Business Glossary by https://padlet.com/lfrackowski/8i6pwui7kz7zxzup Example en-us 2020-05-22 00:52:58 UTC 2026-01-25 11:24:13 UTC hello@padlet.com Savings lfrackowski https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588133881 Money (or income) that is set aside to be used later.  This money is usually put into a bank account.
Tip: it is a good idea to save at least 10% of your income if you can.]]> 2020-05-22 00:58:05 UTC https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588133881 Consumer lfrackowski https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588134585 The final user of goods and services. Can be a person or group.]]> 2020-05-22 00:58:50 UTC https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588134585 Product recall lfrackowski https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588134697
If a product is unsafe it must be recalled.  When a supplier realises their product is unsafe they will start the voluntary recall process.  They must do four things:
1. stop supply of the product
2. tell the authorities
3. warn consumers
4. offer consumers a repair, replacement or refund

Although this process is called a voluntary recall it is not actually voluntary it just means the company started the recall not the authorities. All unsafe products must be recalled. 
Product recall notice example:]]> 2020-05-22 00:58:58 UTC https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588134697 Superannuation lfrackowski https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588151274 "Super" is a compulsory part of your income that must be put into an account to be used when you retire.  Your employer must pay super if you are a certain age and earn a certain amount of money.  The current compulsory super rate is: 9.5%
When you choose to put money into your super account this is known as making a voluntary contribution.
Tip: it is a good idea to start making voluntary contributions as early as you can.
See super video:
https://www.youtube.com/watch?v=9tN5zYppkE0 ]]> 2020-05-22 01:16:14 UTC https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588151274 Compulsory lfrackowski https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588158587 Must be done. Often needed by law.]]> 2020-05-22 01:24:10 UTC https://padlet.com/lfrackowski/8i6pwui7kz7zxzup/wish/588158587