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Which option is a goods?
a. Maccas Burger
b. A concert ticket
c. Teaching
A Maccas Burger.
Which answer is a service?
a. Airforce 1 shoes
b. House Cleaning
c. A Macbook
b. House cleaning
Truth or False
Durable products are products that you can reuse multiple times
a. Truth
b. False
Which product is a non-durable product?
a. A Tesla
b. A large Taro Oolong tea with extra boba
c. An 17 Iphone
b. A large Oolong tea with extra boba.
What is Land Resource?
a. Resources occur naturally like forest, coal and fertile soil
b. The physical and mental effort of people in making the product
c. Resources are goods used to make other goods
a. Resources occur naturally like forest, coal and fertile soil
What is a definition of Consumer?
a. Someone who purchases goods and services to satisfy their needs and wants.
b. Someone who sells goods and service to people to satisfy their needs and wants
c. Someone who makes shipment of goods and services to satisfy their needs and wants
a. Someone who purchases goods and services to satisfy their needs and wants.
Define Opportunity cost?
a. Opportunity cost is the price charged for a product.
b. Opportunity cost is the profit made after selling goods.
c. Costs that individual giving up something to satisfy Alternative wants and needs
c. Costs that individual giving up something to satisfy Alternative wants and needs
Which factor affect consumer's financial decision?
a. Opportunity cost
b. Culture
c. federal government
b. Culture
What is impulse buying?
a. Buying somethings that you really need
b. Buying something that you don't need due to advertising on e-retail store
c. Buying things through magazine or catalogue and then receive then through mail.
b. Buying something that you don't need due to advertising on e-retail store
Environmental factor refers to when consumers decide whether they want to purchase from a store base on the location, and time to go there.
Truth or False
False
What is a fixed expense?
a. Expense that are the same amount everyday
b. Expenses that changes every day depending on sales.
c. Expenses that increases every hour.
a. Expense that are the same amount everyday
Give 3 examples of fixed expense?
Rent, Mortgage, Insurance, Loan, Phone bills, School fees, Car tax,
What is the main purpose of the Competition and Consumer Act 2010 (Cth)?
A. To increase taxes on businesses
B. To promote fair trading and protect consumers
C. To control all product prices in Australia
B. To promote fair trading and protect consumers
Which statement best defines a variable expense?
A. A cost that stays the same every time it is paid
B. A cost that changes depending on usage or level of activity
C. A cost that is only paid once in a business
B. A cost that changes depending on usage or level of activity
Why having a long term financial strategies management is important including need for monitoring, budget, record keeping, saving and superannuation?
Give two answers
-helps track income and expenses so
-make better financial decisions.
-ensures you plan how to spend money wisely,
-avoid overspending
-prioritise important needs over wants.
Describe Get-rich-quick schemes?
Get-rich-quick schemes are plans or scams that promise people they can make large amounts of money very quickly with little effort or risk.
3. Which of the following is a warning sign of a pyramid scheme?
A. Earning money mainly through recruitment
B. Selling products at normal retail stores
C. Providing clear financial records
A. Earning money mainly through recruitment
Define market segment?
Market segmentation is the process of dividing consumers into groups based on similar characteristics such as age, income, interests, or lifestyle.
Identify 3 characteristics of Convience 'corner' store?
- Located in residential areas
- Sell variety of products
- Prices are higher than supermarket
What is disposable income?
Refers to the amount of money that households have available for spending and saving after taxes have been accounted for.