COMMERCE YEAR 9 YEARLY EXAM
STUDYGUIDE WITH ALL CORRECT &
VERIFIED ANSWERS
Needs Correct answer-things that are required in order to live
Wants Correct answer-Desires that can be satisfied by consuming a good or service
Scarcity Correct answer-Limited quantities of resources to meet unlimited wants
What is Commerce? Correct answer-The way in which society functions, how people make and
spend money and how goods and services are produced.
Credit Correct answer-An arrangement to receive cash, goods, or services now and pay for them in
the future.
Cash Correct answer-Money in the form of bills or coins
Debit cards Correct answer-Plastic cards used to pay for purchases with funds you have in a bank
account.
direct debit Correct answer-A withdrawal of cash directly from a bank account
Eftpos Correct answer-electronic funds transfer at point of sale
After pay Correct answer-Digital service where you buy now and pay later in 4 instalments made
fortnightly.
False and misleading advertising Correct answer-untrue claims of quality or effectiveness about
goods or services offered for sale
Referral Selling Correct answer-an attempt - often illegal - by salespeople to get consumers to buy
a product by offering an incentive (usually a refund) for every person the consumer recommends to
them
Unordered or unsolicited goods Correct answer-sending unordered goods and demanding
payment for them
Special prizes and offers Correct answer-told you have won a prize but when you go into the store
you have to buy items to receive the goods.
Consumer Protection Correct answer-measures to shield buyers of goods and services from unsafe
products and unfair or illegal sales practices
Consumer redress Correct answer-cancel or reform contracts, refund money, return property, pay
for damages, or public notification
Contract Steps Correct answer-1 Intent
2 Offer
3 Timeframe
, 4 Obligations
5 Representations
6 Consideration
7 Arbitration
8 Acceptance
Superannuation Correct answer-regular payment made into a fund by an employee toward a
future pension
Demand Correct answer-the quantity of a good or service that consumers are willing and able to
buy
Supply Correct answer-The quantity of something that producers have available for sale
Depression Correct answer-A long-term economic state characterized by unemployment and low
prices and low levels of trade and investment
Recession Correct answer-a period of temporary economic decline during which trade and
industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
safe products Correct answer-Directions for proper use are provided and products are tested by
the manufacturer to ensure product quality
Accurate product information and descriptions. Correct answer-Ingredients are clearly labelled on
food containers.
Full disclosure of the terms of sale. Correct answer-The full price is always displayed, especially on
any credit contracts.
Consumer guarantees and warranties are honoured Correct answer-Customers can expect a refund
or exchange if the product is faulty.
What is the Competition and Consumer Act 2010? Correct answer-To improve the wellbeing of
Australians by promoting competition, fair trade and consumer protection.
Australian Competition and Consumer Commission Correct answer-A government body which has
the role of enforcing the Competition and Consumer Act 2010 and a range of additional legislation,
promoting competition, fair trading and regulating national infrastructure
Australian Securities and Investments Commission Correct answer-A government organisation that
enforces company laws to protect consumers, investors and creditors. Also known as ASIC
New South Wales Fair Trading Correct answer-The state consumer protection agency
• assisting consumers to resolve their complaints
• checking that products meet Australian safety standards
• ensuring that scales, scanners and petrol pumps used to weigh and price products are correct
• warning the community about dubious business practices such as scams and rip-offs.
NSW Civil and Administrative Tribunal Correct answer-deals with a broad and diverse
range of matters, including consumer claims, tenancy issues, building works, equal opportunity and
administrative review of government decisions.
STUDYGUIDE WITH ALL CORRECT &
VERIFIED ANSWERS
Needs Correct answer-things that are required in order to live
Wants Correct answer-Desires that can be satisfied by consuming a good or service
Scarcity Correct answer-Limited quantities of resources to meet unlimited wants
What is Commerce? Correct answer-The way in which society functions, how people make and
spend money and how goods and services are produced.
Credit Correct answer-An arrangement to receive cash, goods, or services now and pay for them in
the future.
Cash Correct answer-Money in the form of bills or coins
Debit cards Correct answer-Plastic cards used to pay for purchases with funds you have in a bank
account.
direct debit Correct answer-A withdrawal of cash directly from a bank account
Eftpos Correct answer-electronic funds transfer at point of sale
After pay Correct answer-Digital service where you buy now and pay later in 4 instalments made
fortnightly.
False and misleading advertising Correct answer-untrue claims of quality or effectiveness about
goods or services offered for sale
Referral Selling Correct answer-an attempt - often illegal - by salespeople to get consumers to buy
a product by offering an incentive (usually a refund) for every person the consumer recommends to
them
Unordered or unsolicited goods Correct answer-sending unordered goods and demanding
payment for them
Special prizes and offers Correct answer-told you have won a prize but when you go into the store
you have to buy items to receive the goods.
Consumer Protection Correct answer-measures to shield buyers of goods and services from unsafe
products and unfair or illegal sales practices
Consumer redress Correct answer-cancel or reform contracts, refund money, return property, pay
for damages, or public notification
Contract Steps Correct answer-1 Intent
2 Offer
3 Timeframe
, 4 Obligations
5 Representations
6 Consideration
7 Arbitration
8 Acceptance
Superannuation Correct answer-regular payment made into a fund by an employee toward a
future pension
Demand Correct answer-the quantity of a good or service that consumers are willing and able to
buy
Supply Correct answer-The quantity of something that producers have available for sale
Depression Correct answer-A long-term economic state characterized by unemployment and low
prices and low levels of trade and investment
Recession Correct answer-a period of temporary economic decline during which trade and
industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
safe products Correct answer-Directions for proper use are provided and products are tested by
the manufacturer to ensure product quality
Accurate product information and descriptions. Correct answer-Ingredients are clearly labelled on
food containers.
Full disclosure of the terms of sale. Correct answer-The full price is always displayed, especially on
any credit contracts.
Consumer guarantees and warranties are honoured Correct answer-Customers can expect a refund
or exchange if the product is faulty.
What is the Competition and Consumer Act 2010? Correct answer-To improve the wellbeing of
Australians by promoting competition, fair trade and consumer protection.
Australian Competition and Consumer Commission Correct answer-A government body which has
the role of enforcing the Competition and Consumer Act 2010 and a range of additional legislation,
promoting competition, fair trading and regulating national infrastructure
Australian Securities and Investments Commission Correct answer-A government organisation that
enforces company laws to protect consumers, investors and creditors. Also known as ASIC
New South Wales Fair Trading Correct answer-The state consumer protection agency
• assisting consumers to resolve their complaints
• checking that products meet Australian safety standards
• ensuring that scales, scanners and petrol pumps used to weigh and price products are correct
• warning the community about dubious business practices such as scams and rip-offs.
NSW Civil and Administrative Tribunal Correct answer-deals with a broad and diverse
range of matters, including consumer claims, tenancy issues, building works, equal opportunity and
administrative review of government decisions.
