AOS 4 Flashcards

1
Q

Customer Database:

A

Customer Database is a collection of information about existing and potential customers.

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2
Q

Overseas Suppliers:

A

Overseas suppliers are individuals or businesses that sell raw materials or resources in a country overseas.

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3
Q

Free Trade:

A

Free Trade is being able to buy and sell goods or services internationally with minimal government restrictions or rules.

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4
Q

Overseas Retailers:

A

Overseas retailers are individuals or businesses that sell goods and services directly to customers overseas.

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5
Q

Grievances:

A

Grievances are issues that may come up in a workplace and give rise to a formal complaint being made.

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6
Q

Procedures:

A

Procedures are a series of actions that employees must follow in order to abide by the business’s policies.

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7
Q

Policies:

A

Policies are written statements that outline the expected performance and behaviour of employees.

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8
Q

Inputs:

A

Inputs are the resources used by a business to produce goods and services.

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9
Q

Outputs:

A

Outputs are the final goods or services produced as a result of a business’s operations system, that are delivered or provided to customers.

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10
Q

Cost-Conscious Customers:

A

Cost-conscious customers purchase goods or services primarily based on price. If another business offered a cheaper alternative, these customers would be likely to switch immediately.

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11
Q

Corporate Social Responsibility (CSR):

A

Corporate Social Responsibility (CSR) is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.

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12
Q

Sustainability:

A

Sustainability involves making an effort to ensure natural resources are not permanently depleted or damaged by business activities.

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13
Q

Auditing:

A

Auditing involves assessing a business’s financial information to verify that it is true and accurate.

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14
Q

Record-keeping Strategies:

A

Record-keeping Strategies are methods used to keep track of the financial transactions of a business over a period of time.
- Cashbooks

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15
Q

Financial Control Systems:

A

Financial Control Systems are processes and procedures used to direct and monitor a business’s finances.

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16
Q

Bank Accounts:

A

Bank Accounts are an arrangement made with a bank where a business or individual can deposit and with draw money.

17
Q

Business Tax Compliance:

A

Business Tax Compliance is the extent to which an individual or business meets tax obligations. (PAYG for employees, GST and business tax for businesses)

18
Q

Trade Practices Legislation:

A

Trade Practices Legislation is the law that governs how a business interacts with customers and competitors.

19
Q

Work safe Insurance:

A

Work safe Insurance is compulsory insurance that assists employers to meet their obligation of financially compensating and supporting employees who become injured or ill because of their work. (ensuring OH&S requirements are met)

20
Q

Website Domains:

A

Website Domains are the website address that identifies a business’s online site.

21
Q

Business Names:

A

Business Names are the title that a business operates under and what customers use to identify the business.

22
Q

Marketing Advisors:

A

Marketing advisors are professionals who provide expert advice to businesses in relation to promoting and selling their products.

23
Q

Legal Advisors:

A

Legal advisors are professionals who provide expert advise to businesses regarding their legal responsibilities.

24
Q

Information and Communications Technology (ICT) Specialists:

A

Information and Communications Technology (ICT) specialists are a professional who develops and maintains the technological systems that are used by businesses to store and retrieve data.

25
Q

Financial Advisors:

A

Financial advisors are a professional who provides expert advice to individuals and businesses in relation to monetary matters, personal finances, and potential investments.

26
Q

Accountants

A

Accountants are professionals who manage, update, analyse, and report a business’s financial information.

27
Q

External Professionals:

A

External professionals are highly-skilled individuals that businesses hire to provide expertise in a particular area of operation.
- Accountants
- Financial Advisors
- Information and Communications Technology (ICT) Specialists
- Legal Advisors
- Marketing Advisors