Accounting
Net profit
What is your profit after all deductions called?
Insurance
What do consumers pay to cover against possible risk?
Volunteering
What is unpaid work called?
Opening cash
What is the money you have at the beginning of the month called?
Opening stock
What is the stock you have at the start of the year called?
Substitute product
What is a product that can be used as a replacement for another called?
Goods must be of merchantable quality
What is one right consumers have under the Sale of Goods & Supply of Services Act 1980?
Safe workplace, fair wage, no discrimination
What are some rights employees have?
Net cash + Opening Cash
What is closing cash?
Working capital
What is your current assets minus current liabilities called?
Equilibrium
What is it called where supply and demand are the same?
Refund, Repair, Replacement
What are the forms of redress / 3 Rs?
To put in a fair days work
What is one responsibility of an employee?
The National Budget
What is the budget called that the Government set each year?
Capital employed
What is the total amount of capital in the business called?
Seasonal factors, trends, advertising, income levels
What factors impact the demand for a product?
Cooling off period
What is the time period called where consumers can change their mind when products are bought online in the EU?
Official strike
Name a type of industrial action.
Surplus
What is it called when your income is greater than your expenditure?
Carriage inwards
What is the cost of transporting goods into the business called?
Complementary goods
What are goods that are used with other goods called?
Shop around, keep receipts, know your rights
What are some responsibilities of a wise consumer?
Trade union
What is an organisation that represents workers called.
Cut back on discretionary spending.