commerce cycle test 1

Question 1

the exchange of goods or services in return for other goods or services without the use of money

Answer 1

Bartering

Question 2

tangible items with value

Answer 2

goods

Question 3

intangible tasks done for you

Answer 3

service

Question 4

things that are necessary for survival

Answer 4

Primitive needs

Question 5

things that are needed to thrive in 2025

Answer 5

modern needs

Question 6

things that people want and aren’t necessary

Answer 6

wants

Question 7

goods that can be reused

Answer 7

durable goods

Question 8

goods that can only be used once

Answer 8

non-durable goods

Question 9

the amount of money a consumer is willing to pay

Answer 9

price

Question 10

the low supply of something

Answer 10

scarcity

Question 11

mental or physical work

Answer 11

labor

Question 12

the location where businesses operate

Answer 12

land

Question 13

machinery that helps businesses

Answer 13

capital

Question 14

the cost of not buying one thing and buying another

Answer 14

opportunity cost

Question 15

Business marketing and management

Answer 15

Enterprise

Question 16

extra money a consumer can use to buy wants

Answer 16

Disposable Income

Question 17

money consumers earn

Answer 17

Income

Question 18

things consumers spend money on once

Answer 18

variable expenses

Question 19

things that consumers spend money routinely

Answer 19

Fixed expenses

Question 20

a limit you set for yourself

Answer 20

Budget

Question 21

definition of impulse buying

Answer 21

Buying things before considering

Question 22

Creating a product

Answer 22

Manufacturing

Question 23

buying from manufactures and distributing to retailers

Answer 23

Wholesaler

Question 24

shops that sell to consumers

Answer 24

retailers

Question 25

A store with wide range more expensive near your house

Answer 25

convenience store

Question 26

a store that is wide variety cheap

Answer 26

discount variety store

Question 26

small range paying for service and advice higher price

Answer 26

specialty

Question 27

a store that is wide variety, expensive

Answer 27

department store

Question 28

wide food variety price varies

Answer 28

supermarket

Question 29

a store where you buy straight from the factory limited selection

Answer 29

Factory outlet

Question 30

a card where you borrow money from the bank and pay it back later within a limit

Answer 30

Credit card

Question 31

a card where you spend your own money, more safe than cash

Answer 31

debit card

Question 32

physical coins or notes that hold value

Answer 32

cash

Question 33

transfer of money between accounts

Answer 33

direct transfer

Question 34

eftpos

Answer 34

Electronic fund transfer at point of sale

Question 35

legally binding agreement between 2 or more parties

Answer 35

contract

Question 36

a proposal

Answer 36

offer

Question 37

when the offeree agrees to the proposal

Answer 37

acceptance

Question 38

the giving up of something of value

Answer 38

consideration

Question 39

a list of rules that protect consumers

Answer 39

consumer protection

Question 40

the product is safe to use or consume

Answer 40

safe product

Question 41

the business has to give you this correct thing

Answer 41

accurate product information and description.

Question 42

disclose any faults and other information that may cause a party to not enter into the deal.

Answer 42

full disclosure of the terms of sale.

Question 43

the business has to honour these conditions

Answer 43

Consumer guarantees and warranties are honoured

Question 44

A seller is not required to tell you everything about the goods for sale. Therefore, it is the purchaser who is accepting the most risk

Answer 44

Caveat Emptor

Question 45

paying the correct amount purchasing goods and services from legal sources accepting most of the risk when they purchase something

Answer 45

Consumer responsibilities

Question 46

what common wealth act was place in 2010

Answer 46

the competition and consumer act

Question 47

what act was placed in 1987 in NSW

Answer 47

the trading act

Question 48

what does the trading act do

Answer 48

protect against scams and rip offs

Question 49

a dishonest scheme or a swindle

Answer 49

a scam

Question 50

the buying and selling goods or services between individuals and businesses

Answer 50

commerce

Question 51

what organisation enforces the fair trading act

Answer 51

the office of fair trading

Question 52

what organisation enforces the competition and consumer act

Answer 52

the ACCC

Question 53

what organisation investigates business and takes complaints

Answer 53

the ombudsman

Question 54

what organisation deals with financial issues

Answer 54

The ASIC