Vocabulary and Definitions

Question 1

acceptable quality

Answer 1

A product fit for purpose, acceptable in appearance and finish. Free from defects, safe and durable.

Question 2

acceptance

Answer 2

when the offeree agrees to the proposal

Question 3

barter

Answer 3

the swapping or exchanging of one good for another

Question 4

book-up

Answer 4

a charge account operated by a trader

Question 5

budget

Answer 5

a list of income and likely expenditures

Question 6

business

Answer 6

any organisation that produces and sells goods and services in order to make a profit

Question 7

caveat emptor

Answer 7

a term meaning ‘let the buyer beware’

Question 8

cheque

Answer 8

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

Question 9

commerce

Answer 9

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

Question 10

comparison shopping

Answer 10

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

Question 11

consideration

Answer 11

the giving up of something of value

Question 12

consumer

Answer 12

someone who purchases goods and services to satisfy needs and wants

Question 13

consumer guarantees

Answer 13

a set of rights and remedies for defective goods and services

Question 14

contract

Answer 14

a legally binding agreement

Question 15

distribution chain

Answer 15

the ways of getting the product to the customer

Question 16

drawee

Answer 16

the financial institution that provides cheque account facilities

Question 17

drawer

Answer 17

the person who writes and signs a cheque

Question 18

e-commerce

Answer 18

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

Question 19

EFTPOS

Answer 19

electronic funds transfer at point of sale

Question 20

electronic transfer

Answer 20

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

Question 21

e-tailer

Answer 21

electronic retailer

Question 22

goods

Answer 22

items that you can see or touch

Question 23

impulse buying

Answer 23

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

Question 24

income

Answer 24

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

Question 25

interest

Answer 25

the extra money you have to pay back when borrowing money

Question 26

labour force

Answer 26

people aged 15 and over who are either employed or unemployed

Question 27

mail order

Answer 27

to buy products, via catalogues, for delivery by mail

Question 28

manufacturer

Answer 28

a person or business that makes goods

Question 29

money

Answer 29

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

Question 30

needs

Answer 30

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

Question 31

offer

Answer 31

a proposal

Question 32

online shopping

Answer 32

purchasing products over the internet

Question 33

payee

Answer 33

the person who is to receive the money from a cheque

Question 34

profit

Answer 34

what remains after all business expenses are deducted from sales revenue

Question 35

price

Answer 35

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

Question 36

redress

Answer 36

to set right

Question 37

retailer

Answer 37

a business that sells products directly to consumers

Question 38

rip off

Answer 38

to overcharge or swindle

Question 39

scam

Answer 39

an illegal business practice

Question 40

services

Answer 40

things done for you by others

Question 41

unconscionable act

Answer 41

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

Question 42

wants

Answer 42

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

Question 43

wholesaler

Answer 43

buys goods in large quantities from the manufacturer