Term 1a
What is a consumer?
Someone who buys goods and services
Give an example of a non-durable good
(anything that can only be used once e.g. petrol, food)
- Not earning an income for the first year
- Managing own finances can be stressful
- Could be lonely if no employees
Name an Entrepreneur
(any e.g. Jeff Bezos)
Which country in the world makes the most manufactured products?
China
Give three factors that influence consumer choices
Customer service
Price
Convenience
Marketing and Advertising
Gender
Age
Disposable income
Environmental considerations
Social media
Cultural factors
What is the opportunity cost in this scenario:
You get a pay check of $200. You decide if you used it to buy a video game or save the money to buy a car. You save the money for the car.
Video game
Name 3 shops in Sydney whose target market are teenagers
(any shop e.g. cotton on)
What is a cost-benefit analysis?
A detailed examination of the strengths and weaknesses of different alternatives in order to see whether the benefits outweigh the costs
Which country in the world has most of the world's businesses headquarters
USA
Give one of the rules for comparison shopping
Think carefully about what you want.
Shop around for the best deal.
Investigate the product’s features.
Decide beforehand how to want to pay.
Check the refund and returns policy.
Do not sign anything you do not understand or a blank form.
Compare after-sales service and guarantees.
Keep all receipts and invoices.
How does a wholesaler make a profit?
They increase the price of the product from manufacturer to consumer
Name the two different types of loan
Secured and unsecured
Give two ways an entrepreneur could gather market research
- Listen to conversations in shops, look online at what is being sold, speak to consumers directly
Which year was McDonalds founded?
1912, 1940, 1952
1940
List the 3 main features of a contract in order
offer, acceptance, consideration
What illegal scam is this an example of?
'Lisa starts a new job where her employer Bob tells her he can get her rich quick. He asks her for a contribution of $100 to invest in the business, promising her more money back if she can find more investors'
Pyramid selling
Name 3 taxes affecting businesses
Income tax (PAYG)
Company Tax
Goods and Services tax (GST)
Fringe Benefits Tax (FBT)
Jenny took out a loan of $15,000 to buy a car. She is paying back 3% interest each month. What type of interest rate is she on?
Fixed
On the Forbes billionaires list Elon Musk is the richest, but name one other person who is in the top 5 billionaires
Larry Page
Simon Brin
Jeff Bezos
Michael Dell
Which consumer guarantee is this an example of?
'A consumer purchases paint from a specialty paint shop after explaining to the seller that they are painting their outdoor decking. After a couple of months, the paint begins to peel, as it is unsuitable for outdoor surfaces'
Fit for purpose
What does it mean when the government gives a Sequestration Order
Declares an individual bankrupt
What legal document must be offered when selling shares in a company
A prospectus
Add the year to this act
'NSW Work Health and Safety 20__'
2011
Which previous UK Prime Minister is married to the daughter of the founder of Infosys (IT company)
Rishi Sunak