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2023 Exams > Buisness > Flashcards

Buisness Flashcards

1
Q

What are ‘living standards’?

A

the level of wealth, material goods, comfort and life necessities available to people living in a geographical area

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2
Q

Material living standards

A

Our access to physical goods and services. Measured by GDP

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3
Q

GDP

A

Gross Domestic Product
High GDP = high living standards

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4
Q

Non-material living standards

A

standards that are not easily measured as they are intangible (cannot be touched)

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5
Q

What are the limitations of GDP as a measurement of growth?

A

GDP does NOT measure:

  • The environment/ pollution levels
  • Human rights and free speech in the country
  • Working conditions
  • Gender equality
  • Distribution of wealth ( ie how many poor people vs rich people)
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6
Q

What is inflation?

A

Inflation occurs when there is an increase in the general level of prices paid for goods and services over a certain period of time

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7
Q

Who are the inflation winners?

A

HIGH INCOME EARNERS:
People with jobs, whose income increases at the same rate of faster than inflation

BORROWERS:
Rising prices means it may be better to borrow with a fixed interest rate and purchase now

IMPORTERS
The price of imported goods may be cheaper than the price of goods produced in Australia

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8
Q

Who are the inflation losers?

A

LOW TO MIDDLE INCOME EARNERS
People on incomes that do not increase as fast as inflation, such as part-time workers, the unemployed and pensioners

BANK SAVERS
Money sitting in the bank may not buy as much as it previously did due to price rises

EXPORTERS
As exported goods becomes more expensive, demand from overseas consumers will fall

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9
Q

ECONOMIC GROWTH

A

An increase in the amount of goods and services produced per person within a specific time frame.
On a yearly basis economists hope to see economic growth exceed 2%.

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10
Q

ECONOMIC RECESSION

A

When economic growth falls for 2 or more quarters (for 6 or more months) in a row.

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11
Q

How do we measure the level of unemployment?

A

Unemployment rate = the percentage of people in the labour force who are actively seeking work but cannot find work

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12
Q

What is the link between GDP and employment?

A

Low GDP = Low spending = Low employment

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13
Q

Define underemployment

A

An underemployed person is someone who is currently employed, but who would like and is available to work more hours of work than they currently have.

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14
Q

Main reasons why variations in living standards exist

A
  • Freedom to work and benefit from the labour
  • Natural resources/geography
  • Stability/ honesty of the government
  • Labour productivity (the amount of goods and services that a worker can produce over a given amount of time)
  • Dependable legal system
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15
Q

Macroeconomic policy

A

aims to provide a stable economic environment that promotes strong and sustainable economic growth for the WHOLE NATION.

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16
Q

Microeconomic policy

A

aims to affect a particular company or industry or market
Examples include: trade liberalisation, deregulation and labour market reform

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17
Q

What is your financial personality?

A

How you feel about risk will play a big part in how you save, how you invest and generally how you manage money.
Understanding your financial personality can help you make better saving and spending decisions.

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18
Q

Why do we need financial goals?

A

Goals can…
Give you a sense of purpose to save money
Help you resist the temptation to spend on unnecessary expenses

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19
Q

SMART Goals

A

SPECIFIC - What are exactly are you trying to achieve?
MEASURABLE - What does it cost?
ACHIEVABLE - Can you achieve this goal?
REALISTIC - Be honest with yourself. Is it realistic?
TIME - What is the timeframe?

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20
Q

Opportunity Cost

A

the value of the next best choice that one gives up when making a decision

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21
Q

What is meant by ‘Income’?

A

Income is money received…
- In the form of wages or a salary paid from a job
- Investment income (e.g. property-rent from property owned or capital gians, dividends from shares or profit from selling shares at higher price,, interest earning investments ie bonds)
- Government payments-centrelink
- Gifts received from friends and family (cash)

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22
Q

Types of income

A

Salary, Wage, Commission

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23
Q

Define Salary

A

A salary is a payment based on one year’s work and is usually paid in equal fortnightly payments. Salaries usually apply to professional occupations such as teachers or accountants. No overtime is paid.

