Commerce- Employment and work futures

Question 1

What is disposable income

Answer 1

Disposable income refers to the amount of money you have after your taxes have been payed

Question 2

What is superannuation accrual

Answer 2

the increase of your superannuation

Question 3

Why are mentally healthy workplaces good for businesses

Answer 3

-enhanced work performance
-improvement to companies bottom line
-Attracting and keeping good talent

Question 4

What are material and non material living standards

Answer 4

material living standards- access to physical goods and services such as roof, car
non material living standards- intangible and improve quality of life such as having low stress levels, pollution rates etc

Question 5

Define job types
cognitive
manual
non routine
routine

Answer 5

cognitive= brains such as doctor, scientist
manual= tradies
non routine= no routine, flexible schedule, not the same
routine= same hours every dya with a set schedule

Question 6

What is redistribution of income

Answer 6

Where the government redistributes income via the tax system from richer to poorer to ensure an acceptable standard of living.

Question 7

What is progressive income tax?

Answer 7

The progressive tax system ensures that people of Australia with a higher income pay a higher proportion of their income in tax.

Question 8

how does inequality effect wellbeing

Answer 8

an example of inequality is the financial gap between the rich and the poor. The wealthiest 20% of households were over 100 times wealthier then the poorest 20%. It continues to increase.

Question 9

what is welfare

Answer 9

welfare refers to government programs that support financial or other aid to individuals or groups who cannot support themselves e.g funding for aged care services

Question 10

What is social security

Answer 10

where the government provides replacement payment to qualified retirees

Question 11

explain full time

Answer 11

28 or more hours a week
ongoing employment
employee entitlements such as sick leave, parental leave
job security

Question 12

explain part time

Answer 12

employee entitlements on a pro rata basis
flexible working hours
allows you to experience more then one job at a time

Question 13

explain casual work

Answer 13

paid a loading to compensate for not have leave entitlements
unskilled or easily mastered skills
no employee entitlements
less job security
may have to work in holidays

Question 14

explain self employed

Answer 14

your own boss
payed through profit
determine your own salary and working times

Question 15

What is an apprenticeship, what is a traineeship

Answer 15

they are arrangements with a registered training organization such as TAFE or trade school. Apprenticeships allow you to study a trade which takes about 3-4 years and a traineeship allows you to study for a certificate such as childcare, which takes about 1 year

Question 16

what is the purpose of an unpaid job. compare with voluntary jobs

Answer 16

an unpaid job is to test a persons job skills or give them experience in a certain field of work
voluntary work is to help the community, make a difference and build self esteem

Question 17

define employee

Answer 17

an employee is a person who works for another person or entity in return for financial compensation

Question 18

what are contractors

Answer 18

businesses can hire people through contracts, this allows them to hire a specific skill set

Question 19

what is a trade union

Answer 19

organization that actively seek better pay, better worker conditions etc. an example is the Sydney train strike.

Question 20

what do governments do

Answer 20

regulate minimum wage
set and enforce employment standards
creates and sustains employment

Question 21

define wages, salaries and fees

Answer 21

wages- for employees being paid for a period of work, usually a week, for blue collar workers (unskilled or semiskilled work)

salaries- for employees employed on a yearly basis, for white collar workers such as dentists, accountants etc

fees- a charge by professionals for the completion of a job, doctors, solicitors

Question 22

what is commission

Answer 22

paid to those who act as an agent, when the product is sold a commission goes to the agent
percentages or cuts of a bigger sale

Question 23

what is profit

Answer 23

revenue- expenses

Question 24

what is interest and dividends

Answer 24

sum of money paid by a company to it’s shareholders

Question 25

what is rent

Answer 25

Rent is paid for the use of someone else’s property (house, flat or apartment)

Question 26

what are royalties

Answer 26

paid to a person who produces a piece of work such as a song, book or invention. They are granted a copyright or patent to protect their intellectual property

Question 27

Gross pay vs net pay

Answer 27

gross pay is after tax and net pay is before tax

Question 28

what is gig economy

Answer 28

where to get payed to do gigs such as airtasker

Question 29

Participation rates

Answer 29

the participation rate measures and economies active labour force and is calculated by the sum of all employed workers divided by the working age population

Question 30

Primary industry

Answer 30

produces raw materials for example fresh fruit from what nature has provided. Primary industries provide our food. Some examples are farming mining fishing grazing and forestry

Question 31

Secondary Industry

Answer 31

include all workers involved in turning raw materials into finished or semi-finished products for example iron coal and limestone are turned into steel a semi-finished product. Steel is the used for cars etc

Question 32

Tertiary industry;

Answer 32

People who work in tertiary industry provide a service to others for example retailer’s dentists and bankers

Question 33

Quanternary Industry

Answer 33

is made up of service industries that deal with processing information and knowledge