The Big Words
The name given to the portion of profit shared by the company to its stakeholders
A Dividend
Who is considered to be the father of classical economic theory?
Adam Smith
The name given to the only owner of a Business
Sole Trader
BAS stands for ...
Business Activity Statement
The term for a manufacturer altering an item and its category to avoid paying import taxes.
Tariff Engineering
The colloquial term merging the idea of Inflation and stagnation
Stagflation
Karl Marx is generally considered to have developed what political and economic theory?
Communism / Marxism
A common example of a non-current asset would be a ...
House / Building
Commonly used as a real estate tax management strategy, what is the term used when an owner invests more than the income returns?
Negative Gearing
An agreement between countries to allow tariff-free imports and exports between each other with minimal restrictions.
Free Trade Agreement
An Economic _WHAT_ is when the arbitrarily assigned value of a product spontaneously drops in a sudden and extreme fashion
Bubble
What economic theory is based on Smithian Economics or Classical Economics?
Free Market Capitalism
A business or company should submit its _WHAT_ every quarter?
BAS Statement
When does a company pay the ATO the GST it has collected?
When the BAS is due / every quarter
The 1987 Black Monday crash was an example of what phenomenon?
an economic bubble bursting
A period during which aggregate output declines
Recession
The terms used to describe the level of influence and regulation exercised by government powers on business and economics
Big Government and Small Government
What structured restriction is generally placed on a company for the purposes of protecting owner's assets?
Limited Liability
What kind of event is marked by factors such as unemployment spiking to double-digit levels, and or stocks falling by 40% or more in value?
A Depression
Which 1970s conflict is attributed as starting the hyper-inflation and stagflation caused by the OPEC oil crisis?
The Yom Kippur War
The name given to a business or company whose job is to sell off the assets of another failing company for the purposes of bringing in cash quickly.
Liquidator
John Maynard Keynes developed his economic theory after observing what?
The Great Depression
The term given to a market dominated by a small group of businesses
Oligopoly
The term used when a business is neither making a profit, nor losing money
To Break Even / Breaking Even
Which OPEC country is currently experiencing hyper-inflation due to on-going social and political crisis?
Venezuela