Studied by 22 people
Work Health and Safety Act 2010
Aimed at ensuring the safety and protection of employees and outlines the legal requirements for employees and employers
Savings
Money put aside for something bigger in the future
Needs
Items required for basic survival
Wants
Items that you would like to own but are not necessary for survival
Consumption
Money spent on objects, healthcare, or education
Goods
Items purchased to satisfy needs and wants
Services
Actions or activities that one person performs for another
Opportunity Cost
Something that a consumer gives up in order to satisfy a need or want
Commision
The percentage of a sales price received by a salesperson for his or her services
Dividend
The sum payable as profit for shares
Fee
Money paid to others for services
Income
money received, especially on a regular basis, for work or through investments.
Overtime
The time during which work is done outside of regular working hours
Profit
what remains after all business expenses have been deducted from sales revenue
Rent
regular payment made by a tenant to an owner for the use of the owner's building or land
Royalty
a sum paid to authors, musicians and so on, as a percentage of the proceeds from their work
Salary
A fixed amount of money paid to an employee for each pay period.
Social Welfare Payment
a payment made by a government to help people in need
Superannuation
a way of saving so an employee has some money in retirement
Wage
money received by workers, usually on a weekly basis, for services they provide to an employer
Scam
an attempt to trick someone, usually with the intention of stealing money or private information
CCA
Competition and Consumer Act 2010
ACCC
Australian Competition and Consumer Commission
ACA
Consumer watchdog tests goods and services, deals with complaints; Australian Consumers Association
Redress
To put things right
Safe Product
Accurate Information and Description
Terms of Sale Disclosed
Warranties
4 Consumer Guarantees
Ombudsman
Paid by the government, an unbiased source who investigates complaints made by consumers
Bargaining Position
refers to the amount of power the consumer has
Consumer guarantees
a set of rights and remedies for defective goods and services
Repossession
The lender has the right to take the goods that were used as security if the money that was borrowed to buy them is not repaid on time or at all.
3 steps to redress
Speak to the trader
Contact Office of Fair Trading
Lodge a claim with the Consumer, Trader, and Tenancy Tribunal
Fair Work Amendment Act 2013
Amendment to the Fair Work Act which includes bullying. Noticeable forms of bullying in the workplace includes repeated action generating risk to the health and safety of the worker.
Anti Discrimination Act 1997
Works with the Sex Discrimination Act 1984 to make sexual harassment unlawful
Sex Discrimination Act 1984
Works together with the Anti Discrimination Act 1997 to make sexual harassment unlawful
Racial Discrimination Act 1975
Employers cannot specify particular racial/cultural characteristics when advertising a job
Disability Discrimination Act 1984
Within reason, all people with a disability have equal access to employment
Age Discrimination Act
People must not be discriminated against on the basis of age
Affirmative Action Act 1986
The promotion of equal employment opportunities (EEO) for those people previously discriminated against
Fair Work Act 2009
Allows employees who feel they have been unfairly dismissed â to apply to the Fair Work Commission to be reinstated and/or provided with compensation
Summary Dismissal
Serious breach of conduct leading to an immediate dismissal. "You're fired"
Dismissal by Notice
Given a warning for failure to perform that leads in dismissal
Redundancy or retrenchment
Employee is no longer needed and is given money to voluntarily leave the work
Modern Award
Legally enforceable minimum terms and conditions that apply to ALL workers, however, they are inflexible and limit the amount of recognition you get for doing a specific job.
Enterprise Agreement
A negotiated agreement about pay and conditions and allows for broader terms and conditions. They must be approved by the Fair Work Commision. These have more flexibility and cover overtime, but stands the chance of undermining personal achievement as it is just part of the longer hours.
Common Law Contract
Covers those employees who are not under any other contract agreements. They are more common among professional and managerial employees. Such contracts are signed individually and are secret; that is, not open to public scrutiny.
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