Consumer and Financial Decisions
Laws, Society and Political Involvement
Running a Business
Promoting and Selling
General
100
Identify THREE factors affecting consumer decisions.
Price, income, recommendations, advertising, trends, stage in life, etc.
100
A 13-year-old boy has been charged with robbery. Which court does he appear in?
The local Children's Court.
100
Identify THREE characteristics of an entrepreneur.
Seeing and taking advantage of an opportunity
Establishing a shared vision
Demonstrating initiative, innovation and resilience
Appreciating the role of failure in success
100
True or False: Green marketing promotes products, services, and brand values based on their environmental benefits and sustainability.
True
100
True or False: In optional preferential voting, you need to number all candidates in order of preference: 1, 2, 3, 4, etc.
False
200
Describe superannuation.
Superannuation is a system in Australia designed to help people save for retirement. It works by regularly depositing a portion of your earnings into a dedicated superannuation fund while you’re working.
200
Why do societies have laws?
To maintain order, protect people's rights and safety, resolve disputes and establish expected standards of behaviour.
200
What is ONE disadvantage of being an entrepreneur?
Very stressful and unpredictable - financial risk
200
Explain one ethical issue that a business needs to consider when promoting a business.
Truthful advertising - Businesses have a responsibility to ensure their advertisements are honest, accurate, and not misleading. If a business exaggerates the benefits of its products, makes false claims, or withholds important information, it can deceive customers.
200
What is the difference between a criminal and civil case?
Criminal cases involve alleged offences against the state/community, while civil cases usually involve disputes between individuals or organisations.
300
Calculate the savings in the budget provided for Question 7.
$1,280
300
Define the division of powers.
Refers to the way authority and responsibilities are shared between different levels of government in a federal system, such as Australia. Specifically, it outlines which powers belong to the federal government and which belong to the state governments.
300
What is the difference between debt and equity financing?
Debt financing requires repayment and maintains ownership, while equity financing raises capital by giving up some ownership but does not require repayment.
300
Outline TWO factors that can be used to differentiate products.
Service
Convenience
Environmental issues
Value
Social and ethical issue
300
What is the role of the jury at court?
The role of the jury at court is to listen to all the evidence and decide whether the accused person is guilty or not guilty.
400
Outline the three elements of a contract.
Offer: One party makes a clear proposal to another party.
Acceptance: The other party agrees to the offer, showing mutual consent.
Consideration: Something of value (such as money, goods, or services) is exchanged between the parties.
400
Describe TWO methods of voting.
First Past the Post
Preferential Voting
Optional Preferential
400
What is the difference between a partnership and a private company?
A partnership involves joint ownership and unlimited liability, while a private company is a distinct legal entity with limited liability and greater regulatory requirements.
400
Define CSR
Corporate Social Responsibility - Involves the owners of a business taking steps to ensure that the broader social welfare, including employees, customers, suppliers and the environment, is taken into consideration when conducting business dealings.
400
What is the principle of “Parliamentary Majority”?
The party with the majority of seats in the House of Representatives forms the government and it’s leader becomes prime minister.
500
Explain the purpose of the Competition and Consumer Act 2010.
The Competition and Consumer Act 2010 is a law that makes sure businesses in Australia play fair and treat their customers well.
It helps by:
- Stopping businesses from cheating or working together to fix prices.
- Making sure companies don’t lie in their advertising or sell unsafe products.
- Giving customers rights if something goes wrong with what they buy.
500
Explain why Australia has a hierarchy of courts.
Different courts have different jurisdictions and responsibilities. A hierarchy allows cases to be heard at the appropriate level and provides a system for appeals to higher courts.
500
Name TWO reasons why might it be good for someone to start a new business, rather than purchase one?
A person has created something unique.
An existing business does not satisfy the needs of customers.
The market has /grown and existing businesses cannot support additional customers.
500
Which element of promotional mix does this image relate to?
Opinion leaders - a person who influences others. Their opinions are respected and sought out for.
500
What is hung parliament?
A hung parliament happens when no political party gets enough seats to have a majority in parliament.