Future Entrepreneurs revision

The workforce or labour force is made up of: (select 2 answers)

• all people who have jobs (employed)

• all those who don't care to work

• those who are actively seeking work (unemployed)

• those who dream big

What is work?

• Physical activity directed towards producing a good or service.

• Mental effort directed towards producing a good or service.

• Physical activity and or mental effort directed towards producing a good or service.

• Doing nothing towards producing a good or service.

Reasons for working

• only financial

• only financial and personal

• only social and personal

• Financial, social and personal

What are wants?

• Wants are things people would like to have, such as a television, mobile phone or a bicycle

• Wants are things people need to have, such as a ice cream, chocolate or a movie ticker

What is a need?

• Needs are things people must have to get through the day, such as coffee.

• Needs are things people must have to survive, such as a compass, rope and a rain coat.

• Needs are things people must have to live, such as medical care, shelter, clothes and food

What is barter?

• Barter is the using money and setting a price

• Barter is the direct exchange of goods and services without using money

• Barter is selling things cheaply

What purpose does money serve in our society? (select as many as you think is applicable)

• Medium of Exchange: People accept money in exchange for goods and services

• Measure of Value:The value of a good or service can be measured with money.

• Store of Value: Money can be saved and used in the future.

What are the types of paid work?

• full-time work, part-time work, casual work and self-employed

• full-time work, part-time work, and self-employed

• self-employed and full-time work

• full-time work, casual work and self-employed

What is casual work?

• A casual employee: has no guaranteed hours of work. usually works irregular hours. doesn't get paid sick or annual leave.

• A casual employee: has guaranteed hours of work, usually works regular hours.

• A casual employee: usually works irregular hours, does get paid sick or annual leave.

what is part-time work?

• working part-time is defined as working between one and 34 hours per week, no entitlements are paid

• working part-time is defined as working between one and 34 hours per week, entitlements are proportional

• working part-time is defined as working over 38 hours per week, entitlements are paid in full