Commerce

Question 1

What is a consumer?

Answer 1

A person who purchases goods and services in order to fulfil their wants and needs.

Question 2

Define wants in the context of commerce.

Answer 2

Something that is desired but not necessary in order to survive.

Question 3

Define needs in the context of commerce.

Answer 3

Something that is essential for survival.

Question 4

What are goods?

Answer 4

A tangible thing a consumer can purchase.

Question 5

What is a service?

Answer 5

A non-tangible thing that can be purchased.

Question 6

List the three main types of resources.

Answer 6

• Land
• Labor
• Capital

Question 7

What is scarcity?

Answer 7

When there is not enough of a good or service to fulfil the public demand for it.

Question 8

What factors impact consumer decisions?

Answer 8

• Customer Service
• Price
• Convenience
• Gender
• Age
• Income
• Environmental
• Social media
• Advertising and Marketing
• Culture

Question 9

What are the two types of purchases consumers can make?

Answer 9

• Impulse purchases
• Comparison shopping

Question 10

What are the advantages of using PayPal?

Answer 10

• Secure
• Widely accepted

Question 11

What are the disadvantages of using cash?

Answer 11

• Requires ATM
• Not practical to carry around

Question 12

What are the advantages of EFTPOS and BPAY?

Answer 12

• Secure
• Easy proof of purchase in case of scams

Question 13

What is a disadvantage of using Direct Debit?

Answer 13

Must have enough funds for automatic withdrawal to occur.

Question 14

What are two advantages of using a Debit Card?

Answer 14

• Can’t incur debt
• Convenient to easily tap

Question 15

What is a major disadvantage of Credit Cards?

Answer 15

Can easily overspend and go into debt.

Question 16

Fill in the blank: AfterPay allows consumers to buy even when they don’t have enough, with no _______.

Answer 16

interest

Question 17

What is a major disadvantage of a Bank Loan?

Answer 17

High interest rates.

Question 18

What does consumer protection ensure?

Answer 18

• Safe products
• Accurate product descriptions and information
• Full disclosure of terms of sales
• Guarantees and warranties are honoured

Question 19

What are the three components of a simple contract?

Answer 19

• Offer
• Acceptance
• Consideration

Question 20

What is the role of the NSW trading organization?

Answer 20

Informs consumers on a website and can offer specified assistance.

Question 21

What is the purpose of the Australian Competition and Consumer Commission (ACCC)?

Answer 21

Monitors the pricing of goods and service nationally, to reduce rip offs.

Question 22

What should consumers do to seek redress?

Answer 22

• Put the complaint in writing
• Contact the seller
• Keep written records and receipts
• Complain to the NSW civil and administrative tribunal

Question 23

What can poor financial management lead to?

Answer 23

Disrupted relationships and pressure on individuals and households.

Question 24

What is superannuation?

Answer 24

A compulsory retirement fund accessible at the age of 60.

Question 25

What is one way to reduce financial burdens?

Answer 25

Creating budgets.

Question 26

What type of support can consumers seek when in financial difficulty?

Answer 26

* Contact the company to postpone loan payment * Seek support from a financial counsellor * Seek support from a financial adviser

Question 27

How often do federal elections occur?

Answer 27

Every three years.

Question 28

What is the preferential voting system?

Answer 28

A system where an individual ranks a number of candidates in order of preference.

Question 29

What are the four major political parties in Australia?

Answer 29

* Labor * Liberal * The Nationals * The Greens

Question 30

What is required for a party to form government in Australia?

Answer 30

More than 76 seats in the House of Representatives.

Question 31

What is a hung parliament?

Answer 31

When two major parties have the same number of seats, requiring independents to choose a side.

Question 32

What is a minority government?

Answer 32

When the government has less seats than their opposition but more support from crossbenchers.

Question 33

What does the separation of powers include?

Answer 33

* Parliament * Judiciary * Executive government

Question 34

What is the role of the Cabinet?

Answer 34

A council of senior members of parliament assisting the prime minister with policy decisions.

Question 35

What is the judiciary?

Answer 35

A part of the separation of powers, able to make judgements on the law.

Question 36

What is the parliament?

Answer 36

A part of the separation of powers, able to make and change laws.

Question 37

What is the executive government?

Answer 37

A part of the separation of powers, able to put laws into action.