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commerce > study > Flashcards

study Flashcards

1
Q

a product fit for purpose, acceptable in appearance and finish, free from defects, safe and durable

A

acceptable quality

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2
Q

when the offeree agrees to the proposal

A

acceptance

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3
Q

items of value

A

assets

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4
Q

when a person gives up control of their assets and finances, either voluntarily or by a court order

A

bankruptcy

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5
Q

the swapping or exchanging of one good for another

A

barter

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6
Q

a charge account operated by a trader

A

book-up

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7
Q

a list of income and likely expenditures

A

budget

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8
Q

goods used to make other goods

A

capital

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9
Q

a term meaning ‘let the buyer beware’

A

caveat emptor

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10
Q

a written communication ordering your financial institution to pay a person a specific amount of money

A

cheque

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11
Q

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

A

commerce

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12
Q

contacting (by telephone, internet or in person) a number of sellers to obtain the best deal

A

comparison shopping

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13
Q

the giving up of something of value

A

consideration

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14
Q

someone who purchases goods and services to satisfy needs and wants

A

consumer

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15
Q

a set of rights and remedies for defective goods and services

A

consumer guarantees

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16
Q

a legally binding agreement

A

contract

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17
Q

people you owe money to

A

creditors

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18
Q

money owing to external sources; e.g. a bank

A

debt

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19
Q

the amount of money that households have available for spending and saving after income tax has been deducted

A

disposable income

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20
Q

the ways of getting the product to the customer

A

distribution chain

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21
Q

the financial institution that provides cheque account facilities

A

drawee

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22
Q

the person who writes and signs a cheque

A

drawer

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23
Q

items that can be used many times

A

durable goods

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24
Q

the buying and selling of information, goods and services via the internet

A

e-commerce

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25
Q

electronic retailer

A

e-tailer

26
Q

electronic funds transfer at point of sale

A

EFTPOS

27
Q

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

A

electronic transfer

28
Q

a project or undertaking that may relate to a business, organisation, community or government agency

A

enterprise

29
Q

expenses that are the same amount every time — for example, monthly rent, or a minimum charge of $40 per month for a mobile phone

A

fixed expenses

30
Q

a court order that allows an employer or bank representative to take money from your wages or accounts and give it to your creditors

A

garnishee

31
Q

items that you can see or touch

A

goods

32
Q

buying something without giving much thought as to whether you really need it

A

impulse buying

33
Q

money received on a regular basis from work, property, business, investment or welfare

A

income

34
Q

the price that must be paid in order to use someone else’s money

A

interest

35
Q

the human skills and effort required to produce goods and services

A

labour

36
Q

naturally occurring resources, such as forests, coal and fertile soil

A

land

37
Q

where all company assets are sold in order to pay the company’s debts

A

liquidated

38
Q

to buy products, via catalogues, for delivery by mail

A

mail order

39
Q

a person or business that makes goods

A

manufacturer

40
Q

any token, with an agreed value, that people accept as payment in exchange for a good or service

A

money

41
Q

things that are necessary for survival, such as water and food

A

needs

42
Q

items that can be used only once

A

non-durable goods

43
Q

a proposal

A

offer

44
Q

purchasing products over the internet

A

online shopping

45
Q

what you have to forgo if you choose to do A rather than B; the value of the next best alternative that is forgone whenever a choice is made

A

opportunity cost

46
Q

the person who is to receive the money from a cheque

A

payee

47
Q

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

A

price

48
Q

what remains after all business expenses are deducted from sales revenue

A

profit

49
Q

to set right

A

redress

50
Q

a business that sells products directly to consumers

A

retailer

51
Q

to overcharge or swindle

A

rip-off

52
Q

an illegal business practice

A

scam

53
Q

an order from the Federal Court of Australia declaring an individual bankrupt

A

sequestration order

54
Q

things done for you by others

A

services

55
Q

money set aside during your working life for retirement; commonly called ‘super’

A

superannuation

56
Q

organisation that represents employees and tries to improve wages and working conditions

A

trade union

57
Q

any practice by a seller that is just not reasonable and often illegal

A

unconscionable act

58
Q

expenses that change over time, and do not occur on a regular basis. For example, a person may go to a music concert this month to hear their favourite singer and buy a computer game next month

A

variable expenses

59
Q

things that are not essential for survival but that we would like to have

A

wants

60
Q

buys goods in large quantities from the manufacturer

A

wholesaler

61
Q

a court order that allows a court official (the sheriff) to seize and then sell some of your property

A

writ of execution

commerce (1 decks)

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