Commmerce
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Questions and Answers

What is an apprentice?

A person who has agreed to work for a skilled person for a particular period of time to gain knowledge and skills about a job.

What does a birth certificate provide?

An official copy of birth registration including information such as name and place of birth.

What is a bond in the context of rental properties?

Money lodged with the Rental Bond Board to cover damages or cleaning costs from a rental property.

What is a budget?

<p>A list of income and likely expenditures.</p> Signup and view all the answers

What does Centrelink provide?

<p>Financial assistance as well as counselors and social workers to those in need.</p> Signup and view all the answers

What are community services?

<p>Services largely funded from within the community to provide desirable outcomes that are not profit-making.</p> Signup and view all the answers

What is a condition report?

<p>Details about the exact condition of a property when new tenants move in.</p> Signup and view all the answers

What is a cooling off period?

<p>A time after a sale contract has been signed when the buyer can cancel the contract without penalty.</p> Signup and view all the answers

What is a debit card?

<p>A plastic card that allows buying goods by electronically transferring money from your account.</p> Signup and view all the answers

What are deductions in taxes?

<p>Items that can be used to reduce your assessable income, thus lowering the amount of tax paid.</p> Signup and view all the answers

What are establishment costs?

<p>One-off costs for setting up a new place to live or a business.</p> Signup and view all the answers

What are exclusions in an insurance policy?

<p>Things that an insurance policy will not specifically cover.</p> Signup and view all the answers

What are fixed expenses?

<p>Expenses that are the same amount every time, such as monthly rent.</p> Signup and view all the answers

What are inclusions in an insurance policy?

<p>Things that an insurance policy covers.</p> Signup and view all the answers

What is insurance?

<p>The payment of money that covers a person or property in the event of loss, damage, or accident.</p> Signup and view all the answers

Who is the insured?

<p>The person who is covered by the insurance policy.</p> Signup and view all the answers

Who is the insurer?

<p>The company that is providing the insurance.</p> Signup and view all the answers

What does the term 'kitty' refer to?

<p>A central fund of money contributed by a group of people.</p> Signup and view all the answers

What is a lease?

<p>A legal contract between a tenant and a landlord allowing the use of the landlord's property in return for rental payments.</p> Signup and view all the answers

What is a Medicare card?

<p>A card issued by the government to access free health care.</p> Signup and view all the answers

What is a Medicare levy?

<p>An additional tax of 2% of income used to fund the Medicare system.</p> Signup and view all the answers

What is a mortgage?

<p>A loan from a financial institution where property is held as security.</p> Signup and view all the answers

What are ongoing costs?

<p>Costs that recur, such as rent, mortgage, and utility bills.</p> Signup and view all the answers

What is a payday loan?

<p>A high-cost, short-term loan that is repaid when the borrower gets paid next.</p> Signup and view all the answers

What is a premium in insurance?

<p>The amount of money paid to receive insurance cover.</p> Signup and view all the answers

What is a refuge?

<p>A place of shelter that keeps a person safe from danger.</p> Signup and view all the answers

What is a reservation fee?

<p>Usually one week's rent that reserves the premises while the tenancy application is considered.</p> Signup and view all the answers

What is a residential tenancy agreement?

<p>The standard agreement between tenants and landlords for renting a property.</p> Signup and view all the answers

What is the sharing economy?

<p>Also known as collaborative consumption, it involves people sharing their possessions for payment.</p> Signup and view all the answers

What is superannuation?

<p>Money set aside during working life for retirement, commonly referred to as 'super'.</p> Signup and view all the answers

What is a tax file number?

<p>A unique personal reference number from the Australian Taxation Office.</p> Signup and view all the answers

Who is a tenant?

<p>The person or people who rent a property from a landlord.</p> Signup and view all the answers

What is a utility?

<p>An organization supplying the community with a service such as water, gas, or electricity.</p> Signup and view all the answers

What are variable expenses?

<p>Expenses that change over time, such as those for food or entertainment.</p> Signup and view all the answers

Study Notes

Apprentice

  • A person who works for a skilled person to gain knowledge and skills in a particular job.
  • Apprentices usually work for lower wages than skilled workers.

Birth Certificate

  • A formal document that records details of a person's birth.
  • Issued by the NSW Registry of Births, Deaths and Marriages.
  • Contains information such as name and place of birth.

Bond

  • Money deposited with the Rental Bond Board.
  • Used to cover damages or cleaning costs if a rented property is left in a bad condition.

Budget

  • A plan that outlines income and expected expenses.
  • The Australian government's main welfare agency.
  • Provides financial assistance, counseling, and social work support to those in need.

Community Services

  • Services funded by the community to provide something beneficial but not for profit.

Condition Report

  • A detailed document that records the condition of a property when new tenants move in.

Cooling Off Period

  • A period after a sale contract is signed during which the buyer can cancel without penalty.

Debit Card

  • A plastic card that allows users to buy goods by transferring money from their bank account to the store's account.
  • Can also be used to withdraw cash.

Deductions

  • Items that reduce a person's assessable income, lowering the amount of tax owed.

Establishment Costs

  • One-time expenses associated with starting a new place to live or a business.

Exclusions

  • Specific items not covered by an insurance policy.

Fixed Expenses

  • Expenses that remain consistent each time, such as monthly rent or a fixed minimum charge for a mobile phone.

Inclusions

  • Things that are covered by an insurance policy.

Insurance

  • A financial agreement where a person or property is covered in case of loss, damage, or accidents.
  • Helps individuals avoid financial hardship in the event of covered incidents.

Insured

  • The person or entity covered by an insurance policy.

Insurer

  • The company providing insurance coverage.

Kitty

  • A shared fund of money contributed by a group of people, such as flatmates.

Landlord

  • The person who owns a rented property.

Lease

  • A legally binding contract between a tenant and a landlord that allows the tenant to use the landlord's property in exchange for rental payments.

Medicare Card

  • A card issued by the Australian government to individuals or families, allowing them to access free healthcare services from doctors and public hospitals.

Medicare Levy

  • An additional 2% tax on income used to fund the Medicare system.

Mortgage

  • A loan from a financial institution, like a bank, where an asset (e.g., a house) is used as security in case the loan is not repaid.

Ongoing Costs

  • Recurring expenses such as rent, mortgage payments, and utility bills.

Payday Loan

  • A high-cost, short-term loan for small amounts.
  • The borrower agrees to repay the loan when they receive their next paycheck.

Premium

  • The amount of money paid to receive insurance coverage.

Progressive Tax System

  • A tax system where higher earners pay a larger percentage of their income as tax.

Refuge

  • A safe haven providing shelter and protection from unsafe situations, such as a youth refuge.

Reservation Fee

  • Usually one week's rent that secures a property for a person while their tenancy application is being reviewed.

Residential Tenancy Agreement

  • The standard agreement between tenants and landlords when renting a house or flat.

Sharing Economy

  • Also known as collaborative consumption, it involves individuals sharing their possessions for payment.

Superannuation

  • Money saved during a person's working life for retirement.
  • Commonly referred to as "super".
  • Typically contributes 10.5% of income.

Tax File Number

  • A unique personal reference number issued by the Australian Taxation Office.
  • Used to identify individuals and enforce tax laws.

Tenant

  • The person or people renting a property from a landlord.

Utility

  • An organization that provides essential services to the community, such as water, gas, or electricity.

Variable Expenses

  • Expenses that fluctuate in amount, such as groceries or entertainment costs.

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Description

This quiz covers essential concepts related to community services, welfare, and financial responsibility. Topics include apprenticeships, budget planning, and important documents like birth certificates and bonds. Test your understanding of these foundational elements in community support.

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