loan

Question 3

convernience stores have:

Answer 3

a variety of products, mostly food, higher prices, less choice, and a prioritisation of convenience

Question 4

specialty stores:

Answer 4

specialise in one type of product or servous or a limited range of a few products

Question 5

discount variety stores have:

Answer 5

plain designs, basic customer service, cheap products

Question 6

department stores have:

Answer 6

a large range, they buy in bulk to be cheaper, but also have more customer servour, so they are more expensive then discount variety stores.

Question 7

supermarkets have:

Answer 7

a lare floor, self service, mostly food

Question 8

in a budget the expenses column should have:

Answer 8

fixed and variable expenses (with a total at the bottom)

Question 9

what are some reasons of negative long-term financial impacts

Answer 9

credit card debt, bad credit card management, bad personal loan choices, impulse buying, scams

Question 10

name 3 investment options and their advantages and disadvantages

Answer 10

cash - low return, low risk
property - mid risk, security of having an asset
shares - high risk, high return.

Question 11

what are growth assets

Answer 11

they are a source of income that is expected to grow, they are more profitable but also have higher risk

Question 12

income assets

Answer 12

constant stream of income, they are safer, but won’t have as high of an expected return as growth assets

Question 13

what is negative screening:

Answer 13

Avoid investing in a company because of an ethical issue

Question 14

what is positive screening

Answer 14

investing in companies that are involved in ethical things

Question 15

what does realise your profit mean

Answer 15

to sell shares or an asset in order to gain profit

Question 16

what is the rate of return formula

Answer 16

profit from investment over original investment times 100 over the time of the investment (the amoun tof years the investment was held)

Question 17

diversification is:

Answer 17

Spreading your money across different investment types

Question 18

blue chip shares are

Answer 18

very safe shares

Question 19

cash investments can consist of:

Answer 19

Savings accounts, Term Deposits, Government
Bonds, Foreign currency exchange,Electronic Currencies

Question 20

market orders are:

Answer 20

the price of the share when you say to buy it

Question 21

limit orders are:

Answer 21

buying a share when the price reaches a certain point

Question 22

superannuation advantages and disadvantages

Answer 22

Employer contributions may boost investment, Long-term growth potential, Automatic contributions from
income
Limited access until retirement age, Complexity in understanding and managing

Question 23

what do nsw fair trading do

Answer 23

checking that products meet Australian safety standards eg. ensuring that scales, scanners and petrol pumps used to weigh and price products are correct
warning the community about dubious business practices such as scams and rip-offs and assisting consumers to resolve their complaints

Question 24

what does the Ombudsman do?

Answer 24

investigates and reports on complaints
industry ombudsman deal with disputes between consumers and specific businesses eg. finance, telecommunications and insurance

Question 25

what does the Australian Competition and Consumer Commission (ACCC) do?

Answer 25

acts as a watchdog on the pricing of goods and services

Question 26

what does the Australian Securities and Investments Commission (ASIC) do?

Answer 26

protects consumers in the areas of
consumer credit,
investment,
life and general insurance,
Superannuation,
banking

Question 27

what does th Competition and Consumer Act 2010 do?

Answer 27

to protect consumers against undesirable business practices, such as:
misleading and deceptive advertising
unconscionable (unreasonable and unethical) conduct
misrepresenting the contents of products, their place of manufacture or their characteristics
unfair trade practices that restrict competition and which can severely limit the rights of consumers
false claims regarding goods and services.

Question 28

what are the dif types of resources

Answer 28

land, labour, capital, and enterprise

Question 29

capital is?

Answer 29

These resources are goods
used to make other goods.
For example, a tractor is a
capital good because it is
used to produce crops.

Question 30

enterprise is?

Answer 30

The ability to combine
the other resources of
land, labour and
capital so as to earn a
profit.