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Flashcards in Vocabulary Deck (47):
1

Credit transaction

Transaction were goods are bought and paid for later

2

Letter of enquire

A request from buyer to seller asking for terms of sale

3

Quotation

Sent by seller to buyer, it shows all of the description of the product

4

Carriage paid

Seller will pay for delivery

5

Trade discount

Money deducted for people in the same business

6

Cash discount

Money detected for paying quickly

7

VAT

Value added tax

8

CWO

Cash with order

9

COD

Cash on delivery

10

Order

Written request from buyer to seller requesting goods

11

Invoices

Sent from seller to buyer listing details of goods

12

Debit note

Sent from seller to buyer if the seller was undercharged

13

Receipt

Proof of payment

14

Loss leader

When shops buy things for one price and sell them for cheaper

15

A consumer

A person who buys goods for their own personal uses

16

A trader

A person who buys goods to sell them

17

Cash transaction

Transaction where money is exchanged

18

Name the law that protects consumers

The sale of goods and supply of services act

19

Name the principles of this law

* goods should be of merchantable quality
* goods should be fit for purpose
* goods should be as described
* goods should be confirmed to sample

20

Name the 3 remedies

- refund
- replacement
- repair

21

What are the 9 elements of writing a complaint

1) your contact details
2) date of letter
3) name and address
4) salutation
5) nature of complaint
6) resolutions requirements
7) closure

22

What is the consumer association of ireland

It protects and educates consumers

23

What is an ombudsman

Person responsible for investigating and resolving complaints

24

Name the points of a contract

- an offer is made by one person
- there is acceptance of that offer by another person
- there is a consideration

25

A non-refundable deposit

Means you are not entitled back to your money

26

What is a current account

Accounts people use for their day to day expenses
-ATMs
-Standing orders
-Direct debits
-Cheque book
-Over-draft
-Pay path

27

What Is a deposit account

We're people should put their extra savings
Where to invest?:
-Credit union
-Post office

28

Standing order

Way to pay bills, a fixed amount on a fixed date

29

Direct debit

Way to pay bills but amount can vary

30

Drawer

A person who signs the cheque

31

Drawee

Is the drawers bank

32

Payee

The person the cheque is being paid to

33

"DIRT"

Deposit Interest Retention Tax

34

Budget

A budget is a plan that matches expected spending over a period of time

35

Income

The money or goods a household receives

36

Gross pay

The total income earned

37

Net pay

The gross pay minus the deductions

38

Paye

Pay as you earn

39

Prsi

Pat related social insurance

40

Usc

Universal social charge

41

Statutory deductions

Are deductions that by law must be taken of your gross wages

42

Voluntary deductions

Are sums of money taken off gross wages at the instruction of the employee

43

False economy

Is spending on an item that seems to cost you less but will cost you more in the long run

44

Impulse buying

Is unplanned spending

45

Fixed expenditure

Is regularly spending and the amount does not change

46

Irregular expenditure

Is spending where the amount changes

47

Discretionary expenditure

Buying an item that we like but do not need