Commerce - Nature of Work + Working towards Independence

what is this topic

Apprentice

A person who has agreed to work under 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

Apprenticeship

Training and education in a trade

Arbitration

A method of resolving disputes whereby an impartial third party decides on a settlement arrangement that is then binding on the parties to the dispute

Award

A document that outlines an employee’s minimum pay and conditions

Cadetship/traineeship

Training in a full-time job, with time allocated to attend university or TAFE

Casual

Employed on an ‘as needed’ basis, this means not fixed like part-time or full time workers

Chief executive officer (CEO)

The most senior person in charge of managing an organisation

Collective wants

Goods and services that are seen as beneficial to the whole community

Common law (employment) contract

When an employer and an individual employee negotiate a contract covering pay and conditions

Conciliation

Similar to mediation, however the conciliator does not enforce a single solution but offers a range

Discrimination

Treating a person less favourably because of factors such as gender, ethnicity, religion or disability

Economy

The system where all activities undertaken for the purpose of production, distribution and consumption of goods and services in a region or country occur. (where the exchange for goods and services occur)

Employee

Person who works for a wage or salary

Employer

Person who hires employees, the person who the employees listen to and work for

Employment contract

A legally binding formal agreement between an employee and an employer

Collective wants

Goods and services that are seen as beneficial to the whole community

Entitlements

Non-wage benefits such as long service leave or sick leave

Full-time

Continuing, ongoing employment working 38 hours or more per week

Gender segregation

The physical, legal, and cultural separation of people according to their biological sex

Goods and services tax (GST)

A value-added tax (10%) levied on most goods and services sold for domestic consumption; GST is paid by consumers, but is remitted to the government by the businesses selling the goods and services; GST provides revenue for the government like taxes

Grievance procedures

A number of predetermined steps that are followed to resolve a dispute

Industrial action

A temporary show of dissatisfaction by employees; for example, a strike

Industry

An area of economic activity, employment, trade, manufacturing, production or gathering of resources

Labour force

People aged 15 and over who are either employed or unemployed

Loading

Extra pay to compensate casual employees for lack of access to entitlements

Common law (employment) contract

When an employer and an individual employee negotiate a contract covering pay and conditions

Multinational company

A corporate organisation that owns or controls the production of goods or services in at least one country other than its home country

Negotiation

A method of resolving disputes where the parties involved discuss the issues in an attempt to reach a compromise

Participation rate

The proportion of people aged 15 or over employed or actively looking for work

Part-time

Ongoing employment working fewer than 38 hours per week

Pro rata

Proportion of normal full-time benefits related to the hours worked

Redundancy

The termination of an employee’s employment due the employer deciding they no longer need the employee’s job to be done by anyone, or the employer becomes bankrupt

Seasonal

Employment that does not continue year-round but usually recurs at specific times

Mediation

When a third party helps those involved in a dispute to negotiate a solution acceptable to both sides

Part-time

Ongoing employment working fewer than 38 hours per week

Multinational company

A corporate organisation that owns or controls the production of goods or services in at least one country other than its home country

Negotiation

A method of resolving disputes where the parties involved discuss the issues in an attempt to reach a compromise

Traineeship

The combination of employment and training in order to gain a qualification

Loading

Extra pay to compensate casual employees for lack of access to entitlements

Entitlements

Non-wage benefits such as long service leave or sick leave

Quaternary industry

Industry involved in the transfer and processing of information and knowledge, includes software developers, accountants

Pro rata

Proportion of normal full-time benefits related to the hours worked

Goods and services tax (GST)

A value-added tax (10%) levied on most goods and services sold for domestic consumption; GST is paid by consumers, but is remitted to the government by the businesses selling the goods and services; GST provides revenue for the government like taxes

Enterprise agreement

An agreement about pay and conditions made at a workplace/enterprise level

Entitlements

Non-wage benefits such as long service leave or sick leave

Full-time

Continuing, ongoing employment working 38 hours or more per week

Gender segregation

The physical, legal, and cultural separation of people according to their biological sex

Tenant

A person who rents land or buildings from a landlord

Condition report

A condition report is an important record of the condition of a residential premises when the tenancy begins/when a lease is signed, this is completed by the landlord and the tenant

Residency tenant agreement

The binding contract between a landlord and tenant where the landlord grants the tenant to occupy their property as a residency.

Cooling-off period

The 10 business day period that occurs after a tenant signs a property contract, this usually occurs when a buyer changes their mind after a purchase, the buyer can withdraw from a property contract of sale without any legal repercussions even after they've signed it.

Budget

An estimate amount of income and expenditure for a set period of time

Condition report

A condition report is an important record of the condition of a residential premises when the tenancy begins/when a lease is signed, this is completed by the landlord and the tenant

Reservation fee

The fee that is paid to reserve a premises during application consideration, this fee is no more than one weeks of rent

Bond

The fee that is paid at the start of tenancy in case the tenant does not follow the tenancy agreements

Deductions

An amount that can be taken away from the total amount of tax one needs to pay, it is a form of tax incentives

Establishment costs

Fees that are paid only once when a tenant moves into a new property, usually physical goods such as a bed or fridge

Ongoing costs

Fess that are paid on a basis when a tenant moves into a new property, can be either physical goods or services such as wifi or electricity

Fixed expenses

Ongoing costs that always cost the same every time it is paid

Variable expenses

Ongoing costs that differ in cost every time it is paid

Tax file number (TFN)

A personal reference 9-digit number provided to every taxpayer for tax and superannuation purposes

Progressive tax system

System where the higher one's income is, the more tax they pay, individuals making below 18k a year do not need to pay tax

Deductions

An amount that can be taken away from the total amount of tax one needs to pay, it is a form of tax incentives

Insurer

The party in an insurance contract that promises to pay compensation, they are usually entities from an  insurance company

Insured

The party in an insurance contract that pays money so when an issue arises, the insurer can pay the compensation for them instead

Premium

Also known as an insurance charge, it is the amount to be paid for a contract of insurance by the insured

Inclusions

A list of items in the house that the purchaser can expect to be in the property once they move in, examples include air conditioning and stoves

Exclusions

A list of items in the house that the purchaser should not expect to be in the property once they move in, examples include beds, refrigerators

Warranty

A written guarantee that allows a buyer to replace their product with the manufacturer in a given time frame

Sharing Economy

Where assets can be shared between individuals in the community, eg. uber, airbnb

Summary dismissal

Breach employment contract

Dismissal by notice

When the employee is not fulfilling their job description and is fired