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24
Q

Define Wage

A

A wage is a weekly or fortnightly payment based on hours of work completed.
Workers are able to get a higher rate (overtime) for hours worked in excess of the award conditions (i.e. overtime 1.5 the hourly rate or on public holidays).

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25
Q

Define Commission

A

In some industries based on sales (such as real estate, new and used car retailers), employees are paid a percentage of the value of goods sold.

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26
Q

TYPES OF PAID LEAVE

A
  • Annual leave
  • Sick and carer’s leave
  • Family and domestic violence leave
  • Compassionate and bereavement leave
  • Maternity and parental leave
  • Public holidays
  • Community service leave
  • Long service leave
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27
Q

Full-Time Employment

A

Employed persons who usually work 38 hours per week (in all jobs)
Can be a permanent employee or on a fixed contract

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28
Q

Leave entitlements of a full time employee

A

Paid holiday leave
Paid sick leave
Paid long service leave
Paid maternity leave and a range of additional entitlements

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29
Q

Casual Employment

A
  • No firm advance commitment to ongoing work with an agreed pattern of work or that the work will continue indefinitely, i.e. the employer can change the roster at any time
  • Paid casual loading which means a higher pay rate for being a casual employee
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30
Q

Apprenticeships and Traineeships

A

Apprenticeships and traineeships are types of formal training arrangements that combine work with study for a qualification

31
Q

What is Gig Work?

A

Gig Work = short-term, project or task based work that is often referred to as on-demand, sharing or peer-to-peer work.

32
Q

Investments options

A

Interest-earning Investments
Property
Equities
Superannuation

33
Q

Phishing scams

A

Fraudsters attempt to trick individuals into sharing sensitive information such as passwords, credit card details, or personal data by posing as a legitimate entity via email, text message, or phone call.

34
Q

Online shopping scams

A

Scammers set up fake online stores or advertise non-existent products to deceive people into making purchases and then disappear without delivering the goods

35
Q

Lottery or prize scams

A

Victims are informed that they have won a lottery or prize and are asked to pay a fee or provide personal information to claim the winnings,

36
Q

Investment scams

A

Fraudsters offer lucrative investment opportunities with high returns, promising quick profits. However, the investments are often non-existent, pyramid schemes, or fraudulent operations.
Romance scams: Scammers create fake online profiles and build romantic relationships with unsuspecting individuals to gain their trust.

37
Q

Tech support scams

A

cammers pretend to be technical support personnel from well-known companies and claim that the victim’s computer or device has a problem. They then request remote access.

38
Q

Charity scams

A

Fraudsters take advantage of people’s generosity by posing as charitable organizations during natural disasters or crises and requesting donations, but the funds never reach the recipients.

39
Q

Employment scams

A

Scammers offer fake job opportunities, requiring applicants to pay upfront fees for training or certifications or provide personal information that can be used for identity theft.

40
Q

Identity theft

A

Scammers steal personal information, such as Social Security numbers, bank account details, or login credentials, to commit various fraudulent activities..

41
Q

Rental scams

A

Scammers advertise fake rental properties, collect deposits or rent payments, and disappear without providing the promised accommodation.

42
Q

Employee expectations

A

Fair compensation.
Clear job expectations.
Opportunities for growth and development.
Respectful and supportive workplace culture.
Work-life balance.
Safe and healthy workplace.
Recognition and appreciation.

43
Q

Employer expectations

A

A strong work ethic.
Dependability and responsibility.
A positive attitude.
Adaptability.
Honesty and integrity.
Self-motivation.
Self-confidence.
Professionalism.

44
Q

Representative Democracy

A

A system of government in which the people have the power to determine how they will be ruled or managed and so elect a parliament to make and implement laws on their behalf

45
Q

3 Roles of government

A
  • to make laws that reflect the prevailing views and moral standards held by most Australians.
  • to ensure that all Australians are provided with access to basic services
  • maintaining a reasonable standard of living ie access to jobs; centrelink;old age pension;
46
Q

Reasons for compulsory voting

A
  • Helps ensure our parliament has the support of the majority of the people
  • Forces political parties to consider needs of all voters when making policies
  • Forces political responsibility to all voters
47
Q

