Financial Literacy
Changing Workplace
Economics Term 3
Running a Business
Business Trivia
100
What is good debt?
A loan/cost used to finance something that will offer a good return on the investment.
100
What does PAYG stand for?
Pay as you go tax
100
What is the difference between and want and a need?
A want is something we desire but isn't necessary for human survival while a need is something necessary to live and function as a human.
100
What does SWOT stand for and why is it used?
Strengths, weaknesses, opportunities, threats
Used for businesses to identify areas that are performing well and allows for businesses to plan strategically.
100
What year did facebook reach 1 million users?
2004
200
What does ROI stand for?
Return on investment
200
Define casual loading
Casual loading is 25%, and allows casual employees receive a higher rate of pay to compensate for the fact that they do not receive all the same paid entitlements as permanent employees, such as annual leave or personal leave.
200
Resources are limited.
Needs and wants are unlimited.
What is this problem called?
The economic problem
200
How do you calculate profit?
Revenue - Expenses
200
Who is the founder of AMAZON?
Jeff Bezos
300
What is superannuation?
Super is a way of saving for retirement. Your employer must pay a percentage of your earnings into your super account, and your super fund invests the money until you retire.
300
What is a wage earner?
A person that earns money by the hour.
300
What is opportunity cost?
Opportunity cost is the lost alternative use to which economic resources could have been allocated.
300
What does breaking even mean?
How many products or services need to be sold in order to cover the cost of the business venture.
300
Who did Steven Wozniak help give birth to Apple Computers?
Steve Jobs
400
How can buying a home be both a good and bad debt for different individuals?
Good: A valuable asset where the equity can be leveraged
Bad: If mortgage payments are too expensive when compared to a person's income
400
What is a salary worker?
Salary employees usually earn a specific amount over an entire year. A set amount.
400
How did COVID 19 impact different economies. Give 3 examples.
TEACHER TO CHECK
400
Why is it important to establish your target market?
You need to know who your customer is. Knowing your customers will help you to target customers who are willing to pay for your product or service.
400
You have 10 seconds to research the average income of an Australian! GO!
$52,338
500
Name one function of money
1. a medium of exchange
2. a standard of value
3. a store of value
4. a means of deferred payment
500
What does an industry award outline?
In simple terms, awards set the minimum standards that an employer in your industry is allowed to pay for your kind of work. More technically, it's a legal ruling which grants all employees in one industry or employer the same conditions of employment and wages.
500
Draw a circular flow of income
500
What do the 4Ps of marketing stand for?
Product, Price, Place, Promotion
500
How old is Mr Sosangelis?
24