FB&W Exam Revision Document PDF

FBW Information Compound interest formula (REMEMBER CAS) A=P (1+i) to the power of Time Investment options Shares: Definition: units of ownership in a corporation or financial assess owned by investors Advantages: protection against inflation, liquidity (can be sold quickly) and high returns...

FBW Information Compound interest formula (REMEMBER CAS) A=P (1+i) to the power of Time Investment options Shares: Definition: units of ownership in a corporation or financial assess owned by investors Advantages: protection against inflation, liquidity (can be sold quickly) and high returns Disadvantages: reduced control of business, creative differences and taxes Property: Definition: anything that is owned by a person or business Advantages: stability, income generation and high turnover Disadvantages: not all property increases in value, costs associated with maintaining property to ensure it is still valuable and can take a long time to sell or liquidate. Term Deposit: Definition: a savings account that lets you invests funds for a specific term at a fixed rate. advantages: provides security of a fixed rate. No ongoing fees and usually low risk Disadvantages: less flexibility, won't benefit from rises in the market and no additional deposits (unable to input more funds when already deposited) Superannuation Definition: employers must pay employees at least 11.5% of their ordinary time earnings Advantages: tax advantages, forced savings, insurance coverages Disadvantages: savings cannot be accessed until workers reach certain age. Limited investment and government regulation Budgets are easy ngl Definition: Lists all expected receipts and payments for a given period in the future. How do budgets reduce financial risk 1. A budget helps achieve financial goals. 2. Budgets provide a greater level of control over your finance. Scams Definition: dishonest or fake schemes that seek to access money and or services Types of scams: 1. Fake charities: scammers impersonating genuine charities and ask for donations 2. Fake apps: scammers will make fake apps to steal money and personal information, 3. Threats and extortion: scammers will threaten you for your personal information. 4. Dating or romance: scammers will take advantage of people looking for romantic partners often via dating websites, apps or social media. What to do to reduce the risk of scams. Remember scams exist. Always remain diligent to the fact that scammers exist and if it seems too good to be true it most likely is. Keep your mobile devices and computers secure: don't share passwords online and protect your private information. Know who you're dealing with. Make sure you know a bit about the person or business before donating. Part B Outline what is meant by competitive advantage in the market Definition: the ability to beat your competitors in terms of price or quality, translating into greater sales and quality. Any method or item that can be better than competitors items leading to more profit Define CSR and three ways a business can exercise CSR Corporate Social Responsibility is the legal obligation of the business beyond legal obligations. Three ways a business can exercise CSR Offering their workers higher wages to go above the minimum wage Choosing ethical suppliers who have policies and procedures that are environmentally conscious. Disposing of waste ethically and ensuring that it is not contributing to global warming. Define an entrepreneur An entrepreneur is willing to take risks and star business ventures with the intention of making money. Identify three types of entrepreneurial behaviours/skills Problem solving: the ability to resolve an issue with critical thinking Financial literacy: able to understand terms alongside businesses Decision making; able to make hard choices Creativity: Able to stray away from norms of society and do something new Digital literacy: understand how to work online to solve problems critical thinking: ability to think fast when procedures of plans go wrong. Presentation skills: ability to present their ideas in front of an audience Risk taking ability to spend money and time in hopes a product will profit Motivation: what is pushing you towards your goal Communication: how you can talk with coworkers Planning: ability to look to upcoming events and plan day to day life Explain the term social enterprise and outline one benefit of a social enterprise A social enterprise is a business ran not for profit but for benefiting society by giving back to the community. Benefits Social and environmental impact Employment Public benefit Part C Define work Performing an activity that produces something of value for other people. Define full time, part time and casual worker Full Time: A Full-Time worker is someone who usually works 35 hours of more each week in their main job Part-Time: someone who works less than 35 hours each week: they receive the same entitlements as a full-time worker but fewer hours Casual worker: someone who is not guaranteed regular hours of employment each week: usually paid higher hourly wage but sacrifices annual and sick leave. Describe one new form of technology you have researched this semester. A new form of technology in the world is Artificial Intelligence. CEDA predicts that AI will 20% of jobs will be replaced by AI. This is because AI can do their tasks much faster and better than the human workers. Additionally, the rise of AI reduces the need of human labour in the workplace. Describe the task, skills and qualifications for a job you have researched this semester Lawyers Lawyers have many key tasks and roles including Advising clients: lawyers advise clients on their legal issues and obligations and how to best deal with their case Representing clients: lawyers must represent clients in court, at tribunals, and in mediation. They also help clients discuss plea bargains or other agreements with district attorney's office. Preparing documents: lawyers must prepare and review contracts, will and other legal documents Researching: Lawyers research case elements, including official documentation and legislation. Communication: Lawyers communicate with clients, opposing solicitors and others to deliver arguments, work on settlements, and communicate results. Lawyers also have a responsibility to serve the needs of their clients, the courts and the legal profession. They are required to observe certain rights and duties, also known as legal ethics. Skills and attributes that lawyers need. Common skills that good lawyers would need to have is good research skills. Good lawyers would need to possess having the ability to research top - Attention to detail - Research skills - Interpersonal communication - Communication skills - Time management - Creativity - Perseverance - Public speaking skills. Qualifications needed The first step in becoming a lawyer is completing either a Bachelor of Law degree or Juris Doctor is what is necessary to become a lawyer After you have attained your law degree you would need to go through practical law training. Displaying that you are able to show your practical knowledge and show you can display your theoretical knowledge and practical knowledge required to be a lawyer. Finally, the third step required to become a lawyer is displaying that you are a fit and proper person. Showing that you can display your ethics and are of good moral character To satisfy this requirement. You'll need to disclose any criminal, academic or general misconduct that may be relevant Explain how the forms of technology you described in question 2 could change the nature of your chosen job in the future. In the future because AI can research information much faster than humans. AI could potentially be used to research different types of laws that the opposition may have violated and why they should be persecuted. This will speed the process of court up as finding information quicker will make it easier to have scheduled dates for court hearings be earlier than what they are now