aos4

Question 1

what is the money being transferred in and out of a business called?

Answer 1

cash flow

Question 2

government body in charge of regulating and collecting tax in australia

Answer 2

australian tax office
ato

Question 3

what is the address of a website on the internet called

Answer 3

domain

Question 4

what is a progressive tax rate

Answer 4

tax that increases the more you earn

Question 5

what do worksafe victoria do

Answer 5

reduces workplace injuries and support those who were injured on the work site

Question 6

what is a code of practice

Answer 6

a written set of guidelines that are intended to help businesses achieve the standards set by the government

Question 7

give an example of a code of practice

Answer 7

dealing with customers fairly

Question 8

what do the consumer affairs victoria do

Answer 8

regulate the marketplace, helping to ensure fairness for businesses and consumers

Question 9

what is a merger

Answer 9

the joining of two or more businesses into one

Question 10

what is acquisition

Answer 10

when one business takes over another

Question 11

what is a free lancer

Answer 11

independent workers who charge businesses or individuals for work on a per day basis

Question 12

what is seperate entity

Answer 12

owners seperate finances to the business

Question 13

what is budgetting

Answer 13

estimating the financial performance for a given period in the future

Question 14

explain financial control systems

Answer 14

methods, processes and tools that allow a business to accurately monitor and manage the financial performance of the business

Question 15

what are credit terms

Answer 15

the terms and conditions of sale between a customer and a business

Question 16

what is accounts receivable

Answer 16

the outstanding payments a business is owed by its customers

Question 17

what is the purpose of inventory control

Answer 17

ensures that costs are as low as possible and that the business has access to the right amount of materials when they need them.

Question 18

explain auditing

Answer 18

testing and evaluating a businesses accounting processes and internal controls

Question 19

what are source documents

Answer 19

written documents that provide evidence of a financial transaction

Question 20

what is the purpose of a cash book

Answer 20

it provides a summary of all the busiesses cash receipts and cash payments

Question 21

what is an income statement

Answer 21

used primarily to help a business calculate how much profit it has made over a period of time

Question 22

what is procurement

Answer 22

the process of researching and selecting suppliers, establishing payment terms, negotiating contracts and the purchase of supplies

Question 23

what is a policy

Answer 23

set of rules to be followed by employees

Question 24

what is a procedure

Answer 24

a series of actions that enable a policy to be put in place

Question 25

why do policies need procedures

Answer 25

because procedures are the series of actions that allows a policy to be put in place.

Question 26

what is a customer database

Answer 26

bank of information on existing and potential future customers with their contact info, personal details and other shit

Question 27

what is an exporter

Answer 27

a local business that manufactures goods for overseas customers