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Year 9 WCC Exam Revision > Commerce - S2 > Flashcards

Commerce - S2 Flashcards

1
Q

Why do people save money? Wagwan G

A

Saving for emergencies, expensive goods or services and for financial freedom and security

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2
Q

wagwan g wagwan g wagwan g?

A

Wagwan G Wagwan G Wagwan G Wagwan G

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3
Q

An unfair disssmmmissal

A

If it is unfair, harsh, unjust or unreasonable.

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4
Q

3 steps to take when setting a savings goal

A
  1. How much is wanted in the future
  2. Money that could be put aside every week/month
  3. Identify how long need to reach your goal
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5
Q

Serious Misconduct

A
  • Deliberately behaving in a way that is inconsistant with continuing their employment includes:
  • Theft
  • Fraud
  • Violence
  • Failing to follow important health and safety procedures
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6
Q

Formula for simple interest

A

Deposit (multiply) Interest Rate (multiply) Length of Time

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7
Q

What is Interest

A

An amount that is paid in exchange for the use of someone else’s money

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8
Q

Role of Fair work Commission

A

Maintain a safety of minimum wages and employment conditions as well as other workplace functions and regulations . A tribunal.

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9
Q

What are the Four Main Investment Options? (FMIO)

A
  • Interest-earning investments
  • Property
  • Equities
  • Superannuation
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10
Q

(FMIO) Interest-earning investments

A

Investing money for a fixed rate of interest. E.G. Deposits and bonds.

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11
Q

(FMIO) Property

A

Investing money in a building, land, etc. with the goal of earning money. Property may be rented out to earn additional money

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12
Q

(FMIO) Equities

A

Equities (stocks/shares). Investors buy part of a company with hope of it increasing in value. Investors also make dividends from the equity

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13
Q

(FMIO) Superannuation

A

Method of saving for retirement with a lower tax rate. Employers contribute as well as personal contributions.

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14
Q

Job Satisfaction Factors

A
  • Interesting work
  • Pay and benefits
  • Flexible work arrangements
  • Opportunities for promotion
  • People you work with
  • Sense of achievement and recognition
  • Secure employment
  • Helping others through the work you do
  • The organisation
  • Autonomy (little supervision, able to make decisions)
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15
Q

Difference between rule and a law?

A
  • Rules: Regulations imposed on members of a specific group to work together in a peaceful manner
  • Laws: made by official law-making authorities. Applies to all members of society and if broken may receive a penalty.
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16
Q

Modern award

A

Minimum pay and other minimum employment conditions set out in a legal agreement called modern award

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17
Q

Mitigating factors

A

Details that reduce the severity of a sentence (penalty)

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18
Q

Aggravating factors

A

Circumstances surrounding a crime that are sufficient to raise the severity and punishment

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19
Q

What is a sanction

A

A penalty (E.G. a fine or imprisonment on a person who has breached criminal law.)

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20
Q

Crowdfunding

A

A practice where money is raise by a large group to finance a project or venture.

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21
Q

Summary offence

A

Minor crimes that are generally heard in the magistrates’ court(lowest court in aus)

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22
Q

What is an indictable offence and how is it processed

A

Major crimes heard in the higher courts. Includes a judge and jury when pleading not guilty to an indictable offence. Jury works to determine the verdict and judge determins sanction to be imposed if fund guilty.

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23
Q

What does the right to appeal a sentence constitute?

A

Allows for one who is dissatisfied with outcome of their case to have it reviewed by a higher court. Only applies if there is reasonable grounds to appeal. (new evidence is found)

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24
Q

The prosecution

A

Conducting legal proceedings against someone with a criminal charge

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25
What are cases are heard in the county court
All serious criminal cases except for murder, attempted murder and serious civil cases involving amounts over $100 000. Can also hear appeals from the mgistrates court.
26
Soft skills
Personal qualities allowing a person to interact with others in a harmonious manner
27
Hard skills
Skills that are teachable and measurable (such as using a computer or a degree)
28
Bad debt
Debt towards spending (credit card debt)
29
Good debt
Debt towards an investment
30
How do banks make money?
Charging interest on loans that they give out using the deposits from customers. Keep difference on interest between giving and taking interest
31
Scam
An illegitimate way to make money off someone through lies or deceit.
32
3 types of emotional scams
* Charity scams * Psychic scams * Romance scams
33
Charity scam
Where a scammer poses as a genuine charity
34
Psychic scam
The victim is told that they will be in some sort of trouble in the future and can avoid it if they pay money.
35
Romance scam
The scammer fakes an identity and attempts to develop a relationship with the target.
36
Phishing email
It is a email from someone impersonating a legitimate company and will try to get login details or personal information from you.
37
ASIC
Australian Securities and Investments Commision - Regulate Australia's financial markets and companies
38
ACCC
Australian Competition and Consumer Commission - Promotes competition and fair trade in markets to benefit consumers, buisness and the community
39
Scams related to COVID-19
* Requesting payment for vaccines or early access to vaccines. * A company impersonates pfizer and asks for investment into vaccines * Fake surveys related to vaccines
40
PIN
Personal Identification Number - works to authenticate the user of the credit card as the actual owner
41
Credit Card
* Uses the bank's money * The bank sends you a bill that you have to pay back
42
Debit Card
* Uses your money in your bank account
43
EFTPOS
Electronic Funds Transfer at Point Of Sale - where you buy things using your card in a store
44
How to keep your personal information safe when doing your banking
* Don't share your PIN * Don't write your PIN on your card * Don't use your birthday as your PIN * When using internet banking, remember to log out
45
Types of bank fees
* EFTPOS fees * ATM fees * Phone and internet banking fees * Overdraft fees
46
What are the three basic rights of the consumer when they buy something that is faulty or breaks during the period of the warranty?
* Refund * Repair * Replace
47
If there are two diffferent prices displayed on a product, which one are you entitled to buy?
The cheaper
48
Statutory authority
A body established through legeslation for a public purpose
49
Legal principle
A legal rule of law established by a judge
50
Common law
Where a decision from a judge must be followed in future similar cases
51
Court hierachy (lowest to higehst)
Magistrates' court --> District court --> Surpreme court --> High court
52
Discrimination
When someone is treated differently because of personal characeteristics
53
Plaintiff
The accuser who initiates action against the defendant
54
Defendant
The person being accused of a crime
55
Remedy
The outcome to restore the plaintiff to the position they were in prior to the breach of rights
56
Damages
A civil remedy where the court orders the defendent to pay money to the plaintiff
57
Negligence
Where one party causes harm through faliure to uphold a reasonable duty of care
58
Breach of contract
Where one individual believes another had failed to carry out the terms of a legally binding contract
59
Defamation
Where one party makes false statements that cause another party to lose their reputation
60
Non-parole period
A period in which someone is not eligible for parole
61
Enterprise agreement
An agreement made directly between employers and employees about wages and working conditions
62
Better off overall test
Ensuring that the employees would be better off under the enterprice agreement compared to the modern award.
63
Sexual Harassment
Inappropiate unwelcome sexual behaviour
64
Bullying
A person or group of people behaved unreasonably to another person repeatedly
65
Summary dismissal
Immediate termination due to serious employee misconduct

Year 9 WCC Exam Revision (14 decks)

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