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COMMERCE > TERM 2 NOTES > Flashcards

TERM 2 NOTES Flashcards

1
Q

Define Salary

A

a fixed amount of money or compensation paid to an employee by an employer in return for work performed (expressed as an annual sum)

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2
Q

What are some examples of jobs paid in a salary?

A
  • Lawyer
  • Doctor
  • Engineer
  • Architect
  • Accountant
  • IT Managers
  • Data Scientists
  • Software Developers
  • Teachers
  • University Lecturers
  • School Principals
  • Pharmacists
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3
Q

Define Wage

A

a payment for labour or services, usually according to contract and on an HOURLY, DAILY or PIECEWORK basis (paid on an houry, weekly, daily basis)

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4
Q

What are some examples of jobs paid in a wage?

A

Retail and Hospitality:
- Cashier, Barista, Bartender

Trades and Construction:
- Carpenter, Electrician, Plumber, Labourer

Forming and Agriculture:
- Farmhand, Livestock worker, Fruit picker

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5
Q

What are the economic benefits of tax?

A
  • Access to services
  • Productivity enhancements
  • Higher living standards
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6
Q

What is the PRIMARY INDUSTRY work sector?

A

all businesses in which production is directly associated with natural resources

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7
Q

What are some examples of work in the PRIMARY INDUSTRY?

A
  • Forestry
  • Agriculture
  • Mining
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8
Q

What is the SECONDARY INDUSTRY work sector?

A

all businesses that take the output of firms in the primary sector (raw materials) and process it into a finished or semi-finished product

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9
Q

What are some examples of products in the SECONDARY INDUSTRY?

A
  • Cars
  • Trucks
  • Textiles
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10
Q

What is the TERTIARY INDUSTRY work sector?

A

businesses that provide a service to other people (they provide a service rather than tangible goods)

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11
Q

What are some examples of jobs in the TERTIARY INDUSTRY?

A
  • Retailers
  • Dentists
  • Solicitors
  • Banks
  • Museums
  • Health Workers
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12
Q

What is the QUATERNARY INDUSTRY work sector?

A

includes services that involve the transfer and processing of information and knowledge (Future expansion in e-commerce and internet-based business activity will see an increase in employment numbers)

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13
Q

What are some examples of jobs in the QUATERNARY INDUSTRY?

A
  • Telecommunication
  • Property
  • Computing
  • Finance
  • Education
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14
Q

What is the QUINARY INDUSTRY in the work sector?

A

includes all services that have once been home-based (expected to expand over the next 2 decades).

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15
Q

What are some examples of work in the QUINARY INDUSTRY?

A
  • Hospitality
  • Tourism
  • Craft-based activities
  • Childcare
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16
Q

What is the WHS Act?

A

the Work Health and Safety Act came about in 2010 and has at its core the protection and safety of employees and outlines the legal requirements for employers and employees.

17
Q

Define Modern Awards

A

Modern Awards are Australian workplace agreements that set minimum pay rates and conditions for different industries and jobs. They cover wages, working hours, leave, and other employment terms.

18
Q

What are the advantages of modern awards?

A
  • they set a minimum for pay and conditions
  • They cover all employees performing a similar job
  • Protect employees from employers
19
Q

What are the disadvantages of modern awards?

A
  • inflexible: may not suit all employees
  • Prevent recognition of individual initiative as all employees receive the same pay
20
Q

Define penalty rates

A

Penalty rates are additional pay rates given to employees who work outside standard hours, such as weekends, public holidays, or late shifts. They compensate for working at times that are less desirable or more inconvenient.

21
Q

PENALTY RATES: when do employees get a higher pay?

A

When working:

  • Weekends
  • Public holidays
  • Overtime
  • Late night shifts
  • Early morning shifts
22
Q

Define allowances

A

Allowances are extra payments made to employees to cover specific costs or compensate for particular job-related conditions

23
Q

Allowances are extra payments made to employees when…?

A
  • do certain tasks or have a particular skill
  • use their own tools at work
  • work in unpleasant or dangerous conditions
24
Q

Define enterprise agreements

A

Enterprise agreements are custom agreements between an employer and employees that set specific terms and conditions for a workplace, potentially overriding Modern Awards.

25
Q

What are the advantages of enterprise agreements?

A
  • Consultation with and involvement of employees
  • Access to training
  • Greater flexibility
  • Possibility of improved pay
26
Q

What are the disadvantages of enterprise agreements?

A
  • Complex negotiations
  • Limited flexibility
  • Potential conflict
  • Compliance risk

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