Consumer and Financial Decisions
electronic funds transfer at point of sale
What does EFTPOS stand for?
organisation that represents employees and tries to improve wages and working conditions
What is a trade union?
a person who sets out to build a successful business in a new field.
What is an entrepreneur?
when products that are the same or similar are made to appear different and/or better than those of their competitors
What is product differentiation?
businesses that offer rival products or services.
What is a competitor?
Buys goods in large quantities from the manufacturer to sell on to retailers
What is the role of a wholesaler?
Earning an income; Exchanging money for goods and services; Being a consumer; Having the ability to buy what you need and want
What are some financial benefits of working?
a sum of money deposited with a financial institution that must be left there for a set period of time in order to receive higher rates of interest in return.
What is a term deposit?
the development of long-term relationships with individual customers
What is relationship marketing?
collecting and analysing information about customers and the business opportunities available
What is market research?
When an individual gives up control of their assets and finances either voluntarily or by a court order
What is bankruptcy?
Ongoing employment; Number of hours per week is fewer than 38; Number of hours may be fixed or variable; Entitlements received on a pro-rata basis
What are the features of part-time employment?
individual or firm that specialises in buying and selling shares.
What is a stockbroker?
when the total market is subdivided into groups of people who share one or more common characteristics.
What is market segmentation?
unlimited number of shareholders, shares listed on the ASX, limited liability
What are the features of a public company?
to protect consumers against undesirable business practices, such as misleading and deceptive advertising
What is the purpose of the Competition and Consumer Act 2010 (Cwlth)?
service industries that deal with processing information and knowledge.
What is the quaternary industry?
a pool of money that comes from many people who have similar investment goals.
What is a managed fund?
truth in advertising, children's advertising, invasion of privacy, creation of needs - materialism, product placement.
What are examples of ethical issues in marketing?
the ability of a business to develop strategies that will ensure it has an ‘edge’ over its competitors for a long period of time
What is competitive advantage?
Be careful when buying things because there are risks involved
What is "caveat emptor"?
negotiated agreement about pay and conditions made at a workplace level between an employer and a group of employees or union.
What is an enterprise agreeement?
Profit from the investment 100
----------------------------- x ----------------------
Original investment Period of the investment
What is the formula for the rate of return?
ACCC
What is the acronym for the Australian Competition and Consumer Commission?
to show the financial position of a business at a particular time. It records three different sets of accounts — value of assets; value of liabilities; and, owner’s equity.
What is the purpose of a balance sheet?