Commerce Glossary PDF

Commerce Glossary apprentice a person who has agreed to work for a skilled person for a particular period of time and often for lower wages in order to gain knowledge and skills about a particular job — for example, an apprentice plumber birth certificate an o...

Commerce Glossary apprentice a person who has agreed to work for a skilled person for a particular period of time and often for lower wages in order to gain knowledge and skills about a particular job — for example, an apprentice plumber birth certificate an official copy of your birth registration held by the NSW Registry of Births, Deaths and Marriages, including information such as name and place of birth bond money that is lodged with the Rental Bond Board. It is used to cover any damages or cleaning costs if the rented premises are left in an unsatisfactory condition budget a list of income and likely expenditures Centrelink the main federal government welfare agency. It provides financial assistance as well as counsellors and social workers to those in need community services services largely funded from within the community to provide something that is desirable but not profit making condition report details the exact condition of a property when new tenants move in cooling off period a period of time after a sale contract has been signed, during which the buyer can cancel the contract without receiving a penalty debit card plastic card that allows you to buy goods by electronically transferring money out of your account into the store's account. It can also be used to obtain cash deductions items that can be used to reduce your assessable income, thus reducing the amount of tax you pay establishment costs one-off costs for setting up a new place to live or a business exclusions the things that an insurance policy will not specifically cover fixed expenses expenses that are the same amount every time — for example, monthly rent, or a minimum charge of $40 per month for a mobile phone inclusions the things that an insurance policy covers Commerce Glossary 1  insurance the payment of an amount of money that covers a person or property in the event of loss, damage or accident so that the person does not suffer a severe financial setback insured the person who is covered by the insurance policy insurer the company that is providing the insurance kitty a central fund of money that has been contributed by a group of people (e.g. flatmates). landlord the person who owns the premises being rented lease a legal contract between a tenant and a landlord that allows the tenant to use the landlord's property in return for rental payments. Once a lease is signed, it is a legally binding document Medicare card a card issued by the government to individuals or families which they can use to access free health care by a doctor and access free health care at a public hospital Medicare levy an additional tax of 2% of income used to fund the Medicare system mortgage a loan from a financial institution such as a bank where something is held as security in case the loan is not repaid, e.g. a house ongoing costs those costs that keep on recurring such as rent, mortgage and electricity bills payday loan a high-cost, short-term and small amount loan. The borrower agrees to pay back the loan when they receive their next pay premium the amount of money to be paid to receive insurance cover progressive tax system refuge a place of shelter which keeps a person safe and protects them from danger — for example, a youth refuge reservation fee usually one week's rent that will reserve the premises for a person while their application for tenancy is being considered residential tenancy agreement the standard agreement between tenants and a landlord when a house or flat is being rented sharing economy also known as collaborative consumption, involves people sharing their possessions for payment Commerce Glossary 2  superannuation money set aside during your working life for retirement; commonly called 'super' 10.5% of your income tax file number a unique personal reference number the Australian Taxation Office gives to a person so they can identify them and enforce Australia's taxation laws tenant the person or people who rents a property from a landlord utility an organisation supplying the community with a service such as water, gas or electricity variable expenses expenses that change over time, and do not occur on a regular basis. For example, a person may go to a music concert this month to hear their favourite singer and buy a computer game next month warranty a promise to repair any defects that are in a product progressive tax system a system where the tax rate increases as the taxable amount increases Travel Glossary agent: a person or organisation that conducts business on behalf of another agritourism: where tourists visiting a regional area can visit a farm or food- related ventures such as restaurants for education and leisure code of ethics: a set of values and principles departure tax: a tax that must be paid when leaving a country ecotourism: all nature-based forms of tourism that support an appreciation of nature and the traditional cultures within them foreign exchange rate: the ratio of one currency to another; it tells how much a unit of one currency is worth in terms of another itinerary: a travel plan overtourism: the perceived congestion or overcrowding from too many tourists, resulting in conflicts with locals passport: an official document granting permission to travel between countries tourism: the temporary movement of people away from the places where they normally work and live Commerce Glossary 3  Vienna Convention: international convention that sets standards for people who have been arrested outside their own country visa: an endorsement on a passport (stamp or certificate) indicating that the holder is allowed to enter, leave or stay in a country for a specified period of time voluntourism: where part or all of travel time is spent doing community or environmental work Business assets: items of value business opportunity: something an entrepreneur can see as an avenue to success competition: refers to rivalry among businesses that try to supply the needs and wants of a market corporate social responsibility: when businesses consider the interests of stakeholders, society and the environment when making economic and business decisions cost-benefit analysis: a detailed examination of the strengths and weaknesses of different alternatives in order to see whether the benefits outweigh the costs debt: money owing to external sources; e.g. a bank demographic factors: population characteristics that affect customer spending which include: age, ethnicity, gender, marital status, family size and income entrepreneur: a person who sets out to build a successful business in a new field. An entrepreneur's methods are sometimes regarded as innovative. equity: funds contributed by the business owner(s) franchise: involves buying the rights from another business to distribute its products under its name goodwill: the monetary value of a business's reputation income statement: a summary of the income earned and the expenses incurred over a period of trading incorporated: refers to the process companies go through to become a separate legal entity from the owner/s Commerce Glossary 4  incorporation: process whereby a company has become a separate legal entity from its owners (shareholders) initiative: the ability to be resourceful and decide, in an independent way, what to do and when to do it innovation: the process of creating a new or significantly improved product, service or process (way of doing something) liabilities the debts owed by a business to others limited liability if the business cannot pay its debts, a shareholder generally loses only the money he or she invested in the business liquidity the ability of a business to pay its short-term debts on time market research collecting and analysing information about customers and the business opportunities available niche market also known as a concentrated or micro market, a niche market is a narrowly selected target market segment partnership a business owned and operated by between two and twenty people private company an incorporated businesses with between two and fifty private shareholders promotion methods used by a business to inform, persuade and remind customers about its productsk prospectus a legal document issued by companies that are offering securities for sale resilience the ability to cope with the ups and downs, adapt well to change and bounce back from challenges secured loan where the borrower offers an asset as security for the loannot sole trader a business that is owned and operated by one person sustainable competitive advantage this refers to the ability of a business to develop strategies that will ensure it has an 'edge' over its competitors for a long period of time target market the group of customers to whom the business intends to sell its products taxation a government levy or revenue measure that can be used as part of the budget to affect the level of prices, the growth rate and the distribution of Commerce Glossary 5  income unlimited liability when a business owner is personally responsible for all the debts of his or her business unsecured loan where the borrower does not need to have an asset to offer as security, but the interest rate is usually higher vision the clear, shared sense of direction that allows people to achieve a common goal Commerce Glossary 6