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36 Cards in this Set

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  • Back

acceptance

when the offeree agrees to the proposal

barter

swapping or exchanging of one good for another

budget

a list of income and likely expenditures

business

any organisation that produces and sells, for a profit, the goods and services that satisfy the needs and wants of consumers

caveat emptor

let the buyer beware

cheque

a written communication ordering your financial institution to pay a person a specific amount of money

comparison shopping

contacting (by telephone, internet or in person) a number of sellers to obtain the best deal

consideration


the giving up of something of value

consumer

someone who prucahses goods and servicesto satisfy needs and wants

contract

a legally binding agreement

wholesaler

buys goods in large quantities from the manufacturer

drawee

the financial institution that provides cheque account facilities

drawer

the person who writes and signs a cheque

EFTPOS


Electronic Funds Transfer at Point Of Sale

Electronic Transfer

the transfer of funds from one account to another via electronic means such as the internet or telephone

goods

items that you can see or touch

impule buying

buying something without giving much though as to whether you really need it

income

money received on a regular basis frm work, property, business, investment or welfare payments

interest

the extra money you have to pay back when borrowing money

labour force

people aged 15 and over who are either employed or unemployed

mail order

a system of shopping in which the consumer orders and usually receives products through the mail

manufacturer

a person or business that makes goods

merchantable quality

an acceptable quality in keeping with a product's price

money

any token, with an agreed value, that people accept as payment in exchange for a good or service

needs

things that are neceesary for survival, such as food and water

offer

a proposal

payee

the person who is to receive the money from a cheque

price

the amount of money a consumer is prepared to offer in exhcnage for a good or service

profit

what remains after all business expenses are deducted from sales revenue

redress

to set right

retailer

a person or business that sells products directly to the consumer

rip-off

to overcharge or swindle

scam

an illegal business practice

services

things done for you by others

unconscionable act

any practice by a seller that is just not reasonable and often illegal

wants

things that are not essential for survival but that we would like to have