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Business📊 > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

Credit transaction

A

Transaction were goods are bought and paid for later

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2
Q

Letter of enquire

A

A request from buyer to seller asking for terms of sale

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3
Q

Quotation

A

Sent by seller to buyer, it shows all of the description of the product

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4
Q

Carriage paid

A

Seller will pay for delivery

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5
Q

Trade discount

A

Money deducted for people in the same business

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6
Q

Cash discount

A

Money detected for paying quickly

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7
Q

VAT

A

Value added tax

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8
Q

CWO

A

Cash with order

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9
Q

COD

A

Cash on delivery

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10
Q

Order

A

Written request from buyer to seller requesting goods

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11
Q

Invoices

A

Sent from seller to buyer listing details of goods

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12
Q

Debit note

A

Sent from seller to buyer if the seller was undercharged

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13
Q

Receipt

A

Proof of payment

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14
Q

Loss leader

A

When shops buy things for one price and sell them for cheaper

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15
Q

A consumer

A

A person who buys goods for their own personal uses

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16
Q

A trader

A

A person who buys goods to sell them

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17
Q

Cash transaction

A

Transaction where money is exchanged

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18
Q

Name the law that protects consumers

A

The sale of goods and supply of services act

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19
Q

Name the principles of this law

A
  • goods should be of merchantable quality
  • goods should be fit for purpose
  • goods should be as described
  • goods should be confirmed to sample
20
Q

Name the 3 remedies

A
  • refund
  • replacement
  • repair
21
Q

What are the 9 elements of writing a complaint

A

1) your contact details
2) date of letter
3) name and address
4) salutation
5) nature of complaint
6) resolutions requirements
7) closure

22
Q

What is the consumer association of ireland

A

It protects and educates consumers

23
Q

What is an ombudsman

A

Person responsible for investigating and resolving complaints

24
Q

Name the points of a contract

A
  • an offer is made by one person
  • there is acceptance of that offer by another person
  • there is a consideration
25
Q

A non-refundable deposit

A

Means you are not entitled back to your money

26
Q

What is a current account

A

Accounts people use for their day to day expenses

  • ATMs
  • Standing orders
  • Direct debits
  • Cheque book
  • Over-draft
  • Pay path
27
Q

What Is a deposit account

A

We’re people should put their extra savings
Where to invest?:
-Credit union
-Post office

28
Q

Standing order

A

Way to pay bills, a fixed amount on a fixed date

29
Q

Direct debit

A

Way to pay bills but amount can vary

30
Q

Drawer

A

A person who signs the cheque

31
Q

Drawee

A

Is the drawers bank

32
Q

Payee

A

The person the cheque is being paid to

33
Q

“DIRT”

A

Deposit Interest Retention Tax

34
Q

Budget

A

A budget is a plan that matches expected spending over a period of time

35
Q

Income

A

The money or goods a household receives

36
Q

Gross pay

A

The total income earned

37
Q

Net pay

A

The gross pay minus the deductions

38
Q

Paye

A

Pay as you earn

39
Q

Prsi

A

Pat related social insurance

40
Q

Usc

A

Universal social charge

41
Q

Statutory deductions

A

Are deductions that by law must be taken of your gross wages

42
Q

Voluntary deductions

A

Are sums of money taken off gross wages at the instruction of the employee

43
Q

False economy

A

Is spending on an item that seems to cost you less but will cost you more in the long run

44
Q

Impulse buying

A

Is unplanned spending

45
Q

Fixed expenditure

A

Is regularly spending and the amount does not change

46
Q

Irregular expenditure

A

Is spending where the amount changes

47
Q

Discretionary expenditure

A

Buying an item that we like but do not need

Business📊 (27 decks)

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