study

Question 1

a product fit for purpose, acceptable in appearance and finish, free from defects, safe and durable

Answer 1

acceptable quality

Question 2

when the offeree agrees to the proposal

Answer 2

acceptance

Question 3

items of value

Answer 3

assets

Question 4

when a person gives up control of their assets and finances, either voluntarily or by a court order

Answer 4

bankruptcy

Question 5

the swapping or exchanging of one good for another

Answer 5

barter

Question 6

a charge account operated by a trader

Answer 6

book-up

Question 7

a list of income and likely expenditures

Answer 7

budget

Question 8

goods used to make other goods

Answer 8

capital

Question 9

a term meaning ‘let the buyer beware’

Answer 9

caveat emptor

Question 10

a written communication ordering your financial institution to pay a person a specific amount of money

Answer 10

cheque

Question 11

the buying and selling of goods and services between individuals and businesses

Answer 11

commerce

Question 12

contacting (by telephone, internet or in person) a number of sellers to obtain the best deal

Answer 12

comparison shopping

Question 13

the giving up of something of value

Answer 13

consideration

Question 14

someone who purchases goods and services to satisfy needs and wants

Answer 14

consumer

Question 15

a set of rights and remedies for defective goods and services

Answer 15

consumer guarantees

Question 16

a legally binding agreement

Answer 16

contract

Question 17

people you owe money to

Answer 17

creditors

Question 18

money owing to external sources; e.g. a bank

Answer 18

debt

Question 19

the amount of money that households have available for spending and saving after income tax has been deducted

Answer 19

disposable income

Question 20

the ways of getting the product to the customer

Answer 20

distribution chain

Question 21

the financial institution that provides cheque account facilities

Answer 21

drawee

Question 22

the person who writes and signs a cheque

Answer 22

drawer

Question 23

items that can be used many times

Answer 23

durable goods

Question 24

the buying and selling of information, goods and services via the internet

Answer 24

e-commerce

Question 25

electronic retailer

Answer 25

e-tailer

Question 26

electronic funds transfer at point of sale

Answer 26

EFTPOS

Question 27

the transfer of funds from one account to another via the internet or telephone

Answer 27

electronic transfer

Question 28

a project or undertaking that may relate to a business, organisation, community or government agency

Answer 28

enterprise

Question 29

expenses that are the same amount every time — for example, monthly rent, or a minimum charge of $40 per month for a mobile phone

Answer 29

fixed expenses

Question 30

a court order that allows an employer or bank representative to take money from your wages or accounts and give it to your creditors

Answer 30

garnishee

Question 31

items that you can see or touch

Answer 31

goods

Question 32

buying something without giving much thought as to whether you really need it

Answer 32

impulse buying

Question 33

money received on a regular basis from work, property, business, investment or welfare

Answer 33

income

Question 34

the price that must be paid in order to use someone else’s money

Answer 34

interest

Question 35

the human skills and effort required to produce goods and services

Answer 35

labour

Question 36

naturally occurring resources, such as forests, coal and fertile soil

Answer 36

land

Question 37

where all company assets are sold in order to pay the company's debts

Answer 37

liquidated

Question 38

to buy products, via catalogues, for delivery by mail

Answer 38

mail order

Question 39

a person or business that makes goods

Answer 39

manufacturer

Question 40

any token, with an agreed value, that people accept as payment in exchange for a good or service

Answer 40

money

Question 41

things that are necessary for survival, such as water and food

Answer 41

needs

Question 42

items that can be used only once

Answer 42

non-durable goods

Question 43

a proposal

Answer 43

offer

Question 44

purchasing products over the internet

Answer 44

online shopping

Question 45

what you have to forgo if you choose to do A rather than B; the value of the next best alternative that is forgone whenever a choice is made

Answer 45

opportunity cost

Question 46

the person who is to receive the money from a cheque

Answer 46

payee

Question 47

the amount of money a consumer is prepared to offer in exchange for a good or service

Answer 47

price

Question 48

what remains after all business expenses are deducted from sales revenue

Answer 48

profit

Question 49

to set right

Answer 49

redress

Question 50

a business that sells products directly to consumers

Answer 50

retailer

Question 51

to overcharge or swindle

Answer 51

rip-off

Question 52

an illegal business practice

Answer 52

scam

Question 53

an order from the Federal Court of Australia declaring an individual bankrupt

Answer 53

sequestration order

Question 54

things done for you by others

Answer 54

services

Question 55

money set aside during your working life for retirement; commonly called ‘super'

Answer 55

superannuation

Question 56

organisation that represents employees and tries to improve wages and working conditions

Answer 56

trade union

Question 57

any practice by a seller that is just not reasonable and often illegal

Answer 57

unconscionable act

Question 58

expenses that change over time, and do not occur on a regular basis. For example, a person may go to a music concert this month to hear their favourite singer and buy a computer game next month

Answer 58

variable expenses

Question 59

things that are not essential for survival but that we would like to have

Answer 59

wants

Question 60

buys goods in large quantities from the manufacturer

Answer 60

wholesaler

Question 61

a court order that allows a court official (the sheriff) to seize and then sell some of your property

Answer 61

writ of execution