Reasons against compulsory voting

A
  • Forces people who are not interested to make ill informed votes.
  • Violation of individual rights because people do not have a choice.
  • Costly and an administrative burden to follow up those who do not vote.
48
Q

4 Principles of Australia’s System of Government

A
  • Must protect the rights and freedoms of individuals
  • Must make laws that reflect the views and values of the people
  • Must be accountable to the people
  • Must not abuse their power
49
Q

3 Levels of Government in Australia

A

Federal, State, Local

50
Q

Responsibilities of the federal government

A

foreign affairs, social security, industrial relations, trade, immigration, currency, defence

51
Q

Responsibilities of the state government

A

schools, hospitals, conservation and environment, roads, railways and public transport, public works, agriculture and fishing, industrial relations, community services, sport and recreation, consumer affairs, police, prisons and emergency services.

52
Q

Responsibilities of the local government

A

parks and gardens, roads, streets, bridges, libraries and swimming pool maintenance. a range of family, community and general services such as garbage collection and animal registration

53
Q

Parliament

A

The National or State law making body that is made up of elected representatives in both the Upper and Lower House with a head of state

54
Q

Bicameral System

A

Bicameral means ‘two chambers’ or ‘two houses’. The bicameral structure of the Parliament of Victoria is based on the Westminster model

55
Q

constitutional monarchy

A

the monarch, currently king is the head of state, but real power is vested in parliament; the role and powers of parliament are outlined in a Constitution

56
Q

the separation of powers

A

the powers of the government are divided into the legislative, executive and judicial arms; there is not a true separation of powers as the executive is made from the legislative arm

57
Q

democratic elections

A

while the way in which elections are carried out in Australia is different from in the United Kingdom, the same principles of democratic elections have been adopted

58
Q

Parliaments role in Australia

A

The Parliament of Australia plays a central role in the country’s system of government, and its primary function is to make and pass laws.

59
Q

Government

A

The government is made up of the party or coalition that has won a majority of seats in the lower house of parliament.

60
Q

The Constitution

A

The Australian Constitution describes the composition, role and powers of the Australian Parliament.

It sets out how the Australian and state parliaments share the power to make laws.

It also details the roles of the executive government and the High Court of Australia, and some of the rights of Australian citizens

61
Q

In Australia the King is represented by….

A

The Governor-General who is appointed by Buckingham Palace on the recommendation of the Australian Government.

62
Q

Main role of governor general

A
  • Grant royal assent
  • Perform ceremonial duties
  • Able to dissolve parliament
63
Q

The Lower House

A

The House of Representatives

64
Q

The Upper House

A

The Senate

65
Q

Reasons for a republic

A
  • Ending the monarchy would establish Australian independence from Britain and represent a break away from Australia’s colonial past and the destruction of Aboriginal people, land and culture.
  • Australia’s monarch is a foreign monarch; it is time to have an Australian as head of state
  • Foreign monarchs cannot adequately represent Australian views; they represent British interests
66
Q

Reasons against a republic

A
  • The cost of doing a referendum and breaking ties is very high;
  • There are no discernible benefits as we already have as good a system as is humanly possible
  • The King is not a “foreign King”, but is the “King of Australia”.
67
Q

Prime Minister

A

The Prime Minister is a member of the House of Representatives and leads the parliamentary party, or coalition of parties, with the support of the majority of members in the House.

68
Q

Safeguards to Australia’s democracy

A

People elect the government (compulsory voting)
Elections are free and fair.
Governments uphold basic human right

69
Q

Threats to Australia’s democracy

A

Influence of those with vested interests.
Media bias and voting.
Ageing population

70
Q

Social cohesion

A

The willingness of members of a community to live together in a peaceful and cooperative way in order to survive and prosper

71
Q

Westminster parliamentary system

A

The British parliamentary system, upon which the Australian parliamentary system is modelled

72
Q

Opposition

A

The head of the party or coalition that has the greatest number of non-government members of the house of representatives

73
Q

Referendum

A

the process for changing the wording of the Australian Constitution. This requires a proposal for change to be passed by both houses of the Commonwealth Parliament and a large proportion of the Australian voters.

2023 Exams (3 decks)

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