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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
Note
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