Terms - Year 9 Commerce

Question 1

Term

Answer 1

Definition

Question 2

Consumer

Answer 2

A user of resources. Someone who buys goods and services

Question 3

Credit

Answer 3

The term is applied

Question 4

Budget

Answer 4

A financial plan that allows for the allocation to expenditure and revenue

Question 5

Contract

Answer 5

A legal agreement entered into by two or more parties whereby there is offer and acceptance

Question 6

Merchantable quality

Answer 6

Refers to the condition why which goods are sold to the consumer

Question 7

Profit

Answer 7

Money made by a business or entrepreneur

Question 8

Exchange

Answer 8

The term referring to all products sold to a consumer to those things produced for sale

Question 9

Goods

Answer 9

The term referring to all products sold to a consumer or those things produced for sale

Question 10

Services

Answer 10

The tasks performed by certain businesses, for example fixing a tap or mowing a lawn are considered a service

Question 11

Needs

Answer 11

The basic things required to support life, such as:food, shelter, clothing, water

Question 12

Wants

Answer 12

Those things that are not vital or necessary for survival but are desired

Question 13

Resource

Answer 13

Those things needed to support or provide goods and services, needs and wants

Question 14

Money

Answer 14

This refers to the currency that indicates the value of commodities

Question 15

Price

Answer 15

The value assigned to a good or service

Question 16

Income

Answer 16

The term given to the money earned for performing a task for a set period of time

Question 17

Expenditure

Answer 17

This refers to the items (goods and services) that need to be paid to support basic needs, such as electricity and food

Question 18

Savings

Answer 18

The money that is put aside to be used at a later date for a specific purpose or as the producers

Question 19

Marketplace

Answer 19

The term given to the place where goods and services are exchanged by consumers and producers

Question 20

Advertising

Answer 20

The promotion of a good or service by a business or entrepreneur

Question 21

Labour force

Answer 21

The term that refers to the number of people who are employed in a job or some form of work

Question 22

Business

Answer 22

This is the organisation that provides goods and services