Yearly Flashcards
Disposable income?
A persons income after tax has been deducted (gross income - tax = disposable income)
What is commission?
Income from acting as an agent, between buyers and sellers.
Dividend?
a sum of money paid regularly (typically annually) by a company to its shareholders out of its profits (or reserves).
Fee?
Income from providing a professional service, such as legal advice or public speaking.
Interests
Income received from investments.
Rent?
Income received for the use of a property.
Salary?
Income received each year for a job, usually irrespective of the number of hours worked.
Wage?
Income received for work done based on the hours worked each year.
How long is a senator in for?
State 4 fed 3
Proportional representation?
The parties representatives only get a proportion of the votes…e.g only 16 percent each
How many candidates for senators are there usually, each state and Territory and overall?
12 from each state and 2 from each territory. 76 overall.
What is the upper and lower houses called?
Upper is senate and lower is House of Representatives
What is the counting votes in the upper house called?
Proportional Representation
Variable expenses
Payments that Change according to how much you use the goods and services.. E.g. Entertainment, petrol.
Fixed expenses
Something you have to pay for. E.g. Insurance
What are the two methods of voting?
Optional preferential voting and preferential voting.
List 5 investment options
Savings Cash management Superannuation Term deposits Investment account
Lower house voting?
Normally have a number of boxes which you name 1 to how many candidates there are. This is also called preferential voting.
Upper house voting?
You can either vote ONE above the box or number every candidate under the line..which will take time and EFFORT. They use optional preferential voting.
What are the reasons for investing?
Safe keeping of your money
Extra money may lead to revenue
Why some people prefer to travel as a group?
Cost
Arrangement
Safety
Proportional representation?
Means a candidate only needs a proportion of the votes to get elected.
Bicameral?
Two Houses of Parliament is called a bicameral
Right to vote?
In Australia, it is the right and responsibility of all citizens aged 18 years or over to vote in federal, stats and local govt elections.
Lower and upper house? What are they called?
Lower is House of Representatives
Upper is senate
Double dissolution?
It’s an early election
National party?
Was originally called the country party. Now called national party. There vision is building stronger regional economies and secure communities, delivering opportunity and prosperity for all regional Australians, and ensuring a sustainable environment.
Coalition?
An alliance of political groups formed to oppose a common foe and peruse a common goal.
The federal government?
Decides on matters that affect the whole country. These responsibilities were given to the govt in 1901 under the AUS constitution.
State government?
Each AUS government and territory has its own govt. The responsibilities of the state and territory. The political leader of each state govt is called the premier. I’m the NT and the Australian Capital Territory the political leader is called chief minister.
Ballet paper?
Listing all the names of the people who are seeking a place in parliament and on his or her marks on the chosen person.
Federation?
The Federation of Australia was the process by which the six separate British self-governing colonies of Queensland, New South Wales, Victoria, Tasmania, South Australia, and Western Australia formed one nation.
Informal vote?
A ballot paper that has not been filled out incorrectly or has been defaced in some way.
Parliament?
Combination of the lower and upper house.
Liberal?
Liberal government means, amongst many things, more secure streets, better public transport, better hospitals, and higher quality education accessible to all through better public, independent and systemic schools.
Labor?
Australian oldest political parties. Labours commitment to fairness at work, access to quality education no matter what a persons circumstances and a firm belief that we should all have the same opportunities in life underpin what we do.
Referendum?
Is a vote to change the constitution. It can only be passed if a majority of people and a majority of people and a majority of States.
Constitution?
In Australia constitution is a formal document outlining how federal and state government operate, plus their areas of responsibilities.
The courts?
Each state and territory has their own laws and court system.
Anarchy?
When there is no law or government, people are free to do as they please and society is unable to function.
The two pieces of legislation are?
Laws and acts
What is premium?
Low priced items, budget items, often everyday basics in simple packaging.
When will you receive a claim payout?
When your property is destroyed or damaged.
Different types of insurance?
Home and contents, motor vehicle, business, mortgage loss, workers compensation and travel insurance.
Whats the difference between government and parliament?
The Government comprises the group of ministers, led by the Prime Minister, who form the executive government of the nation.
The Parliament is the name given to the two houses of Parliament, the House of Representatives and the Senate.
Reasons for savings
Major purchase
For retirement
Rainy day (emergency payments)
