A product fit for purpose, acceptable in appearance and finish, free from defects, safe and durable
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Acceptance
when the offeree agrees to the proposal
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Bankruptcy
when a person is judged by a court to be insolvent; i.e. unable to pay her or his debts
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Barter
the swapping or exchanging of one good for another
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Blue Collar Workers
another name that used to be given to a labourer eg a plumber, builder or electrician
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Book-up
a charge account operated by a trader
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Budget
A list of income and likely expenditures
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Business
any organisation that produces and sells goods and services in order to make a profit
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Cash flow
money coming into and going out of a business
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Caveat emptor
term meaning 'let the buyer beware'
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Cheque
a written communication ordering your financial institution to pay a person a specific amount of money
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Commerce
the buying and selling of goods and services between individuals and businesses
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Commission
the percentage of a sales price received by a salesperson for her or his services
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Comparison shopping
contacting (by telephone, internet or in person) a number of sellers to obtain the best deal
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Complementary goods
What petrol is to a car
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Consideration
the giving up of something of value
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Consumer
someone who purchases goods and services to satisfy needs and wants
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Consumer guarantees
a set of rights and remedies for defective goods and services
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Contract
a legally binding agreement
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Credit bureau
an organisation that keeps on file the credit records of consumers
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Creditor
A person who is owed money
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Debt Consolidation
When a number of debts are rolled into one so people can manage their debt better
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Debtor
A person who owes money
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Default notice
a document from a lender stating that a person has failed to carry out the terms of the contract
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Disposable income
The money someone has after all their bills are paid
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Distribution chain
the ways of getting the product to the customer
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Dividend
sum payable as profit for shares; part of a firm's profit that is divided among shareholders
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Drawee
the financial institution that provides cheque account facilities
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Drawer
the person who writes and signs a cheque
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Durable good
A good that is non-perishable
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e-commerce
the buying and selling of information, goods and services via the internet
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EFTPOS
electronic funds transfer at point of sale
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Electronic transfer
the transfer of funds from one account to another via the internet or telephone
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Employee
a person who works for a wage or salary
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Employer
a person who hires employees
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Equities
stocks and shares held by an individual
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e-tailer
electronic retailer
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Fee
money paid to others for their services
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Fixed expenses
expenses that are the same amount every time
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Flexitime
Flexible working times
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Garnished
when a certain amount of money can be taken out of a borrower's wages
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Goods
items that you can see or touch
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Guarantor
someone who guarantees to pay back the money if the borrower does not
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Impulse buying
buying something without giving much thought as to whether you really need it
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Income
money received on a regular basis from work, property, business, investment or welfare payments
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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
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Interest
the extra money you have to pay back when borrowing money
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Investment
putting money into something in order to make a profit; the purchase of new plant and equipment. Individuals, government and business all carry out investment.
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Labour force
people aged 15 and over who are either employed or unemployed
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Mail order
to buy products, via catalogues, for delivery by mail
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Manufacturer
a person or business that makes goods
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Money
any token, with an agreed value, that people accept as payment in exchange for a good or service
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Mortgage
a loan for goods or a property. If you fail to make your loan repayments, then the mortgagee will repossess the goods and sell them
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Needs
things that are necessary for survival, such as water and food
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Net income
the amount a person has left after income tax is deducted
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Offer
a proposal
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Online shopping
Purchasing products over the internet
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Overtime
time during which work is done outside regular working hours. Such time is usually paid at higher rates
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Payee
the person who is to receive the money from a cheque
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Penalty Rates
Extra rates of pay as compensation for working weekends, public holidays and overtime
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Portfolio
A range of low-risk and high-risk financial investments; an area of government responsibility, such as health or defence
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Premium
the amount of money to be paid to receive insurance cover
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Price
the amount of money a consumer is prepared to offer in exchange for a good or service
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Profit
what remains after all business expenses are deducted from sales revenue
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Redress
to set right
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Rent
regular payment made by a tenant to an owner for the use of the owner's building or land
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Repossess
to take back goods bought on credit if repayments have not been made
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Retailer
a business that sells products directly to consumers
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Rip off
to overcharge or swindle
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Royalty
a sum paid to authors, musicians and so on, as a percentage of the proceeds from their work
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Salary
A fixed amount of money paid on a regular basis (usually fortnightly or monthly) to a permanent employee of an organisation
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Savings plan
a commitment to regularly put aside some money for future use
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Scam
an illegal business practice; obtaining money by means of deception
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Secured loan
something deposited as a guarantee to fulfil the payment of a loan
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Services
things done for you by others
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Shareholder
Someone that owns a part of a company
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Social Security or social welfare
A payment made by a government to help people in need
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Superannuation
a way of saving so an employee has some money in retirement
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Tangible good
A good that can be physically touched
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Unconscionable act
any practice by a seller that is just not reasonable and often illegal
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Unsecured loan
nothing is deposited as a guarantee to fulfil the payment of the loan
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Variable expenses
expenses that change over time
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Wage
money received by workers, usually on a weekly basis, for services they provide to an employer
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Wants
things that are not essential for survival but that we would like to have
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White Collar Workers
Another name that was given to professionals or office workers eg lawyer, accountant etc
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wholesaler
buys goods in large quantities from the manufacturer