Law, Society and Politics
Outline one "Odd Law" in Australia
Potato carrying Law or others
Define "Goods" and "Services"
Items that you can see or touch
Things done for you by others
What is Goodwill and how does it impact a businesses vale
Goodwil: the monetary value of a businesses reputation
What is ethical investing?
Investing in businesses that are acceptable to societies current standards
Why did Thomas initally lose a significant amount of money in the ASX game?
He invested in a company that was raided by the police for insider trading, days after he invested
What is the role of the jury, how many people are in a traditional jury?
A group of people (12 or 6) selected to hear the evidence in a court case.
What are the 7 factors infleucning consumer decisions
Convenience, Age/gender, Income, Price, cultural factors, Marketing, Customer Service, Convenience
Outline a pro and con of owning a franchise
Business is already set up
Advice and support
Preexisiting customer base and goodwill
Lower investment risk
Less control
Lower share of profits
Francisher charges a fee for advice
Outline a way to minamise investment risk
Diversification
Not investing more than you can lose
What brand are Mr Hornery's high quality boots?
RM Williams
What is meant by Legal Precedent
A previous legal decision that serves as a rule or pattern in future cases
What are the three features of a simple contract?
Offer
Acceptance
Consideration
What bis the difference between Limited and Unlimited liability
Limited Liability: If a business cannot pay its debts a shareholder loses only the money they invested into the business and their personal assets cannot be used to pay the debts
Unlimited liability: When a business owner is personally responsible for the debts of a business
Describe the role of a stockbroker
A stock broker sells shares to investors by managing the money of clients, they will act as the middle man buying and selling on behalf of a client. They also provide investment advice and recieve a comission for their service.
What was the slogan for the V energy drink commercial we studies?
The massive hit that improves you a bit
What is the difference between a magistrate and a judge?
A magistrate will decide verdicts in a local court and judges are in charge in of all higher court rooms
What does the ACCC stand for and what do they do?
The Australian Competition and Consumer Comission operates nationally to enact the Competition and Consumer Act and is a watchdog ensuring business' do not rip off customers
Explain equity financing
Equity finance is raising capital for a business by selling ownership stakes (shares or interests) to investors, rather than borrowing money. Instead of repaying a loan with interest, the company gives investors a piece of the business, and the investors profit from future growth, dividends, or the eventual sale of the company
What is the difference between a fixed and variable interets rate
A fixed rate remains the same for the duration of the loan.
A variable interest rate moves up or down depending on the financial market.
Why did the murder of James Buldger generate significant legal debate in the UK?
The murder of James Buldger by 8 and 10 year old boys created debate over the age in which children can be held legally accountable for their actions.
What is a Batson Challenge? Bonus 100 points if you can describe why it is considered a failure
A Batson Challenge is when a lawyer accuses another lawyer of getting rid of a juror on the basis of race or any other discriminatory factor.
It is considered a failure as lawyers can make up simple excuses to justify their point
What does EFTPOS stand for?
Electronic funds transfer at point of sale
Describe the business structure of an incorporated association and provide an example
A group of five or more people may form an incorporated association in New South Wales by registering with NSW Fair Trading. Incorporated associations are small-scale, non- profit and non-commercial in nature. They can only conduct business in the state in which they are registered.
An incorporated association has its own legal identity separate from its members, which provides protection to members.
Small community groups such as sports clubs and art groups usually choose to register as incorporated associations. The incorporated association structure can be more effective for these types of organisations as they are generally simpler and more affordable than a company structure.
How does a managed fund invest your money?
Managed funds is made up of a pool of money from investors that have similar goals. A professional fund manager invests this money and profits are shared depending on the amount of money any individual has invested.
What was the name of the female cricket star who has statue outside the SCG?
Belinda Clark