Commerce Study Notes - Towards Independent

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Commerce Study Notes

Consumer Choice
* Consumer is anyone who purchases goods and services to satisfy needs and wants. *

Towards independence
Bond – Money leaded to the Rental Bond Board. It is used to cover any damages or cleaning cost if the renters leave the house in a bad condition. Budget: A listed of planned incomes and likely expenditures Centrelink: the main federal government welfare agency.

Provides Financial assistance as well as counsellors and social workers to those in need Condition report: details the exact condition of a property when new tenants move in Debit cards: plastic cards that allow you to buy goods by electronically transferring money out of your account and into the store's account. They can also be used to obtain a cash withdrawal EFTPOS: electronic funds transfer at point of sale establishment costs: one-off costs for setting up a new place to live or a business exclusions: the things that an insurance policy specilcally will not cover Inclusions: the things that an insurance policy covers

Insurance: the payment of an amount of money that
Covers a person or property in the event of loss, damage or accident so that the person does not suffer a severe financial setback Insured: the person who is covered by the insurance policy
Insurer: the company that is providing the insurance
Kitty: a central fund
Landlord: the person who owns the premises being rented
Lay-by: the system that allows a customer to purchase a good by paying a deposit and then making regular repayments for a set time. You obtain the good when the final payment is made mortgage: a loan for goods or a property; if you fail to make your loan repayments then the mortgagee will repossess' the goods and sell them Ongoing costs: those costs that keep on recurring, e.g. rent, mortgage, electricity bills Premium: the amount of money to be paid to receive the insurance cover. This amount is based on risk reservation fee: usually one week's rent that...
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