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60 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Government |
Group of people who set polices and make laws to control how a country operates |
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Democracy |
System in government where all the people of a country can vote for who they want to be in Parliament |
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State |
An organised community College in by the government |
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Legislative |
Makes the laws of the country |
Parliament |
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Executive |
Runs country day to day |
President and minster |
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Judicial |
The justice system in SA and makes sure that people follow the laws |
The courts |
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Municipality |
A district with a with a local government |
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Taxes |
The amounts of money that people pay to the government for public goods and services |
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Social grants |
Amounts of money that the government gives to people who are disabled ,poor and old people |
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Standard of living |
People's access to things such as goods and services that make life more comfortable |
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Lifestyle |
The way you love in your environment |
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Self sufficient |
When you meet all your needs through your environment |
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Modern society |
A society that is indusrialsed and uses science to explain thing more than religion and tradition |
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Rural society |
A society where few people live and main economic activites are in the primary sector |
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Sole trader |
A business owned by one person only |
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Source document |
A record of a transaction includes who is involved , date , what was the transaction about |
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CRJ |
Cash Receipt Journal a record of all cash received by a business |
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CPJ |
Cash Payment Journal a record of all payments made in the business |
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Capital |
The money and equipment used to start a business |
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Labour |
Workforce of a business |
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Unskilled labour |
Work that requires no high level of skills or independent judgement and often involves physical labour |
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Semi-skilled labour |
Work that requires some skill l, training and independent judgement |
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Skilled labour |
Work that requires a high level of skill, training and independent judgement |
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Human capitals |
The knowledge and skills that workers get from working for a business |
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Fair employment practices |
Employment practices that focus on good labour relations |
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Labour Relations Act |
Promotes social justice peace and democracy in workplace |
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Occupational Health and Safety Act |
Specifies what safe and healthy workplace |
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Basic Conditions of Employment Act |
Protects employees from explosion |
Regulates leave , pay , working hours |
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Compensation for occupational injuries and diseases act |
Specifies how employees family should be compensated if they die at work |
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Remuneration |
Payment for work of services done |
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Market |
A place where people buy and sell goods and services |
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Goods and services market |
Places where goods and services are exchanged |
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Factor market |
The market where people buy and sell the factors of production - split into two markets labour market and financial markets |
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Labour market |
Where you sell your labour and business buy your labour |
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Financial market |
Where financial assets are traded such as metals , shares , foreign exchange |
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Partnership |
A business that is two or more people |
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Legal entity |
When a business is a legal entity it means that it is registered with the state |
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Closed corporation |
Ends in CC a bussines that is the legal entity and can have 1-10 people |
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Private company |
Ends in (Pty) Ltd and is a legal entity which shareholders |
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Public company |
Ends in Ltd and can have unlimited amount of shareholders and a legal entity |
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Limited liability protection |
When your personal assets are protected if a bussines goes bankrupt |
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Dividends |
An amount of profit that a company pays shareholders |
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Autocratic Management |
When you dictate to people why to do |
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Permissive/free-rein ) laissez faire management |
Let's people do whatever they want and doesn't really ace how it is done |
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Democratic/participatory management |
A management style where everyone participates and has a say in how the task gets done |
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Top-level management |
Runs the bussines and defines bussines goals and vision |
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Middle level management |
Runs branches in bussines and reports to top level management |
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Lower level management |
Works directly with employees and supervises what they do reports to Middle management |
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Owners Equity |
Made up of income ,expense ,capital and drawings |
OE=ICED |
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Net Profit |
Total incomes - total expense |
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Gross Profit |
Sales - Cost of sales |
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Drawings |
Money taken out of the bussines by owner for personal use |
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Income |
Money generated by a business |
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Expenses |
Money that get spent on items that get used up |
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Assets |
Possessions of the business |
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Fixed Assets |
Assets that last longer than an a year |
Eg. Land and buildings , Vechiles , Equipment |
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Current Assest |
Assets than you keep less than a year |
Eg. Trading stock , petty cash , bank , cash float |
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Liabilities |
Money the business owes to someone |
Eg. Creditor , Bank overdraft , loan , interest loan |
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Debit and credit |
Debit - who gets the money Credit - who pays the money |
In general ledger debit left and credit right |
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Trial balance |
Used to see if ledger balnces -Balance sheet section goes from asset that will last the longest to shortest |
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