aos4 Flashcards
what is the money being transferred in and out of a business called?
cash flow
government body in charge of regulating and collecting tax in australia
australian tax office
ato
what is the address of a website on the internet called
domain
what is a progressive tax rate
tax that increases the more you earn
what do worksafe victoria do
reduces workplace injuries and support those who were injured on the work site
what is a code of practice
a written set of guidelines that are intended to help businesses achieve the standards set by the government
give an example of a code of practice
dealing with customers fairly
what do the consumer affairs victoria do
regulate the marketplace, helping to ensure fairness for businesses and consumers
what is a merger
the joining of two or more businesses into one
what is acquisition
when one business takes over another
what is a free lancer
independent workers who charge businesses or individuals for work on a per day basis
what is seperate entity
owners seperate finances to the business
what is budgetting
estimating the financial performance for a given period in the future
explain financial control systems
methods, processes and tools that allow a business to accurately monitor and manage the financial performance of the business
what are credit terms
the terms and conditions of sale between a customer and a business
what is accounts receivable
the outstanding payments a business is owed by its customers
what is the purpose of inventory control
ensures that costs are as low as possible and that the business has access to the right amount of materials when they need them.
explain auditing
testing and evaluating a businesses accounting processes and internal controls
what are source documents
written documents that provide evidence of a financial transaction
what is the purpose of a cash book
it provides a summary of all the busiesses cash receipts and cash payments
what is an income statement
used primarily to help a business calculate how much profit it has made over a period of time
what is procurement
the process of researching and selecting suppliers, establishing payment terms, negotiating contracts and the purchase of supplies
what is a policy
set of rules to be followed by employees
what is a procedure
a series of actions that enable a policy to be put in place
why do policies need procedures
because procedures are the series of actions that allows a policy to be put in place.
what is a customer database
bank of information on existing and potential future customers with their contact info, personal details and other shit
what is an exporter
a local business that manufactures goods for overseas customers
