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Economics and Business - Key Vocabulary and Concepts Flashcards | StudBud
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Economics and Business - Key Vocabulary and Concepts
Economics and Business - Key Vocabulary and Concepts
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What do you already know about Economics and Business?
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1
Conducting business in a manner that benefits people, the community or the environment.
Ethical consumers
Strategy
Incentives
Social responsibility
2
What are needs?
things that people want to have
things that all people must have to survive
3
What does TFN stand for?
Tax File Number
Tax Financial Number
Tertiary Financial Number
Temporary Funding Number
4
If I bought shampoo from the hairdresser what would this be classified as?
Good
Service
5
What does ATM stand for?
Advanced Transfer of Money
Automated Transfer of Money
Artificial Teller Machine
Automated Teller Machine
6
What does GST stand for?
Goverment Sales Tax
Gross Salary Tax
Goods and Services Tax
Grocery and Store Tax
7
Someone who takes on the risk of starting their own business after seeing an opportunity.
Partner
Competitors
Sole trader
Entrepreneur
8
Which of the following items are imported to Australia?
Petrol
Electronics
White goods
Cars
9
Which is the definition of profit?
Earnings after all expenses have been paid.
Things that change economic behavior and choices.
10
The activity of making money by producing or buying and selling products or services.
Entrepreneur
Business
Government
Economics
11
What does ASX stand for?
Australian Stock Exchange
Australian Securities Exchange
Australian Share Exchange
Australian Sharemarket Exchange
12
Is a TV a need or a want?
Want
Need
13
People who work for a business.
Employment
Employee
Employer
Employed
14
How would you classify getting your hair cut?
Service
Good
15
A business that trades to intentionally tackle a social issue.
Franchisee
Social enterprise
Sole trader
Partnership
16
A form of business where two or more people share ownership, management, income or losses.
Partnership
Franchise
Enterprise
Shareholder
17
The
group
of people who are employed.
Workforce
An employee
Market
Employers
18
What is a service?
None of the above
Something made or used for a person's needs or wants
something done that satisfies a person's needs/wants
A want
19
A person who buys goods or services
Profiteer
Consumer
Producer
Entrepreneur
20
What is the current GST Rate in Australia?
33%
10%
15%
20%
21
What is an ABN?
Australian Business Number
Australian Basketball News
Australian Broadcasting Network
Annual Business Negativity
22
A social science dealing with the production, distribution & consumption of goods & services.
Geography
History
Economics
Civics and Citizenship
23
Rival businesses who make products in the same market
Franchisee
Competitors
Workforce
Partnership
24
The amount of money that a person is paid in exchange for the work that they do.
Grant
Profit
Wage
Incentive
25
A person who owns part of, or a portion of, a company.
Shareholder
Sole trader
Ethical consumers
Workforce
26
What does ATO stand for?
Australian Total Office
Australian Tertiary Office
Australian Tax Office
Australasian Tax Office
27
Which of the following is NOT exported by Australia?
Wine
Wool
Cars
Iron Ore
28
What is the difference between goods and services?
Services are only done by governments
Goods and services are the same things with different names
Goods are things made, used, or grown by people
Goods are foods and services are drinks
29
A sum of money given by a government or other organization for a particular purpose.
Profit
Wage
Income
Grant
30
True or False: Consumers are buyers or users of goods and services.
True
False
31
A system where parties offer their goods and services in exchange for money.
Outsourcing
Market
Enterprise
Partnership
